(LEAD) BTS agency Big Hit to invest 70 bln won in K-pop giant YG January 27, 2021
Big Hit Entertainment, the agency behind global star BTS, announced on Wednesday that it plans to invest 70 billion won (US$63 million) in YG Entertainment, one of the biggest K-pop agencies in South Korea.
Under the deal, Big Hit and its affiliate beNX will invest 30 billion won and 40 billion won, respectively, in YG affiliate YG Plus, the agency said in a press release following a board meeting.
With the investment, Big Hit and beNX will 7.7 percent and 10.2 percent stakes, respectively, in the YG affiliate.
beNX is a Big Hit affiliate that runs the fan community platform Weverse and related commercial platform Weverse Shop. YG plus is an affiliate of YG that focuses on music distribution and merchandising.
(Photo : Big Hit, YG PLUS, NAVER)
Big Hit Entertainment, the agency of global group BTS will strengthen its presence in the industry by collaborating with two big companies, YG Entertainment subsidiary, YG PLUS, and Naver.
On Jan. 27, various Korean media outlets including Star News reported that Big Hit Entertainment held a board meeting on Thursday and officially signed two large-scale investment contracts.
Big Hit Entertainment and BeNX Invested 70 billion won to YG PLUS
(Photo : @theseoulstory|Twitter: Big Hit Entertainment Logo)
First of all, Big Hit decided to invest a total of 70 billion won in YG PLUS, including 30 billion won for Big Hit and 40 billion won for BeNX.
Weverse are set to join hands to create a brand new platform. Naver announced its plans to invest 410 billion Won ($370,846,353 USD) into Big Hit Entertainment subsidiary
beNX, which is behind the fan community platform Weverse. Naver s V Live will be transferred to beNX, which will now be known as
Weverse Company Inc.
Naver further revealed K-pop fans can expect a brand new global fan community platform that will utilize features from both V Live and Weverse. The integration of the 2 major fan platforms is expected to take a year, and before then, both will operate as usual as separate platforms.