According to reports, it is confirmed that YG Entertainment and Big Hit Entertainment have formed joint strategic cooperation to further improve both agencies.
According to the press release shared by YG Entertainment, they have constructed a strategic partnership with Big Hit Entertainment and will collaborate in various forms. This partnership will create a relationship between the two companies in multiple areas namely content distribution, content, and media platforms. Most importantly, the noteworthy of both companies in online and offline platforms will be enhanced through the partnership.
Profits through this partnership will be that YG Entertainment will broaden their global reach and artist influence through Big Hit Entertainment’s Weverse. Whereas Big Hit Entertainment will look to improve Weverse’s global influence even further, by including YG Entertainment’s content.
The company stated, “We have prepared a new turning point for both companies, which have been aiming to be the best in their respective fields. We will grow together through various collaborations that will influence the overall entertainment lifestyle.”
With this partnership, Big Hit Entertainment and their assistant company beNXhave invested ₩70 billion KRW which is $63,367,059 in USD into YG PLUS, with ₩30 billion KRW from Big Hit Entertainment and ₩40 billion KRW from beNX.
Along with this the press release also revealed that Naver has decided to invest ₩354.8 billion KRW which is $321,217,044 in USD into beNX that is Big Hit Entertainment’s assistant company. Along with the investment, their sub-division V Live will be transferred to beNX, which will be renamed WEVERSE COMPANY Inc.
The Big Entertainment company states that “Since its launch in 2019, Weverse has seen explosive growth and has confirmed the needs and the influence of fan community platforms in the global music market. We have high expectations for the synergy that will be created between Weverse and V Live through our full-scale collaboration with Naver. Based on this, we will create an unrivalled fan community platform in the global market. We will receive the manpower and technology from V Live, and a new platform will be reborn after about a year of service integration.”
Naver also commented stating, “To expand its influence in the global market, instead of being competitors, it’s more necessary to work together to create a synergy that increases our competitiveness in the market. We will become a unique player in the global entertainment market by adding K-Content to the already competitive K-technology.”