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The Chinese internet giant Alibaba has bought a 4% stake in the South Korean music company SM Entertainment for 30 million US dollars.
SM Entertainment is the biggest music, film and talent agency in South Korea.
The mutually beneficial partnership means that SM Entertainment will be in a better position to target the Chinese music market, and Alibaba will be able to use SM Entertainment’s music on its music streaming apps Tiantian and Xiami and on its Ali Music platform.
It is Alibaba’s latest attempt to crack the lucrative Asian music industry. Last year it acquired Youku Tudou, the most popular online video platform in China, with around 500 million monthly active users.