Universal teams up with Big Hit and YG Entertainment to invest in a global live streaming platform

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 have 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 the stake, YG and UMG say they will help further expand VenewLive “so that a range of artists, including those signed to UMG and YG, can participate.”

A press release added that following the agreement, VenewLive is expected to “secure a lineup 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 streaming”.

The PR continued, “Powered by Kiswe’s cutting-edge technologies, VenewLive can personalize each concert experience to suit each artist’s identity and characteristics while delivering innovative and original performance experiences for fans to enjoy. can enjoy the content of their favorite artist in a personalized, authentic and unique setting. personalized way.

Big Hit says the technology behind VenewLive was used for two record 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 peak concurrent audience of 756,000 while the latter was viewed by a total of 993,000 viewers worldwide.

KBYK Live CEO John Lee said, “VenewLive has already live-streamed several large-scale performances 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 foundation for allowing fans to feel closer to artists and helping artists express their energy on a digital stage.”

YG Entertainment COO Sung Jun Choi said, “We are very pleased with this investment, as our company, which has many globally competitive artists, has obtained a high-quality platform with advanced technology.”

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 Chief Operating Officer of UMG, said, “We are excited to join Big Hit, YG and Kiswe as KBYK partners as we seek to help scale opportunities. and live streaming experiences for artists and their fans now and in the future.

“This past year has shown that the need for reliable and innovative live streaming has never been greater. VenewLive provides some of the most creative and memorable opportunities for artists today to globalize their art and performances. , designed to enhance the community and fan experience.

Kiswe CEO Mike Schabel said: “We have been developing video streaming and fan engagement technology since 2013 and are excited to use this digital technology to expand beyond the confines of a stadium to to help artists perform in front of their fans around the world, and to make those fans feel like they’re part of the concert. Having supported true pay-per-view live gigs with some of the world’s biggest artists, we strive to deliver amazing 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 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 artist 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.The music industry around the world

Helen D. Jessen