In a joint statement, Kakao Entertainment and Spotify have announced that an agreement has been reached.
Kakao Enterntainment content will now be available on the Spotify global platform as well as the Korean.
The two companies have been involved in an intense back and forth – with Kakao removing the rights to hundreds of songs from Spotify after licenses expired and were unable to reach an agreement on new terms. This also created quite the buzz on social media as international fans of artists licensed under Kakao M were in outrage.
This news comes as a relief to all and as many have been unable to stream albums and songs from their favourite artists.
Spotify was extremely late with the entry to the South Korean market. Despite being the sixth largest music market in the world, Spotity is currently the 93rd music streaming platform available within South Korea. In other words, Spotify have a lot of catching up to do. We hope this dispute doesn’t set them back too far.