The addition of K-content to our globally competitive K-technology will make us a matchless player in the global entertainment market.” 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 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. During the period of integration, each service (V LIVE and Weverse) will be operated as before. After that, he will manage the platform’s technology. He will become the CTO (chief technology officer) of beNX and lead the integration process.
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. The integration of the two platforms is expected to take about a year.
Naver expects to combine their technological prowess with Big Hit Entertainment’s business capability. Naver is a leader in content transmission and live streaming technology as well as the community platform field. 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 aims to gain a greater competitive edge in the fandom industry by teaming up with Big Hit Entertainment. 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. It was also decided that beNX would be renamed to WEVERSE COMPANY Inc. 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. 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. Big Hit Entertainment and Naver are joining hands!
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