LOEN Entertainment, which runs Korea’s biggest music streaming service MelOn and discovers K-pop songstress IU, has strengthened its music label business.
LOEN opened the board of directors on Wednesday and decided to invest in 70 percent shares of mid-sized K-pop agency Starship Entertainment, LOEN announced the same day.
Starship Entertainment, which takes care of careers of K-pop stars SISTAR, K.Will and Boyfriend, will continue their business with current management as an independent lable of LOEN.
After switching its label business to multi-label system, LOEN has been examining investments into competent agencies, which becomes the sore reason to invest in Starship with high artist management skills and big potential.
Through this investment, LOEN is expected to improve their artist management business and increase K-pop business system, which will be the stepping stone of the firm’s advance into the global market.
LOEN explained that they will keep offering lots of opportunities to skilled producers and agencies and independent management from each label.
Reporter. Cory Lee
Courtesy of LOEN Entertainment