Naver Teams Up with Big Hit to Target Global Entertainment Market

[Asia Economy Reporter Kang Nahum] Naver is teaming up with Big Hit Entertainment (Big Hit), the company that nurtured BTS (Bangtan Sonyeondan), to target the global entertainment market.

On the 27th, Naver and Big Hit Entertainment announced that they will create a new global fan community platform by integrating the users, content, and services of their respective platforms, 'V Live' and 'Weverse.'

To this end, Naver will invest a total of 411.9 billion KRW to acquire a 49% stake in Big Hit's subsidiary 'BNX,' which operates Weverse, and BNX will acquire Naver's V Live business unit. BNX's company name will be changed to 'Weverse Company Inc.'

The two companies plan to expand the fandom culture created by K-pop, led by BTS, to target the global MZ generation (a collective term for Millennials and Generation Z).

Regarding the new platform, Naver explained, "Combining Naver's top-tier technology in content delivery, live streaming, and community platforms with Big Hit's business capabilities honed through operating Weverse will create unparalleled competitiveness in the global entertainment market."

Additionally, the two companies plan to continuously onboard domestic and international artists to the platform. Big Hit also announced collaboration plans with YG Entertainment, home to artists such as BLACKPINK.

The platform integration process is expected to take about one year. Kim Joo-kwan, who leads Naver's Group & CIC, a specialized organization for group communities including V Live, Cafe, and Band, will serve as the Chief Technology Officer (CTO) of BNX, leading the platform integration and overseeing all future platform technology. During the integration period, each company's services will continue as usual.

Han Seong-sook, CEO of Naver, said, "To expand influence in the global market, close collaboration between competitive yet synergistic platforms beyond domestic platform competition is necessary. By combining globally competitive K-technology with K-content, we will become a unique player in the global entertainment market."

This content was produced with the assistance of AI translation services.