NAVER will transfer VLIVE to Big Hit subsidiary benX

[satoori]

NAVER will transfer VLIVE to Big Hit subsidiary benX & will also invest 354.8 billion won into beNX, which will be renamed WEVERSE COMPANY Inc. The companies plan to work together towards creating a new global fan community platform that integrates services of both platforms.

Big Hit Entertainment And Naver To Combine Weverse And V LIVE Into New Platform
 

Big Hit Entertainment and Naver are joining hands

On the afternoon of January 27, Naver held a board meeting and decided to invest 410 billion won (approximately $371 million) into Big Hit Entertainment’s subsidiary beNX, which operates the fan community platform Weverse. As a result of the investment, Naver gains a 49 percent stake in beNX, and Naver’s V LIVE business will be transferred to beNX. It was also decided that beNX would be renamed to WEVERSE COMPANY Inc.

Naver revealed this day that they would be creating a new global fan community platform by collaborating with Big Hit Entertainment and combining the users, content, and services of V LIVE and Weverse, the platforms owned by each company.

Naver aims to gain a greater competitive edge in the fandom industry by teaming up with Big Hit Entertainment. The strategy is for Big Hit Entertainment to lead the business with their experience in the industry while Naver provides the technology and skills necessary to strengthen the service.

Naver is a leader in content transmission and live streaming technology as well as the community platform field. Naver expects to combine their technological prowess with Big Hit Entertainment’s business capability.

The integration of the two platforms is expected to take about a year. Kim Joo Kwan is currently the head of Naver’s Group& CIC, the organization in charge of V LIVE, Naver Cafe, Band, and other community platforms. He will become the CTO (chief technology officer) of beNX and lead the integration process. After that, he will manage the platform’s technology. During the period of integration, each service (V LIVE and Weverse) will be operated as before.

The firms explained that in addition to the artists who are currently working with each platform, they will add other global artists in order to create the best fan-artist community platform through which fans can enjoy artists’ content and communicate with them.

Naver CEO Han Seong Sook expressed, “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.” She also said, “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.”

Big Hit Entertainment’s HQ CEO Park Ji Won shared, “Since its launch in 2019, Weverse has grown exponentially. Through this, we have confirmed the necessity and influence of a fan community platform in the global music industry. Through the general collaboration with Naver, we have high expectations for the synergy between Weverse and V LIVE, and we will rise to an unrivaled position in the global market through a further-evolved fan community platform.”

source: soompi

[satoori]

in case you missed it -

Naver reportedly investing a stake in Big Hit Entertainment to begin a cooperation and form the ultimate K-Pop fan community platform
https://onehallyu.com/topic/831187-naver-reportedly-investing-a-stake-in-big-hit-entertainment-to-begin-a-cooperation-and-form-the-ultimate-k-pop-fan-community-platform/

Naver and Big Hit are planning a joint venture. V Live sales have declined since Big hit pulled out.
https://onehallyu.com/topic/827240-naver-and-big-hit-are-planning-a-joint-venture-v-live-sales-have-declined-since-big-hit-pulled-out/

According to financial insiders, Naver is desperate?...
https://onehallyu.com/topic/820104-according-to-financial-insiders-naver-is-desperate/

 

 

[Guest]

well vLive and Weverse are basically the same thing. It makes sense to work together. Especially since Naver does not profit from BTS linked traffice on vlive anymore!

[echobunny]

bighit forcing themselves everywhere is going to backfire evenatually

[Denisse]

On 1/27/2021 at 6:27 PM, echobunny said:

bighit forcing themselves everywhere is going to backfire evenatually

NAVER is the one that bought 49% of WEVERSE shares. NAVER eliminated its competition by deciding to merge VLIVE with WEVERSE. BH cannot decide on this because Vlive is owned by NAVER but they accepted the proposal and both companies benefited. 

About YG and BH collaboration ..... It is a great benefit for both companies because now YGPLUS will become the largest album manufacturer and distributor because they will manufacture more than 12M albums for BH artists. While YG will help WEVERSE / VLIVE maintain its position.

 

" YG Entertainment: As of 2020, BTS, the main artist at Big Hit, sold 8.6mn albums, while SEVENTEEN sold 2.7mn albums. The firm’s annual album/digital music sales are estimated to exceed W290bn. If YG PLUS begins to distribute Big Hit’s albums and digital music, additional commission sales of W6bn~12bn will be generated, and indirect sales will also increase on the promotion of MD sales through the Weverse platform. Of note, YG PLUS is a subsidiary of YG Entertainment." x

[RIPHaldir]

Welp, goes we now know which site won the platform war - not suprising since BTS also made vlive

Edit: lmao clown all you want sweaties, it wont change reality

Edited January 31, 2021 by RIPHaldir

[echobunny]

9 hours ago, Denisse said:

NAVER is the one that bought 49% of WEVERSE shares. NAVER eliminated its competition by deciding to merge VLIVE with WEVERSE. BH cannot decide on this because Vlive is owned by NAVER but they accepted the proposal and both companies benefited. 

About YG and BH collaboration ..... It is a great benefit for both companies because now YGPLUS will become the largest album manufacturer and distributor because they will manufacture more than 12M albums for BH artists. While YG will help WEVERSE / VLIVE maintain its position.

 

" YG Entertainment: As of 2020, BTS, the main artist at Big Hit, sold 8.6mn albums, while SEVENTEEN sold 2.7mn albums. The firm’s annual album/digital music sales are estimated to exceed W290bn. If YG PLUS begins to distribute Big Hit’s albums and digital music, additional commission sales of W6bn~12bn will be generated, and indirect sales will also increase on the promotion of MD sales through the Weverse platform. Of note, YG PLUS is a subsidiary of YG Entertainment." x

well my point is, trying to be the main everything is going to backfire because the competition hates nothing more then getting squeezed out. bh is in a great position to invest right now, but it crumbles so easily. give it a few years and everyone is going to come for bh's throat (of course BH knows that so we'll see what the company will do without BTS)

[satoori]

1 hour ago, echobunny said:

well my point is, trying to be the main everything is going to backfire because the competition hates nothing more then getting squeezed out. bh is in a great position to invest right now, but it crumbles so easily.

give it a few years and everyone is going to come for bh's throat (of course BH knows that so we'll see what the company will do without BTS)

The industry already was going for their throat when the company were rising tbh.  Bighit has been sort of rebellious the last 2-3 years in order to prove they can stand relatively on their own due to this. I do think part of the reason BH is able to make these large moves is because people see pass just Bts now. People trust that their junior groups are/will be popular and profitable too. Of course, they don't have to be Bts level.

(Bts contract is for 7 years) I agree, it will definitely be interesting to see what Bighit do. 

Edited January 30, 2021 by satoori