South Korean entertainment giant CJ ENM has teamed up with Big Hit Entertainment, the management agency of the sensational K-pop boy band BTS, to launch an idol band on the global music scene, according to CJ on Monday.

The two firms established a joint venture named Belif Lab, aiming to unveil a new K-pop band in 2020, CJ said.

Some 7 billion won ($6.16 million) has been invested in the joint venture. Big Hit CEO Bang Si-hyuk, who produced BTS, will be in charge of creating the band and producing its music.

The new firm will host rounds of auditions in South Korea, the United States, Japan and other foreign countries, starting March 30, to recruit members for the envisioned group.

The partnership will combine Big Hit's expertise in the K-pop and global music scenes, proven with the sensational success of BTS, with CJ ENM's expansive networks in the sectors for record circulation and concert organization.

"The main business field for (Belif Lab) is entertainment and media (content) based on intellectual property rights," Belif Lab chief Kim Tae-ho said. "We will come up with results that live up to the market expectation as this project is led by the top local content and entertainment firms."  (Yonhap)