Naver invests 100 billion won in SM Entertainment…’Expand video business’ [Official]

[Daily Economy Star Today Reporter Idagyeom]

SM Entertainment (hereinafter referred to as SM, co-representative Lee Sung-Soo and Tak Young-Jun) teams up with Naver (CEO Han Sung-sook) to strengthen global fan club service and content production.

SM has attracted a total investment of 100 billion KRW from Naver to SM’s affiliates, SMEJ Plus, Mystic Story and Content Fund, to expand global fan club services, online concerts, and next-generation video business.

In particular, SM unifies the fan club service as Naver V-Live’s global community membership platform ‘Fanship’, expands and strengthens its global fan club service capabilities, and performs music such as the world’s first online customized concert ‘Beyond Live’ as well as music-related video contents The production is also planned to proceed in earnest. In addition, the two companies will discuss business cooperation plans for a video streaming service specializing in next-generation music contents.

Through this investment, Naver is investing in various angles in SM Group to expand the global market of V-Live ‘Fanship’ and discover digital video contents, and collaborate with SM to create a production fund for discovering next-generation video contents.

“Naver is building a new competitive edge in the face-to-face digital performance market with advanced live and community platform technologies and big data-based paid business models,” said Naver Han Sung-sook. “It will increase competitiveness and bring new innovations to the global market.”

Lee Seong-soo, CEO of SM, said, “In the era of Ontact, we are looking forward to synergy with Naver, a competitive content platform. SM will open a new era of entertainment by providing differentiated contents to global fans.”

Meanwhile, the two companies signed a strategic alliance in April to promote joint global business to strengthen global entertainment competitiveness.

[Ⓒmottokorea All rights reserved]

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