(CelebrityAccess) — South Korean entertainment companies, Big Hit Entertainment and YG Entertainment, are partnering with Universal Music Group and cloud-based video streaming service Kiswe to expand the reach of streaming platform VenewLive.
Big Hit today announced that YG and UMG would invest in KBYK Live, a joint venture that was established with Kiswe last year, which launched VenewLive in September.
Through the equity investment, YG and UMG are looking to bring a range of artists, including those signed to the two companies, to the joint venture with exclusive live performances.
VenewLive’s streaming platform has already been used to host some of the biggest livestream concerts in 2020, including K-pop supergroup BTS’s “BANG BANG CON The Live” and “MAP OF THE SOUL ON:E” which each drew almost a million concurrent viewers.
The platform features 4K resolution, live chat and synchronized light sticks functions, as well as allowing fans to view livestreamed performances from multiple angles.
“VenewLive has already live-streamed several large-scale performances last year and provided unique immersive fan concert experiences that can be offered through our cutting-edge technologies, including 6-angle multi-views, 4K resolution, and various interactive features.” He added, “Our technology will be the basis for enabling fans to feel closer to artists, and help artists express their energy on a digital stage,” said KBYK Live CEO John Lee said.
“We are delighted to join Big Hit, YG and Kiswe as partners in KBYK as we look to help further evolve the opportunities and live streaming experiences for UMG artists and their fans today, and into the future. This past year has shown that the need for reliable and innovative live-streaming has never been greater. VenewLive offers some of the most creative and memorable opportunities for today’s artists to globalize their art and performances, tailored to enhance the community and fan-experience,” said UMG’s President of Operations Boyd Muir.