Sony and Singapore's GIC will invest over $2 billion to build a music copyright library.

Sony Music Group and Singapore sovereign wealth fund GIC Pte will establish a joint venture to acquire music copyrights, with plans to invest between $2 billion and $3 billion in the project. The two parties announced on Thursday that Sony Group's music division, one of the world's largest record companies, will manage the acquired music copyright library, including distributing music works to streaming services and licensing older songs for movies and advertisements. GIC will provide funding and investment expertise. The joint venture will provide funding for this Japanese entertainment company to expand its song library. With this collaboration, all three major music companies in the world have established partnerships with investors, enabling them to acquire more song copyrights without having to bear all the funding themselves.