K-pop has spawned an entire industry encompassing music production houses, event management companies, music distributors, and other merchandise and service providers. The three biggest companies in terms of sales and revenue are S.M. Entertainment, YG Entertainment and JYP Entertainment, often referred to as the ‘Big Three’. These record labels also function as representative agencies for their artists. They are responsible for recruiting, financing, training, and marketing new artists as well as managing their musical activities and public relations. Currently, the agency with the greatest market share is S.M. Entertainment. In 2011, together with Star J Entertainment, AM Entertainment, and Key East, the Big Three companies founded the joint management company United Asia Management.