KT Corp., a South Korean telecom giant has clinched business ties with Vietnam Cable Television in developing a music streaming platform in the Southeast Asian country.
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A memorandum of understanding to this effect was signed between the two sides on April 9 in Seoul, South Korea.
Accordingly, KT and Vietnam Television Cable, a subsidiary of state broadcaster Vietnam Television, plan to design a music streaming platform and cooperate in K-pop music distribution and the management of intellectual property.
From Seoul, a Vietnam New Agency correspondent said KT plans to provide key technology in developing the service, such as music customization using artificial intelligence, which is currently used by its media affiliate Genie Music.
Genie Music is South Korea's second-largest music streaming service operator and a major music distributor.
The South Korean telecom giant will also expand its cooperation with the Vietnam Television Cable in broader areas of the media industry, including internet protocol television (IPTV) and over-the-top media services (OTT).
KT Corp., is currently operating Seezn, a large video streaming service in South Korea. Seezn, available as a mobile app, has racked up popularity among young adults, with 63% of its users being people in their 20s and 30s, according to KT.
The firm has also partnered with US streaming giant Netflix Inc. in 2020 to provide access to its pay TV platform service.
