(Yonhap)

Korea's seven leading entertainment companies said Thursday they will launch a joint venture to oversee the global distribution and management of their music videos.

The seven entertainment firms -- SM, YG, JYP, Big Hit, Mystic, FNC and Star Empire -- signed an agreement to launch what is tentatively called "Music & Creative Partners Asia (MCPA)" in a ceremony held at Park Hyatt Seoul.

They said the new company will make decisions on the distribution and management of K-pop music videos to global streaming platforms, including YouTube, and represent the seven in future negotiations with global platforms. MCPA will also run a new video hub to be created jointly by the companies.

It is modeled after Vevo, a music video service launched by three major U.S. record labels and Alphabet, the parent company of Google, in 2009. Vevo provides music videos from the labels to YouTube, live-streams content from famous musicians and sponsors various concerts. (Yonhap)