Huge, very huge.
Big Hit is continuing to expand the entertainment business. Together with Naver, decided to launch a new global fan community platform. The form of the new platform is to integrate Naver’s V LIVE and Big Hit’s Weverse. For integration, Naver decided to invest 49% of its stake in beNX, a subsidiary of Big Hit that operates Weverse, with about 411 billion KRW. On the same day, Big Hit also announced that BeNX had decided on an agenda to take over Naver’s V LIVE division. Integration work is expected to proceed for about a year.
Also, a total investment of 70 billion KRW in YG PLUS (a subsidiary of YG) is made with beNX. With this investment, YG PLUS’s artist global membership-related business will be developed through Weverse, and YG Plus will collaborate with Big Hit’s album, music distribution, and MD business. Accordingly, it is expected that YG artists including Blackpink will enter the platform Weverse operated by Big Hit.
The signing of a strategic partnership between the two companies with world-class K-pop groups is very unusual in the entertainment industry, and it is expected to have a huge impact on the industry in the future. Both sides announced that they plan to create synergy by utilizing various artist IPs in a wide range of business sectors, from the platform business to expand the fan experience and the entertainment lifestyle field.
