Big Hit Entertainment, YG Entertainment, Universal Music Group, And Kiswe To Launch Digital Streaming Platform Together
Big Hit Entertainment, YG Entertainment, Universal Music Group (UMG), and Kiswe will be joining forces to launch a new digital live streaming platform.
On February 10, it was revealed that YG and UMG had become joint investors in KBYK Live, a joint corporation that Big Hit Entertainment launched with Kiswe. Through YG and UMG’s investment, KBYK Live plans to launch the “VenewLive” platform on a global scale with various musicians, including agency artists.
Big Hit and Kiswe signed a memorandum of understanding (MOU) in May 2020 and launched their joint corporation in September 2020. The joint corporation launched the digital live streaming platform VenewLive, which was used to hold online concerts at Big Hit Entertainment.
A representative from Big Hit stated, “With the addition of YG and UMG, VenewLive will become a revolutionary platform that showcases high-level concert from the top global artists that represent Big Hit, YG, and UMG, combined with Kiswe’s innovative technologies in multi-view live streaming.”
VenewLive has previously been used in BTS’s online concerts “BANG BANG CON: The Live” and “BTS MAP OF THE SOUL ON:E.” The concerts showed stable audio and video performance despite a combined audience of almost 1 million viewers worldwide. These concerts also offered 4K/HD service and multi-view streaming that offered different camera perspectives of the artists on stage, as well as interactive functions like a live chat, and Bluetooth connection with light sticks.
Based on advanced technologies, VenewLive plans to showcase content unique to each artist and customized concert experiences tailored to the fans. This includes various performance elements in digital concerts in a form tailored to the characteristics and needs of each artist and fan, including various social interactive functions like concert transmission, purchase of official merchandise, and live chatting.
John Jay Lee, the CEO of KBYK Live, said, “VenewLive has already been used several times to hold large-scale concerts and deliver unique digital experiences to fans through high-level technologies such as multi-view and 4K streaming. We want our technologies to help fans feel closer to artists, as well as help artists express their unique energies through a digital stage.”
Choi Sung Joon, the chief operating officer of YG Entertainment, said, “There will be a positive impact from our company, which houses artists who can compete on a global stage, investing in a high-quality platform with advanced technological prowess. We will continue to work to develop new services and diverse interactive experiences for global fans.”
Boyd Muir, the chief financial officer of Universal Music Group, said, “We are happy to be joining Big Hit, YG, and Kiswe as a partner in KBYK Live in order to give our current and future UMG artists and fans more opportunities and evolving experiences in live streaming. 2020 was a year in which we realized the need for stable and innovative live streaming. VenewLive aims to give artists the opportunity to create memorable and creative performances and concerts on a global scale, tailored to the experiences of fans and communities.”
Mike Schabel, the CEO of Kiswe, stated, “We have been developing video streaming and fan communication technologies since 2013. Through digital technologies, we break past the limits of the concert arena and help artists perform for their fans all over the world, as well as help make fans part of the concert experience. We will continue to work to create live concerts with top global artists and surprise fans with unique experiences.”
Yoon Suk Joon, the Global CEO of Big Hit Entertainment, said, “Big Hit’s work to maximize the fan experience is not confined solely to its entertainment business, but also through the introduction and adoption of various technologies. VenewLive is part of this work. Our dream and our goal is for the stable provision of advanced technologies in each era so that fans can get the best possible experience of the artists’ content regardless of their environment. Through new attempts and technologies in various fields, we will continue to research how to positively influence the fan experience.”