South Korean companies, JYP Entertainment, and SM Entertainment set up a joint venture concert company through the live streaming service Beyond LIVE created by SM Entertainment and internet platform operator Naver Corp.
Beyond LIVE Corporation (BLC) specializes in online performances that bring together JYP’s global network, SM’s production skills, and Naver’s technology.
This coming August 9, Beyond LIVE concert, would showcase TWICE, a multi-talented group under JYP, in their “World in a Day” show happening at 3 pm local time.
SM Entertainment also announced that it acquired a 100 billion won ($83.8 million) investment from Naver, distributed into two of its affiliates, namely SMEJ Plus and Mystic Story, and a project aimed at developing new content videos.
A New Era of Entertainment
SM CEO Lee Sung-soo stated that SM’s collaboration with Naver would offer fans and supporters various content and would initiate a new era of entertainment.
Han Seong-sook, Naver’s CEO, also said that the joint venture with SM Entertainment would boost Fanship’s competitiveness. Naver’s K-pop platform launched last year, Fanship, enables members to communicate and have better access to their K-pop idols.
The “Beyond Live” virtual concert series began in April with SM talent group Super M and included other SM artists using different interactive features and augmented reality. The virtual concerts also included live chats between fans and idols.
Since its establishment, Beyond Live earned around 13.2 billion won in ticket sales and over 400,000 viewers. And artists from other agencies now also join the platform, including TWICE from JYP Entertainment.
SM Entertainment, one of the most prominent entertainment agencies in South Korea, handles some of the most popular K-pop groups such as EXO, Red Velvet, Super Junior, SHINee, f (x), NCT, and TVXQ and Girls Generation.
JYP’s famous artists include Wonder Girls, Stray Kids, Hyuna, GOT7, and TWICE.