Billboard U.S. President Mike Van, left, Kim Yuna, center, the publisher and CEO of Billboard Korea, and Joseph Chang, co-CEO of Kakao Entertainment, are seen together in this photo provided by Kakao Entertainment, April 18. Yonhap

Kakao Entertainment has struck a deal with the U.S. Billboard magazine to further propel K-pop onto the world stage, the Korean entertainment firm said Thursday.

Joseph Chang, co-CEO of Kakao Entertainment, Billboard U.S. President Mike Van and Kim Yuna, the publisher and CEO of Billboard Korea, signed the strategic partnership at Kakao's office in central Seoul on Wednesday, the company said.

This marks the first time Billboard has officially partnered on a K-pop initiative, it added.

Under the deal, the three companies will collaborate on a variety of initiatives to showcase K-pop to a global audience. This includes introducing K-pop and related content to music fans around the world and jointly pushing for the global marketing and promotion of K-pop artists. They will also develop new business models capitalizing on the growing popularity of K-pop.

"We believe this partnership with Billboard, which has a strong influence on the global music industry, and Billboard Korea, will serve to further expand the global reach and influence of K-pop," Chang said in a press release.

The partnership also marks a significant step for Billboard, which is making its official entry into the Korean market with the launch of Billboard Korea in June. (Yonhap)