Five major Korean music companies announced May 14 they would join forces to “overcome dwindling consumption of local pop music and the spread of illegal music downloading,” according to Yonhap News Service.
The five companies – SM Entertainment, YG Entertainment, JYP Entertainment, Line Media and Star Empire Entertainment – will work under the group name Korea Music Power.
Kim Young-min, the president of SME, told reporters the entire industry needs to be overhauled.
“The problems have been existing for such a long time that we’ve all become blind and numb,” he said. “But we can’t go on this way.”
One of the group’s aims is to revise copyright laws.
It will also set up a music awards event and sponsor free concerts throughout Korea and Asia that will feature the countries’ top pop stars.
The first concert is scheduled for Oct. 10.
The Korean government has already pledged about $9 million to help prop up the country’s pop music industry.