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SM Entertainment secures 100 bln-won investment from Naver

16:18 August 03, 2020

SEOUL, Aug. 3 (Yonhap) -- SM Entertainment, a leading K-pop label-agency behind groups such as EXO, Red Velvet and NCT 127, said Monday it has secured an investment of 100 billion won (US$83.8 million) from the country's top internet portal operator, Naver, strengthening their partnership in areas of online concerts and fan community platform.

SM said in a statement that Naver's investment was made towards SM subsidiaries SMEJ Plus and Mystic Story.

The two companies will also bolster cooperation in areas of music-related video content through their joint Beyond Live online music-concert platform, according to SM.

The corporate logos for SM Entertainment and Naver are seen next to each other in this image provided by SM on Aug. 3, 2020. (PHOTO NOT FOR SALE) (Yonhap)

Beyond Live, which utilizes the latest augmented reality technology and allows real-time artist-to-audience interaction, made its debut in April through a virtual concert by SM project boy band SuperM.

"We are looking forward to the synergy between the two companies as we join hands with Naver," SM CEO Lee Sung-soo said.

As part of the investment deal, SM said it will unify its fan club service under Naver's own community platform Fanship.

Naver CEO Han Seong-sook expected to the closer ties between the two companies to raise the competitiveness of Fanship. "We plan to present new innovations in the global market," Han said.

odissy@yna.co.kr
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