K-pop has spawned an entire industry such as production houses and event management companies; music publishers; distributors of K-pop music and many K-pop and Hallyu other merchandise and service providers.The three biggest agencies in terms of revenue are S.M. Entertainment, YG Entertainment and JYP Entertainment,[166] often referred to as the "Big Three", whose stocks are traded at the Korea Exchange.In K-pop these record labels also function as agencies for the artists.[166] They started operating as such at the beginning of the 2000s. They are responsible for recruiting, financing, training, marketing and publishing new artists as well as managing their activities and public relations.