YG Entertainment And Big Hit Entertainment Form Joint Business Partnership — YG Artists Will Now Be On Weverse
YG Entertainment and Big Hit Entertainment have formed a joint strategic partnership to further improve both agencies.
According to the press release shared by YG Entertainment, they have formed a strategic partnership with Big Hit Entertainment and will cooperate in various forms. The partnership will create a connection between the two companies in multiple areas such as content distribution, content, and media platforms. In particular, it is noteworthy that online and offline platforms that are being developed by both companies will be expanded through the partnership.
YG Entertainment is not only home to various artists, but they have also shown their strengths in music, music distribution, and merchandise. Big Hit is unrivaled in the business sector, utilizing their fan community platform Weverse and their artists’ IP (intellectual property) to grow their artists’ fanbases.
Through this partnership, YG Entertainment will expand their global reach and artist influence through Big Hit Entertainment’s Weverse. Big Hit Entertainment will look to expand Weverse’s global influence even further, by including YG Entertainment’s content. In addition, YG Entertainment plans on continuing to build innovative models that can be used to provide new experiences to their fans by cooperating with Big Hit Entertainment and YG PLUS for distribution of merchandise. YG PLUS will collaborate with Big Hit Entertainment’s physical album and digital music distribution, as well as merchandise business.
We have prepared a new turning point for both companies, which have been aiming to be the best in their respective fields. We will grow together through various collaborations that will influence the overall entertainment lifestyle.
— YG Entertainment and Big Hit Entertainment
Along with the partnership announcement, Big Hit Entertainment and their subsidiary company beNX have invested ₩70 billion KRW ($63,367,059 USD) into YG PLUS, with ₩30 billion KRW coming from Big Hit Entertainment and ₩40 billion KRW coming from beNX. Through the investment, Big Hit Entertainment, beNX, and YG PLUS have agreed to lay the foundation for strategic cooperation in various business areas. YG PLUS is YG Entertainment’s subsidiary company that manages the agency’s media and advertising business.
source https://www.koreaboo.com/news/yg-entertainment-big-hit-entertainment-form-joint-business-partnership/