Big Hit Entertainment dropped a quite exciting news about the talent agency joining hands and collaborating with Naver. On 27th of January 2021, Naver, a leader in content transmission and live streaming technology, held a board meeting and decided to invest 410 billion won (approximately $371 million) into Big Hit Entertainment’s subsidiary beNX with is currently handling and operating the fan community platform Weverse.
The collaboration will result in the unification of Vlive and Weverse, two very famous fan community platforms, to bring together their services, users, and content. Since the investment is huge, Naver gains a 49 percent stake in beNX, and Naver’s V LIVE business will be transferred to beNX. Also, beNX would now be known as WEVERSE COMPANY INC.
Naver expects to combine their technological prowess with Big Hit Entertainment’s business capability. Naver CEO Han Seong Sook said, “In order to expand our influence in the global market, there is a need go beyond competition with domestic platforms and to closely collaborate with a competitive platform that we can create synergy with. The addition of K-content to our globally competitive K-technology will make us a matchless player in the global entertainment market.”
She added, “The fandom culture that had been deemed as one of ‘idol fanatics’ is now spreading into various fields, creating new cultural and economic value, and evolving. We found potential for growth in the global market through V LIVE and Weverse, which consists of over 85 percent of international fans.”. Also adding, “We will work to make the fandom culture that stemmed from Big Hit and K-pop go beyond Asia and North America and become the mainstream entertainment culture in Europe, South America, and all around the world.”
The investment is said to be about 410 billion won (approx. 371 million USD).
Big Hit Entertainment was started in 2005 and has amassed great success by managing artists like BTS, GFRIEND,TXT and SEVENTEEN. The company is also said to be investing in kpop giant YG, which was established in 1996 and has managed artists like BLACKPINK, TREASURE and AKMU. The investment is reported to be for about 70 billion won. YG called the investment a “new turning point” for the two companies. The companies join hands to expand the global reach for kpop.
Watch BTS’ Winter Package 2021 preview.