Universal Music Group is reportedly making an investment in VenewLive, the livestreaming content platform owned by K-pop giant, Big Hit Entertainment. The transaction also comprises Blackpink’s record label, YG Entertainment, as an investor.
The new backing will enable Big Hit to exercise the potential of livestreaming technology by extending the reach of its livestream events. Universal and YG will also have the opportunity to develop new avenues for their artists to connect with their fans.
According to the CEO of Big Hit Global, Lenzo Yoon, the company’s dream and objective is to offer the most advanced technology that is presently available so that fans could experience the content of the artists in the best manner plausible under any circumstances. Yoon also added that the company will continue to study how new attempts and technologies in various fields could have a positive impact on strengthening its fan experience and how these technologies could be introduced.
For the uninitiated, the venture behind VenewLive, KBYK Live, was jointly established by Kiswe, a video company based in New Jersey, and Big Hit in May 2020. The concert platform was launched shortly thereafter. As per records, VenewLive has already put on some of the biggest livestreaming concerts. One of these comprises BTS’s MAP OF THE SOUL ON:E, which was streamed in October 2020 and witnessed a peak audience of 993,000.
By making use of Kiswe’s technologies, VenewLive has also developed the capacity of converting every concert experience to fit the attributes of specific artists, allowing fans watching to customize the content in the manner of their choice. The platform’s livestream experience on offer for fans comprises digital interactive features, 4K resolution, as well as multi-view technology.
VenewLive had reportedly hosted Justin Bieber’s Beverly Hilton Hotel concert on New Years’ Eve 2020.