Naver vs Kakao compete in the content market following the fintech industry

Naver joins forces with Big Hit, spurs building alliances… Kakao concentrates internal capabilities through merger with subsidiaries.
rnNaver and Big Hit’s subsidiary beNX are launching a new platform by integrating V App and Weverse, a video-based K-pop fan community service.
Naver is making a wide stride by investing more than 1 trillion won in content for only one month in January, and Kakao launches a large entertainment company with a corporate value of more than 7 trillion won through the merger with subsidiaries.
Kakao is focusing on building internal capabilities through subsidiary mergers.
Naver’s strategy is to strengthen its platform role through content cooperation, and Kakao to vertically integrate internal contents.
Naver made an investment worth 410 billion won in beNX, a subsidiary of Big Hit Entertainment in January. Naver will acquire a 49% stake in beNX, and beNX will take over the Naver vlive division.
Previously, Naver’s’ vlive’ and Big Hit’s ‘Weverse’ were video-based global fan community services to connect K-pop artists and fans.
Overseas users reaches 90%, and among global countries, the number of users is in the order of the US, Indonesia, and Japan.
Naver and Big Hit, which had been competing for the “K-pop fan community” market, decided to target the global market by combining the technology and content capabilities of both companies.
In the operation of the new platform, Naver focuses on technology development and Big Hit focuses on content production and distribution.

Source: magazine.hankyung.com

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