Naver invests $88 million in YG Entertainment to develop global entertainment content
Naver Corp., (CEO: Seongsook Han) announced that the company will be investing $88 million in YG Entertainment (CEO: MinSeok Yang) to foster the growth of Korean content and promote synergies with global platforms such as V Live app.
Naver is investing $44 million dollars in YG and another $44 million dollars in YG Investment Fund to expand its entertainment content and enterthe global music market.
Currently, YG leads the global K-POP trend, by managing singers and creating audio and video content. Moreover, YG created its own YG Investment Fund to focus on producing new content and enlarging the Korean entertainment ecosystem.
Naver plans to use the new funding to develop its own entertainment content including music and introduce these works to K-POP fans around the world.
Naver positioned its products such as Webtoon as a global entry platform for Korean content, and V Live app particularly stands out as a platform for K-POP content.
Sunyoung Park, Naver V&Enter. CELL leader stated that the company expects to see synergies between Naver’s platform products and YG’s entertainment content With the investment in YG, Naver seeks to strengthen its partnership with other entertainment agencies and provide various new content and services both domestically and abroad.
Naver plans to invest $81 million in original web contents, $27 million in audio contents and more than $450 million in local Korean content and technology over the next 5 years.
source : techforkorea