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Universal Music Group is teaming up with two K-Pop titans – Big Hit Entertainment and YG Entertainment – to invest in a new digital live-streaming platform with “global” ambitions.
Big Hit announced that YG and UMG had acquired a stake in KBYK Live, a joint venture formed between Big Hit and Kiswe last year.
KBYK Live then launched VenewLive in September, a live streaming content platform.
With this stake, YG and UMG say they will help to further expand VenewLive “so that a range of artists, including those signed with UMG and YG, can participate.”
A press release added that as a result of the deal, VenewLive is expected to “ensure a selection of world-renowned artists and high-quality performance content represented by Big Hit, YG and UMG, while further expanding the platform using Kiswe technologies. including multi-view live broadcast ”.
The PR continued, “Powered by Kiswe’s cutting-edge technologies, VenewLive can tailor each concert experience to suit the identity and characteristics of each artist while providing innovative and original performance experiences for fans to enjoy. can enjoy the content of their favorite artist in a unique, authentic and personalized setting. personalized way. “
Big Hit says the technology behind VenewLive was used for two record-breaking BTS online concerts last year: “BANG BANG CON The Live” and “MAP OF THE SOUL ON: E” in June and October respectively.
The former attracted a maximum simultaneous audience of 756,000 spectators while the latter was seen by a total of 993,000 spectators worldwide.
KBYK Live CEO John Lee said, “VenewLive has already broadcast several large-scale performances live over the past year and provided unique, immersive fan concert experiences that can be delivered through our cutting-edge technologies, including 6-angle multiple views, 4K resolution and various interactive features. “
He added, “Our technology will be the basis for making fans feel closer to artists and helping artists to express their energy on a digital stage.”
YG Entertainment COO Sung Jun Choi said, “We are delighted with this investment, as our company with many competitive artists in the world stage has secured a high quality platform with high quality technologies. point.
He added, “We will continue to do our best to provide more interactive experiences and new services to fans around the world.”
Boyd Muir, Executive Vice President, Chief Financial Officer and President of Operations of UMG, said: “We are delighted to join Big Hit, YG and Kiswe as partners of KBYK as we seek to help further evolve live broadcast opportunities and experiences for UMG artists and their fans today and in the future.
“The past year has shown that the need for reliable and innovative live broadcasting has never been greater. VenewLive offers today’s artists some of the most creative and memorable opportunities to globalize their art and performance, designed to enhance the community and the fan experience.
Mike Schabel, CEO of Kiswe, said: “We have been developing video streaming and fan engagement technology since 2013 and we are excited to use this digital technology to push beyond the confines of a stadium to help performers to perform to their fans around the world, and to make those fans feel like they’re part of the gig. Having supported live pay-per-view concerts with some of the world’s greatest artists, we strive to provide incredible experiences for every fan. “
Big Hit Global CEO Lenzo Yoon said, “Big Hit’s attempts to maximize the fan experience are not limited to entertainment, but also implement various technologies. KBYK is also part of this effort. “
He added, “Our dream and our goal is to provide the most advanced technology currently available so that fans can experience the artist’s content in the best possible way under all 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 introduce them.Music company in the world
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