Sony Music Group and Singapore's sovereign wealth fund GIC Pte will form a joint venture to acquire music copyrights, planning to invest between $2 billion and $3 billion in the project.

The two parties stated on Thursday that the music division of Sony Group Corp., one of the world's largest record companies, will manage the acquired music rights portfolio. This includes distributing music to streaming services and licensing older songs for use in films and advertisements. GIC will provide funding and investment expertise.

The joint venture will provide the Japanese entertainment conglomerate with capital to expand its song library. With this partnership, all three of the world's major music companies have now established collaborations with investors, enabling them to acquire more song copyrights without having to bear the full financial burden themselves.

This follows a similar deal announced by Universal Music Group and Dundee Partners in early 2024, while Warner Music Group formed a partnership with Bain Capital last year.