Genie Music closed at 5,050 won in the KOSDAQ market on the 14th, up 29.99% from the previous day.
The stock price of those who showed a slight increase right after the opening of the market, but showed a near-flat movement, rose sharply around 2pm. That’s because there was a report that KT, which provides Genie Music, will install Genie Music on Tesla following Genesis.
According to Seoul Economic Daily, which reported this for the first time, KT plans to sign a contract to apply the connected car Genie Music streaming service to Tesla’s model during this month. If the contract is signed, you can listen to music through Genie Music without connecting a smartphone or tablet PC to the Tesla vehicle.
Earlier in 2017, KT signed a contract with Tesla to build a telematics (wireless internet in a vehicle). This is because in order to operate Telemetex, data must be exchanged using a communication network.
However, the Tesla Korea side drew a line with “misleading”, and KT reported that it said “cannot be confirmed” and investors are in confusion.
Genie Music, which has steadily declined since the 52-week reported price in September last year, has entered the upper limit on this day, so in some cases it remains possible to update the 52-week report price tomorrow.
On the other hand, Genie Music, established in 1991, was listed on the KOSDAQ in 2000, and the sales amount in 2019 was KRW 230.4 billion.