On August 3, SM Entertainment released a statement announcing its join venture with Naver to expand its global market.
Among the markets the company looks to expand include global fanclub service, online concerts and next-generation video content. This plan has garnered over ₩100 billion KRW (approx. $83 million USD).
In particular, SM plans to unify its fanclub service via Naver V Live’s global community membership platform ‘Fanship’, through which they hope to expand and strengthen it’s service towards its global fanclub. The company also plan to promote music related video content better via the launch of the world’s first online customized concert ‘Beyond Live’.
Lee Sung Soo, the CEO of SM Entertainment said, “We are looking forward to the synergy between the two companies as we join hands with Naver in this time where ontact (non face-to-face) content platform are becoming competitive.”
Meanwhile, the two companies have formed a strategic alliance since April to promote joint global business competitiveness.