Big Hit Entertainment And beNX Make 70 Billion Won Investment In YG PLUS
Big Hit Entertainment and its subsidiary beNX are investing 70 billion won (approximately $63 million) in YG Entertainment’s subsidiary YG PLUS.
On January 27, Big Hit Entertainment held a board meeting at which it was decided that the company will make a 30 billion won (approximately $27 million) investment in YG PLUS while beNX will invest 40 billion won (approximately $36 million).
The investment lays the groundwork for a strategic collaboration between Big Hit Entertainment, beNX, and YG PLUS, in which they’ll be cooperating in the various fields of business conducted by the companies, including platforms, distribution, and content. YG PLUS artists’ global membership business will be conducted through Weverse, which is a fan community platform run by beNX. YG PLUS will be collaborating on Big Hit Entertainment’s music distributing and merchandising.
YG PLUS stated, “We’ve prepared a new turning point through the collaboration of the two companies who aim for the best in their fields.”
Big Hit Entertainment shared, “We’re excited about the synergy that will be created together by YG PLUS, who has a strong network in many fields including distribution and merchandise production, and Big Hit and beNX, which are strong in artist intellectual property and platforms.” They added, “The companies will grow together through the various collaborations that will influence entertainment lifestyle across the board.”
It was also announced on January 27 that Naver and Big Hit Entertainment are creating a new global fan community platform and combining the users, content, and services of V LIVE and Weverse, the platforms owned by each company.