Thai talent agency GMM Grammy has announced a joint venture with YG Entertainment, a South Korean agency, to create a new talent agent agency called YG"MM to develop Thai talent for the international market.
YG"MM has a registered capital of 200 million baht with GMM Grammy holding 51% of the shares and YG Entertainment holding 49%.
"The music industry has a lot of opportunities but we must admit that the audience has become broader and they are tech-savvy," said Phawit Chitrakorn, chief executive of GMM Music at GMM Grammy Plc.
"Many local artists have become famous internationally. So, we have a dream of taking Thai artists to the international stage but it might be difficult for them to get there on their own."
"Our company has discussed this with a partner who shares the same vision and is 'The Best Of Asia' that YG Entertainment has to offer. This joint venture brings out our unique strength in finding and developing new stars so they can become international idols while also allowing for mutual sustainable growth," he said.
Mr Phawit said new stars will be recruited as trainees and they will receive intensive coaching by top experts from YG Entertainment who are representatives from labels that oversee major stars like Blackpink, 2NE1, and Big Bang.
"We're excited to be working together in launching a new joint venture," said Jong-Hyun Ka, chief information officer of YG Entertainment. "We wish to find and produce young talented Thai artists and contribute to their success."