Universal Music Group has said it will join a livestreaming platform set up by K-pop’s major record labels.
Universal – the world’s biggest music label – represents superstars such as Taylor Swift, Rihanna and Lady Gaga. It said it would invest in the platform launched last year by Big Hit Entertainment, the company behind K-pop superstars BTS.
YG, the record label representing Blackpink, is also investing in the platform – called VenewLive. Big Hit set up VenewLive last September as part of a joint venture. Following the investment, the record labels said VenewLive now has ambitions “on a global scale.”
Big Hit said a BTS concert it streamed on VenewLive last year was viewed by 993,000 people worldwide.
Big Hit Entertainment was founded in 2005 by South Korea music producer Bang Si-Hyuk, In October 2020, the company listed its shares on the Korean stock exchange. The company has a market value of over eight billion dollars.