JYP Entertainment will expand strategic cooperation with the US’ No.1 label Republic Records and form a company-wide global cooperation system.
Republic Records, the US’ No.1 label selected by Billboard under Universal Music, told local media on the morning of May 31st (New York time), “We will further expand our strategic cooperation relationship with JYP Entertainment, including strengthening omnidirectional label partnership.” The enhanced label partnership will include worldwide distribution of artists and catalogs, A&R, marketing and business development.
This expansion of strategic collaboration aims to further enhance K-pop’s peak and open a new chapter in the global music market by jointly utilizing the two companies’ expertise and resources. The collaboration between the two giant labels began with TWICE in February 2020. Since then, the K-pop girl group has not only seen massive growth, most recently earning their highest chart position and biggest sales week ever in the US when Ready to Be debuted at No. 2 on the Billboard 200. Last year’s expansion, which brought boy band Stray Kids and female quintet ITZY into the fold, has resulted in two No.1s on the Billboard 200 for the former and a top 10 album on the chart for the latter. The expanded deal will include newer acts like girl group to watch NMIXX and rock band Xdinary Heroes.
Regarding the expansion of collaboration between the two companies, JYP Entertainment CEO Jimmy Jeong said, “It has been a continuous journey of astonishing achievements through the strengthening of mutual trust as loyal partners. The expansion of this partnership between these leading music companies will sculpt the next vision of K-pop, opening up a new chapter together.” Republic Records founder/CEO Monte Lipman raised expectations by adding, “This partnership was born out of mutual respect and admiration. We recognize the incredible opportunity to be at the forefront of the next K-pop explosion. The potential is limitless.”
Founded by Avery Lipman and Monte Lipman, Republic Records has been in an unrivaled position for years, not missing the top spot in Billboard’s list of labels. There are many superstars under Republic Records, such as Taylor Swift, Ariana Grande, The Weeknd, Drake, Post Malone, John Legend and Lil Wayne.