Genie Music Acquires Music AI Tech Startup 'Juice' for 5.1 Billion Won
Acquired 41.16% Stake... Secured New Business Model
[Asia Economy Reporter Minyoung Cha] Genie Music announced on the 21st that it has decided to invest 5.1 billion KRW in equity to acquire Juice, a startup possessing AI technology related to music.
Through the acquisition of Juice, Genie Music plans to enhance its music platform Genie service and expand AI technology-linked content business models to become an AI-based convergence content company.
Genie Music will acquire a 41.16% stake (38,123 shares) by purchasing existing shares and participating in a paid-in capital increase (third-party allotment) of the startup Juice, securing the position of the largest shareholder. Genie Music plans to pay the acquisition price through a stock swap and cash investment method, with the acquisition process expected to be completed by the 4th of next month.
Juice, established in 2016, is a startup that has expanded its business areas from sound source analysis to music creation based on advanced AI technology. It holds numerous patents for AI-related technologies such as AI composition and arrangement, and its technological excellence has been recognized with investments from KAIST Youth Startup Investment.
After incorporating the startup Juice as a subsidiary, Genie Music plans to promote ▲ advancement of the Genie music platform service based on AI music data analysis technology ▲ expansion of new businesses in sound source producing based on AI technology ▲ expansion of AI technology-based convergence business areas through collaboration with shareholder companies (KT, CJ ENM, LGU+).
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Park Hyunjin, CEO of Genie Music, said, “Through the acquisition of Juice, a startup with AI technology related to music, we will secure AI technology competitiveness suitable for the AI creative era and advance the Genie Music platform and expand the content business value chain.” He added, “Based on this, we will move forward as an AI-based convergence content company that innovates customer experience.”
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