NEW YORK, Jan. 15, 2019 /PRNewswire/ -- peermusic has acquired the Seoul, South Korea-based independent music publisher Music Cube. This acquisition will add 40,000 Korean copyrights to peermusic's global music catalogue, including works recorded by K-Pop groups BTS, Red Velvet, and AOA. Korea will be the 30th country in peermusic's worldwide network. Heesun Park will be the General Manager of peermusic Korea and will report directly to Mary Megan Peer, Deputy CEO, peermusic.
The acquisition comes as the latest step in peermusic's long-term strategy in South Korea. Prior to the acquisition, peermusic and Music Cube had a 10-year partnership based on a reciprocal sub-publishing arrangement. Through that partnership, European and US-based peermusic writers have secured records with popular K-Pop groups including TWICE, EXO and Super Junior.
"We're thrilled to continue our working relationship with Music Cube with this acquisition and to expand peermusic's presence in IFPI's sixth largest music market in the world. The growth of Music Cube's repertoire both domestically and internationally has been phenomenal. Our representation of Music Cube's catalogue worldwide has given us first hand visibility into the rising popularity of K-Pop around the globe. We're looking forward to continue working with Heesun Park and her team," said Mary Megan Peer.
As part of her role as Deputy CEO, Peer overseas peermusic's Asian operations, including companies in Beijing, Hong Kong, Japan, Taiwan, Singapore and now Korea. She led the opening of peermusic's first office in mainland China in 2015, continuing peermusic's history of global expansion by becoming the first global independent in mainland China. She had previously established a successful joint-venture partnership in China, which made peermusic the first Western independent publishing company to directly sign Chinese writers. Peer has actively fostered opportunities for the company's Western writers to collaborate with local writers in Japan and Korea, resulting in charting releases in both countries. Her work in the region was recently recognized by Billboard, which named her to its "International Power Players" list in May 2018.
Ralph Peer, CEO, said, "peermusic's acquisition of Music Cube is an example of the company's long-term philosophy of having a local presence in creatively rich territories. As such, Music Cube will continue their leadership in the local market, and its local writers will now benefit from the support of peermusic's global network of 30 branches and its proprietary copyright and royalties system."
Founded by Ralph S. Peer in 1928, peermusic is the world's largest global independent publishing company and operates in 30 countries. With well over a half million titles in the company's catalogue, and songs that vary from country, blues, jazz and pop to Latin, concert and rock'n'roll, peermusic is the largest privately owned company of its kind in the world. For further information about peermusic, go to peermusic.com. For breaking news updates, behind-the-scenes information and photos, follow @peermusic on Twitter, Instagram and Facebook.