- Title: Universal Music joins K-pop record labels to launch live-streaming platform
- Date: 10th February 2021
- Summary: SEOUL, SOUTH KOREA (FILE - OCTOBER 15, 2020) (REUTERS) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** OFFICIALS OF KOREA EXCHANGE AND EXECUTIVES OF BIG HIT ENTERTAINMENT, INCLUDING FOUNDER AND CO-CEO OF BIG HIT ENTERTAINMENT, BANG SI-HYUK (4TH LEFT) PUTTING HANDS ON BUTTONS ON TABLE / CONFETTI FALLING AT BIT HIT ENTERTAINMENT KOSPI LISTING CEREMONY LISTING AGREEMENT / BANG AND OFFICIAL POSING FOR PHOTOGRAPHS BANG POSING FOR PHOTOGRAPHS LOS ANGELES, CALIFORNIA, UNITED STATES (FILE - FEBRUARY 10, 2019) (REUTERS) VARIOUS OF BTS ON RED CARPET AT GRAMMYS LAS VEGAS, NEVADA, UNITED STATES (FILE - MAY 20, 2018) (REUTERS) VARIOUS OF BTS ON RED CARPET AT THE BILLBOARD MUSIC AWARDS
- Embargoed: 24th February 2021 14:21
- Keywords: BTS Big Hit Entertainment K-pop South Korea music producer Bang Si-Hyuk UMG. Universal Music Group Venewlive live streaming concert
- Location: VARIOUS
- City: VARIOUS
- Country: South Korea
- Topics: Asia / Pacific,Arts/Culture/Entertainment,Music
- Reuters ID: LVA006DZ2A74D
- Aspect Ratio: 16:9
- Story Text: Universal Music Group is joining forces with major K-pop record labels on Wednesday (February 10) to officially launch a digital live-streaming platform in September.
The music label giant behind global artists Taylor Swift, Rihanna and Lady Gaga is investing in VenewLive, first launched last year by Big Hit Entertainment, the company behind global K-pop superstars BTS.
In September 2020, Big Hit Entertainment set up "digital live performance streaming platform" VenewLive with video technology startup Kiswe as part of a joint venture called KBYK Live. South Korean band Blackpink's record label, entertainment company YG is also on board with the new launch.
UMG Executive Vice President, Chief Financial Officer and President of Operations Boyd Muir said: "We are delighted to join Big Hit, YG and Kiswe as partners in KBYK as we look to help further evolve the opportunities and live streaming experiences for UMG artists and their fans today, and into the future. This past year has shown that the need for reliable and innovative live-streaming has never been greater. VenewLive offers some of the most creative and memorable opportunities for today's artists to globalize their art and performances, tailored to enhance the community and fan-experience."
VenewLive "delivers a unique immersive experience to global music fans, expanding viewership beyond physical venues" and "delivering on-stage magic and energy to fans virtually", according to its official website.
Big Hit Entertainment was co-founded in 2005 by South Korea music producer Bang Si-Hyuk. Its core business focuses on music production, artist management and publishing.
In October 2020, the company was listed on the KOSPI Market of Korea Exchange (KRX). It debuted at double its initial public offering (IPO) price, opening at 270,000 won and valuing the company at around 9.6 trillion won ($8.38 billion).
(Production: Lisa Giles-Keddie) - Copyright Holder: FILE REUTERS (CAN SELL)
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