Big Hit Entertainment was formed in 2005 through Bang Si-hyuk and is known for managing the K-pop bands BTS and TOMORROW X TOGETHER in combination. Through the beNX subsidiary, Big Hit has introduced Weverse, a global fan platform that allows enthusiasts to join BTS, TXT, GFRIEND, SEVENTEEN, NU’EST, ENHYPEN, CL, P1Harmony, Weeekly, SUNMI, HENRY, Dreamcatcher and Gracie Abrams.
On January 27, Big Hit Entertainment expanded its success with global fan network platforms and invested in YG PLUS, a subsidiary of YG Entertainment. On the same day, Naver invested in beNX, leading beNX and Big Hit to win Naver’s well-known VLIVE. platform.
After a meeting of the board, Big Hit Entertainment and beNX invested 70 billion won ($63 million) in YG PLUS. According to a press release, Big Hit invested 30 billion won and beNX invested a billion won in subsidiary YG Entertainment.
YG Entertainment is one of Big Hit Entertainment’s top competitions and is known for leading the BLACKPINK, BIGBANG and TREASURE K-pop teams.
The investment is intended as a “strategic cooperation” with the aim of creating “a synergy using the IPs of various artists”. As a result of this investment, YG Plus will use Weverse to succeed global enthusiasts while helping “the distribution of Big Hit music and advertising activities. “
After the Big Hit Board on January 27, YG Plus and Big Hit Entertainment issued statements in a press release.
YG Plus said: “Both corporations have sought the most productive in their respective fields, now we have started a new chapter. “
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“We look to the synergy between YG PLUS, which has established a strong network in a wide range of spaces such as the distribution and production of goods, and Big Hit and beNX, whose strengths are intellectual assets and artist platforms,” Big Hit Entertainment said. .
Big Hit continued: “We will grow in combination through a wide variety of collaborations that will have a significant effect on the entertainment lifestyle. “
VLIVE is a well-known streaming service where celebrities stream content and directly with fans. The online streaming page also broadcasts live presentations and truth programs.
At a board meeting on January 27, Big Hit Entertainment approved Naver’s investment of 354. 8 billion won ($ 321. 6 million) in beNX. According to a press release, it was also that beNX will be renamed WEVERSE COMPANY Inc.
With Naver’s investment in beNX, Big Hit will get VLIVE beNX. Companies will combine their paintings to create a new platform that combines the purposes of Weverse and VLIVE.
“The new global fan network platform will be an unheard-of player in the global entertainment market by adding K content to globally competitive K-technology,” Naver said in a statement. Big Hit Entertainment said: “We look to the synergy between Weverse and V LIVE through large-scale cooperation with Naver, through which we will achieve an unmatched position in the global market with our most complex fan network platform.