Kakao Spins Off 'Melon'... Establishes 'Melon Company'
[Asia Economy Reporter Buaeri] The music platform Melon is separating from Kakao to become an independent corporation.
Kakao announced on the 12th that it will spin off the Melon business division from Kakao and establish a new company called 'Melon Company (tentative name)'.
The main businesses include music streaming services, musicals, and ticketing. The spin-off date is set for June 1. Melon Company will be a 100% subsidiary of Kakao. The CEO will be Lee Jin-su, who also serves as the CEO of Kakao Entertainment.
Kakao stated, "We aim to establish a governance structure that enables more professional and swift decision-making and fosters active collaboration and synergy within the Kakao community."
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It added, "By combining the various content business capabilities that the Kakao community possesses, such as music, video, and stories, we intend to build a competitive business foundation that can secure a leading position in the global content market."
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