Leading K-pop agencies Big Hit Entertainment and YG Entertainment, Universal Music Group (UMG) and Kiswe are partnering to launch a digital live streaming platform.
Big Hit Entertainment announced that YG and UMG will invest in KBYK Live, a joint venture established with Kiswe, a video company that has been used to livestream online concerts by K-pop superstars BTS. KBYK Live launched VenewLive last September.
With their equity investment, YG and UMG will expand VenewLive in which their artists can participate.
Big Hit and Kiswe signed an agreement in May last year and established KBYK Live in September. VenewLive, using Kiswe technology, can customize concert experience for fans.
Last year, Kiswe streaming technology was used for BTS’ online concerts “Bang Bang Con The Live” and “Map of the Soul ON:E,” which drew 756,000 and 993,000 fans worldwide, respectively. It was also used for Seventeen’s “Seventeen in Carat Land” online fan meeting in August.
“VenewLive has already live-streamed several large-scale performances last year and provided unique immersive fan concert experiences that can be offered through our cutting-edge technologies, including 6-angle multi-views, 4K resolution, and various interactive features,” said KBYK Live CEO John Lee.
According to YG Entertainment COO Sung Jun Choi, “We are excited about this investment as our company with many artists competitive on a global stage has secured a high-quality platform with leading technologies. We will continue to do our best to provide more interactive experiences and new services to global fans.”
“We are delighted to join Big Hit, YG and Kiswe as partners in KBYK as we look to help further evolve the opportunities and live streaming experiences for UMG artists and their fans today, and into the future,” said UMG Executive Vice President, Chief Financial Officer and President of Operations Boyd Muir.
Big Hit Global CEO Lenzo Yoon said, “Big Hit’s attempts to maximize fan experience are not limited to entertainment, but also implementing various technologies. KBYK is also part of this effort.”