Naver will transfer their V Live service to Big Hit Entertainment‘s subsidiary company, and integrate the technology into Weverse‘s platform.
According to Big Hit Entertainment’s press release, they held their board meeting today and revealed that Naver has decided to invest ₩354.8 billion KRW ($321,217,044 USD) into beNX, Big Hit Entertainment’s subsidiary company. In conjunction with the investment, their sub-division V Live will be transferred to beNX, which will also be renamed as WEVERSE COMPANY Inc.
Big Hit Entertainment, which is now the new parent company to V Live, will work with Naver to create a new global fan community that can integrate the users, content, and services that both Weverse and V Live offer to fans. Big Hit Entertainment, which has accumulated years of experience and knowledge in the entertainment market, is leading the partnership with Naver focusing on the technological aspects.
Since its launch in 2019, Weverse has seen explosive growth and has confirmed the needs and the influence of fan community platforms in the global music market.
We have high expectations for the synergy that will be created between Weverse and V Live through our full-scale collaboration with Naver. Based on this, we will create an unrivaled fan community platform in the global market.
We will receive the manpower and technology from V Live, and a new platform will be reborn after about a year of service integration and preparation.
— Big Hit Entertainment
Naver will be the second-largest shareholder of V Live following the transfer, holding a 49% stake in the company, and will cooperate with Big Hit Entertainment and beNX to continue the path of creating a worldwide leading fan community platform.
To expand its influence in the global market, instead of being competitors, it’s more necessary to work together to create a synergy that increase our competitiveness in the market.
We will become a unique player in the global entertainment market by adding K-Content to the already competitive K-technology.