On February 10, Big Hit Entertainment announced that it had entered into a joint venture with Kiswe – the US start-up company to form KBYK Live. YG Entertainment and Universal Music Group (UMG) also invested in this project, thereby launching the VenewLive streaming platform.
Big Hit, YG, UMG and Kiswe work together to launch the VenewLive live streaming platform
VenewLive name inspired by the “venue” (location) and “live” (live), was used in the online concert of BTS as BANG BANG BABY: The Live and MAP OF THE SOUL ON: E . VenewLive is KBYK Live’s first project, which plans to become a global live streaming platform for musicians and artists.VenewLive was used in the concert BANG BANG CON: The Live …
… and MAP OF THE SOUL ON: E
In May 2020, Big Hit signed a memorandum of understanding with Kiswe and entered into a joint venture in September of the same year. Since then, the two companies have worked together to launch VenewLive. With the participation of YG and UMG, VenewLive is expected to attract more famous artists from around the world, while also expanding the content provided by technology enhancements, such as multi-mode streaming. see.
Sharing the power of VenewLive and its ability to provide service to fans, CEO John Lee said: “VenewLive live streamed some of the large-scale performances last year and provided unique experiences that could only be possible through our advanced technologies, such as 6-angle multi-view, 4K streaming and many more interactive modes Our technology will be the first step, allowing fans to feel closer to the artist, and at the same time helping performers express their energy on the digital stage ” .
Choi Sung Jun – CEO of YG shared: “We are very excited about this investment opportunity, as our company with so many competitive artists on the global playing field has invested. on a high quality platform with advanced technology. We will do our best to provide new interactive experiences and services for global fans . “
Before the debut of VenewLive, YG held an online concert THE SHOW of BLACKPINK on YouTube
UMG’s CFO also expressed his joy to become partners of Big Hit, YG and Kiswe. On the Big Hit side, CEO Yoon Seok Jun shared his thoughts on how the new technology will allow fans to have more experiences with their favorite artists.
Yoon Seok Jun commented, “Big Hit’s efforts to maximize the fan experience, not limited to entertainment but also by implementing many new technologies. VenewLive is a part of this. Our mission is to ensure that fans can experience artists’ content in the best possible way, no matter what environment they are in, by providing the most advanced technology available. continues to study how new technologies can positively impact many areas, and proactively introduce them when they have a positive impact on the fan experience ” .
In the past, VenewLive held all Big Hit Labels ‘artists’ online concerts such as BTS, SEVENTEEN, GFRIEND, ENHYPEN as well as the joint concert 2021 NEW YEAR’S EVE LIVE . They also held Justin Bieber’s New Year concert and AJR’s Christmas concert.
VenewLive has held every concert of Big Hit Labels, including the new year joint concert by artists under the company – 2021 NEW YEAR’S EVE LIVE
With the participation of YG and UMG, many popular artists are expected to broadcast online concerts on this platform, such as BLACKPINK. This is also the second time that Big Hit and YG “shake hands”, after BTS’s company invested KRW 70 billion in YG Plus.