Universal Music Group is partnering with two K-pop titans – Big Hit Entertainment and YG Entertainment – to invest in a new digital live streaming platform with ambitions “on a global scale”.
Big Hit announced that both YG and UMG have acquired a stake in KBYK Live, a joint venture established between Big Hit and Kiswe last year.
KBYK Live then launched VenewLive, a platform for live streaming content, in September.
With the equity stake, YG and UMG say they will help grow VenewLive “in a way that a range of artists, including those signed with UMG and YG, can participate”.
In a press release it was added that as a result of the contract, VenewLive “is expected to secure world-famous artist line-up and high-quality performance content from Big Hit, YG and UMG and further expand the platform through the use of Kiswe technologies including Multi-View Live Streams “.
The PR continued: “Thanks to the latest technologies from Kiswe, VenewLive can tailor any concert experience to the identity and characteristics of each artist, providing fans with innovative and original performance experiences so that they can enjoy their favorite artist’s content in a uniquely customized, authentic and authentic style personalized way. “
According to Big Hit, 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 756,000 viewers at the same time, while the latter was viewed by a total of 993,000 viewers worldwide.
John Lee, KBYK Live CEO, said, “VenewLive has streamed several large-scale performances live over the past year, delivering unique, immersive fan concert experiences that can be delivered through our cutting-edge technologies, including 6-angle, multi-views, 4K -Resolution, and various interactive functions. “
He added, “Our technology will be the foundation for fans to feel closer to artists and to help artists express their energy on a digital stage.”
Sung Jun Choi, Chief Operating Officer of YG Entertainment, said: “We are delighted with this investment as our company has secured a high-quality platform with leading technologies with many artists who are competitive on a global stage.”
He added, “We will continue to do our best to bring more interactive experiences and new services to global fans.”
Boyd Muir, Executive Vice President, Chief Financial Officer and President of Operations at UMG, said, “We are very excited to partner with Big Hit, YG and Kiswe at KBYK to bring the opportunity and live streaming experiences to UMG artists and artists develop 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 gives today’s artists some of the most creative and memorable ways to globalize their art and performances to enhance the community and 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 go beyond the confines of a stadium and help artists find their global fans Performing across the board and feeling these fans as if they were part of the concert. After supporting real live pay-per-view concerts with some of the world’s greatest artists, we strive to bring incredible experiences to every fan. “
Lenzo Yoon, CEO of Big Hit Global, said, “Big Hit’s attempts to maximize the fan experience are not limited to entertainment, but also to the implementation of various technologies. KBYK is also part of this effort. “
He added: “Our dream and goal is to provide the most advanced technology currently available so that fans can experience the artist’s content in the best possible way in all circumstances. We will continue to investigate how new technologies and trials in various areas can have a positive impact on strengthening our fan experience and actively introduce it. “Music business worldwide