Yesterday, news broke that YG Entertainment artists, Se7en, Gummy, Big Bang, and 2NE1 were all headed to Japan for “an important announcement”.

At approximately 3:30PM (JST) on July 21st, a live Ustream began for this major announcement. The event was jointly hosted by avex and YG Entertainment, which is surprising since Big Bang and Se7en were signed with other Japanese record labels.

After a brief introduction of the YGE artists, it was announced that Avex and YG Entertainment would be collaborating to form a new company called ‘YGEX Entertainment‘.

As this is a new company, how exactly promotions and releases will be handled is unclear. However, we do know that YG and avex intend to work hand-in-hand as a new entity, and bring the music industries of Korea and Japan closer together.

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[UPDATE]

At the conclusion of the press conference, viewers were provided the new label’s website address, http://www.ygex.jp.  The site describes YGEX :

The birth of a record label dedicated exclusively to YG Family!

The name is “YGEX”, attributing to the collaboration of YG FAMILY “YG” with AVEX “EX”.
“EX” also inspired by words like “EXPERIENCE” and “EXCLUSIVE”, carries connotations of it being the one and only label you can experience YG FAMILY.

The collaboration between YG, not bound to just Asia now spreading as a worldwide trend “YG POP”, and AVEX who has always innovated and led the Japanese music scene, is definitely a match up bound to create a new and unpredictable form of entertainment.

In addition, the artist relayed their upcoming activities.  Seven and Gummy announced plans to release new mini-albums this year.  Taeyang told reporters he was working on a new solo album.  There was also mention of additional YG Family Concerts in Japan and Korea in honor of YGE’s 15th anniversary.

Stay tuned for more details about this exciting new enterprise!

Source: YGEX and neefa@ALLKPOP