SM Entertainment Receives 100 Billion Won Investment From Its Partner, Naver.
Naver has strengthened its partnership with SM Entertainment.
Back in April, the two companies signed an MOU ( Memorandum of understanding) for a partnership in the global entertainment business.
On August 3, SM Entertainment announced
“We have secured a 100 billion won (approximately $83.8 million) investment from Naver for SM’s subsidiaries SMEJ Plus and Mystic Story as well as a content fund to expand our global fan club service, online concerts, and a next-generation video content business.”
Naver officials shared statements.
Naver CEO Han Sung Sook shared, “Naver is gaining a new competitive edge in the contactless digital concert market using advanced live broadcasting and community platform technologies as well as a paid business model based on big data. Through closer collaboration with SM Entertainment after this investment, we will strengthen the competitiveness of Fanship and showcase new innovation in the global market.”
And SM co-president Lee Sung Soo said, “We are looking forward to the synergy between the two companies in an era of on-tact(online contact), as we have joined hands with Naver, a company with a competitive edge in the contactless content platform business. SM will provide global fans with unique content and open a new era of entertainment.”
The Entertainment company plan to merge their fan club service with Naver V Live’s global community membership platform fanship.
Moving forward, SM Entertainment and Naver will discuss business collaboration plans for video streaming service focused on next-generation music content.