Warner Music collaborates with SK Telecom to sell music

Warner Music Group Corp. has said in a statement that they are collaborating with South Korea’s SK Telecom. The two companies are setting up a joint venture and they would be selling music for mobile phones and digital music players.

This deal however only covers Warner Music Korea’s local bands such as pop singer Jang Nara and shows how seriously music companies are taking the internet age and the digital download market.

Suh Sung-won, vice president of SK’s global business strategy division said in a statement on this latest deal: “Seoul Records is in the process of setting up a joint venture in South Korea with Warner Music.” The company owns 60 percent of Seoul Records Inc, which is the country’s largest record company.

The two companies would be investing 8 billion won in this deal in which Warner Music would be owning a 60 percent stake. Rest would be owned by Seoul Records.