Seven of Korea's biggest entertainment companies including YG Entertainment, JYP Entertainment, SM Entertainment, Star Empire, Medialine, Ken Entertainment and Music Factory will establish a joint venture for a corporation limited by shares called Korea Music Power Holdings (KMP Holdings). Henceforth, KMP Holdings will have various enterprises such as a new concept of music service enterprise, producing show programs enterprise, digital music distribution enterprise, and along with the seven entertainment companies' artists, contents and networks, the company plans to set up this competent business. Additionally, in order to provide more consumers a suitable environment to consume new and different high quality music contents and to improve the music industry, a sound and reasonable digital music system will be established. This artist-contents service platform-will be an open business easily accessible to consumers, and KMP Holdings revealed their hopes of using this system as a foundation to improve Korea's music business and culture. KMP Holdings representative Kim Chang Hwan stated,
"We need valued smart phone technology and new media like IPTV to create a more new and varied contents as well as a new business model. KMP Holdings, using technology such as smart phone along with a new media marketing atmosphere, plans to create this new business model and take a step forward in inventing a new contents service."This was probably done to challenge the monopoly that Mnet currently has.
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