NAVER and Big Hit Entertainment will join hands to merge their fan community platforms into one. It is the birth of the “world’s best” K-pop platform that encompasses major K-pop artists, led by But Hit’s BTS.
On Jan 27, NAVER and Big Hit announced that they will create a new global fan community platform that integrates users, contents, and services of “V LIVE” and “Weverse.”
For this collaboration, NAVER will invest 411.8 billion KRW (about 370 million USD) into beNX, a subsidiary of Big Hit, to acquire a 49 percent share, while beNX will receive NAVER’s V LIVE division.
The two companies explained, “Big Hit, which has accumulated experience and know-how in the entertainment market for a long time, will lead the business as the largest shareholder, and NAVER will maximize the synergy by focusing on its technological capabilities that will firmly back up services and businesses.”
The new platform has showcased a blueprint that combines Naver’s technology in the field of content transmission/live streaming and community platform technology and Big Hit’s business capabilities.
Platform integration will be carried out for about a year, and the two services will be operated separately during this period.
Meanwhile, Big Hit also announced its cooperation with YG Entertainment.
Source (1)
