K-pop label YG Entertainment is jumping on board with one of the world's most popular music festivals.

The 2016 Ultra Music Festival (UMF) is planning to return to Seoul in June, and this time YG Entertainment will co-produce the local event. YG has partnered up with UC Korea, the local partner of Ultra-Enterprises, to organize the 2016 Seoul UMF.

An article on YG Entertainment's blog revealed that the music agency decided to co-produce MF 2016 to increase profits and facilitate future business dealings with UC Korea.

The two companies decided to come together so as to work on new projects by "tapping into the brand awareness and networks they have in Asia."

YG Entertainment previously worked with UMF both in South Korea and internationally. In 2015, CL of 2NE1 performed at Miami's Ultra Music Festival alongside American DJ Skrillex.

The announcement of YG Entertainment's co-production of the 2016 Seoul UMF comes a week after the entertainment agency announced that it will be co-producing a drama that already had backing from the American company, NBCUniversal. Both endeavors come at a time when Korean entertainment agencies are looking to diversify.

UMF was founded in 1999 and has been held at Miami's Bayfront Park each year since. In 2006, the previously one-day festival expanded to a two-day event and has continued to grow.

The Ultra Music Festival was first brought to Seoul in 2012. The three day event will be held in Seoul's Jamsil Stadium from June 10-12. According to YG, more than 100 globally recognized DJs and artists have been invited to attend.

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