KAKAO CORP. AND SPOTIFY REACH AN AGREEMENT ON RENEWAL OF MUSIC LICENSING

Highlights –

• Kakao Corp. and Spotify reach an agreement on renewal of music licensing.
• The two companies had failed to reach an existing deal last month.
• Songs from popular artists such as IU had become unavailable for Spotify’s over 245 million users across 170 countries.
• The two companies are indirect competitors in the local market.

K-pop fans ....