– The boards of directors of PlayM and Cracker decided to merge the two companies , and plan to complete the merger process within the year and launch a new merged corporation.
– PlayM CEO Jang Hyun-jin and Cracker CEO Yoon Young-ro serve as co-CEOs and lead the company together.
– Promote global competitiveness by creating synergy and strengthening investment in artist IP based on the music business know-how of both companies
Kakao Entertainment (CEOs Kim Seong-su and Lee Jin-soo) announced on the 17th that it would integrate its music label subsidiaries, Play M Entertainment (hereinafter Play M) and Cracker Entertainment (hereinafter Cracker).
Play M and Cracker held a board meeting of each company and decided to merge the two companies to launch a new integrated label. The merger process is expected to be completed within the year, and PlayM CEO Jang Hyun-jin and Cracker CEO Yoon Young-ro will lead the new corporation together. The new merged corporation’s mission and detailed merger procedures are planned to be disclosed later.
Kakao Entertainment explained that the merger between Play M and Cracker is part of the advancement of the multi-label system that has been promoted. Kakao Entertainment operates a multi-label system, supporting each label to maintain its independent musical personality and color based on a stable system, while expanding the label to various genres, including global idols, vocalists, producers, and composers. The goal of this merger is to create new synergy by combining the strong artist IP and content know-how of both Play M and Cracker, and further strengthen Kakao Entertainment’s competitiveness in the global K-pop industry.
Newly launched music labels are pursuing more active and bold investments. We plan to support our artists to immerse themselves in music activities and expand their scope, as well as to focus on discovering and nurturing talented new artists.
Play M includes the popular girl group Apink, singer Huh Gak, boy group Victon, and new girl group Weekly, while Cracker includes the popular boy group The Boyz. Both companies are music labels with excellent experience and know-how in planning and producing artists ranging from global K-pop idols to new idols. Based on the core capabilities and stable production system in the music business accumulated by both companies, including planning, discovering, nurturing artists, and building a global fandom, we expect to be able to create various synergies and secure unrivaled competitiveness in the music business.
Kakao Entertainment said, “We will continue to advance the sophistication of the multi-label system by independently strengthening the core capabilities of each label, while collaborating closely to create strong integrated synergies and expand the scope into various genres, thereby strengthening the competitiveness of the music business.” “We will do it,” he said.
Source: Pangyo Techno Valley Official Newsroom
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