Universal Music Group “href =” https://www.musicbusinessworldwide.com/companies/universal-music-group/ “> Universal Music Group is joining forces with two K-Pop titans – Big Hit Entertainment” href = “https: / /www.musicbusinessworldwide.com/companies/big-hit-entertainment/”> Big Hit Entertainment and YG Entertainment “href =” https://www.musicbusinessworldwide.com/companies/yg-entertainment/ “> YG Entertainment – for invest in a new digital live streaming platform with ambitions “on a global scale”.
Big Hit announced that YG and UMG acquired an equity stake in KBYK Live, a joint venture that was established between Big Hit and Kiswe last year.
KBYK Live subsequently launched VenewLive in September, a live streaming content platform.
With the capital investment, YG and UMG say they will help expand VenewLive even more “so that a range of artists, including those with contracts with UMG and YG can participate”.
A press release added that, as a result of the agreement, VenewLive “must guarantee the training of globally renowned artists and high-quality performance content represented by Big Hit, YG and UMG, while further expanding the platform using the technologies of Kiswe including live-streaming multi-view ”.
The PR continued: “Driven by Kiswe’s cutting-edge technologies, VenewLive can customize each show experience to suit each artist’s identity and characteristics, while providing innovative and original performance experiences for fans to enjoy the content of their favorite artist in an exclusively personalized, authentic and personalized way. “
Big Hit says the technology behind VenewLive was used for two BTS online shows last year: “BANG BANG CON The Live” and “MAP OF THE SOUL ON: E” in June and October, respectively.
The former attracted a simultaneous peak audience of 756,000, while the latter was seen by a total of 993,000 audience worldwide.
KBYK Live CEO John Lee said: “VenewLive has already broadcasted several large-scale live performances last year and provided engaging and exclusive fan concert experiences that can be offered through our cutting edge technologies, including multi -6-angle views, 4K resolution, and various interactive features. “
He added: “Our technology will be the basis for allowing fans to feel closer to the artists and to help artists express their energy on a digital stage.”
YG Entertainment’s chief operating officer, Sung Jun Choi, said: “We are excited about this investment, as our company with many competitive artists on a global stage has ensured a high quality platform with cutting edge technologies.”
He added: “We will continue to do our best to provide more interactive experiences and new services to global fans.”
UMG Executive Vice President, Chief Financial Officer and President of Operations, Boyd Muir, said: “We are delighted to join Big Hit, YG and Kiswe as partners in KBYK, while looking to help further develop opportunities and experiences live streaming for UMG artists and their fans today and in the future.
“The past year has shown that the need for reliable and innovative live streaming has never been greater. VenewLive offers some of the most creative and memorable opportunities for today’s artists to globalize their art and performances, tailored to improve the community and the fan experience. “
Kiswe CEO Mike Schabel said: “We have been developing video streaming and fan engagement technology since 2013 and we are excited to use this digital technology to extend beyond the boundaries of a stadium to help artists perform for your global fans and for those fans to feel like they’re part of the show. Having supported truly live pay-per-view concerts with some of the greatest artists in the world, we strive to provide incredible experiences for all fans ”.
Big Hit global CEO Lenzo Yoon said: “Big Hit’s attempts to maximize the fan experience are not limited to entertainment, but also to implementing various technologies. KBYK is also part of that effort. “
He added: “Our dream and goal is to provide the most advanced technology available today so that fans can experience the artist’s content in the best possible way under any circumstances. We will continue to study how new technologies and attempts in various fields can have a positive impact on strengthening our fan experience and actively present them. “World Music Business