LAUNCH OF “VENEWLIVE” BASED ON MULTI-VIEW, 4K AND STABLE STREAMING TECHNOLOGY
YG AND UMG CO-INVEST IN JV BETWEEN BIG HIT AND KISWE EXPECTING TO EXPAND ARTIST IP PLATFORM
BIG HIT, YG AND UMG AIM TO LEAD INNOVATIVE PERFORMANCE EXPERIENCE WITH KISWE
SEOUL – February 10, 2021 – Big Hit Entertainment (“Big Hit”), YG Entertainment (“YG”), Universal Music Group (“UMG”), and Kiswe are joining forces to embark on a journey to launch a digital live streaming platform on a global scale.
Big Hit today announced that YG and UMG would invest in KBYK Live, a joint venture that was established with Kiswe last year. KBYK Live then officially launched VenewLive in September, the live streaming content platform. With the equity investment, YG and UMG are seeking to help expand “VenewLive” further alongside Big Hit and Kiswe, in ways which a range of artists, including those signed with UMG and YG can participate.
Big Hit and Kiswe signed an MOU in May of last year. The two companies officially established KBYK Live in September, and the launch of VenewLive, the live streaming content platform, followed shortly after.
With the addition of YG and UMG, VenewLive is expected to secure globally renowned artist line-up and high-quality performance contents represented by Big Hit, YG, and UMG, while further expanding the platform by utilizing Kiswe’s technologies including the multi-view live streaming.
Powered by Kiswe’s cutting-edge technologies, VenewLive can customize each concert experience to fit the identity and characteristics of each artist while providing innovative and original performance experiences for fans to enjoy their favorite artist’s content in a uniquely customized, authentic and personalized way.
VenewLive’s technologies have been proven to show high-engagement with fans through numerous record-breaking concerts of Big Hit artists last year. Streaming stability and high-quality video and audio were demonstrated through BTS’ online concerts; “BANG BANG CON The Live” and “MAP OF THE SOUL ON:E” in June and October respectively. The former drew in a peak concurrent audience of 756,000 while the latter was viewed by a total of 993,000 audience worldwide. The shows also offered a variety of interactive and premium features such as multi-view technology, delivering a full stage production from multiple angles, 4K resolution, live chat and synchronized light sticks functions.
KBYK Live CEO John Lee said, “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.”
YG Entertainment Chief Operating Officer Sung Jun Choi said, “We are excited about this investment as our company with many artists competitive on a global stage has secured a high-quality platform with leading technologies.” He added, “We will continue to do our best to provide more interactive experiences and new services to global fans.”
UMG Executive Vice President, Chief Financial Officer and President of Operations Boyd Muir 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.”
Kiswe CEO Mike Schabel said, “We have been developing video streaming and fan engagement technology since 2013 and are excited to use that digital technology to extend beyond the boundaries of a stadium to help artists perform to their global fans, and for those fans to feel like they are part of the concert. Having supported truly live pay per view concerts with some of the biggest artists in the world, we strive to deliver incredible experiences for every fan.”
Big Hit Global CEO Lenzo Yoon said, “Big Hit’s attempts to maximize fan experience are not limited to entertainment, but also implementing various technologies. KBYK is also part of this effort.” He added, “Our dream and goal is to provide the most advanced technology currently available so that fans can experience the artist’s content in the best way possible under any circumstances. We will continue to study how new technologies and attempts in various fields can have a positive impact on strengthening our fan experience and actively introduce them.”
About Big Hit Entertainment
Founded in February 2005 in South Korea by CEO and Producer Bang Si-Hyuk, Big Hit Entertainment’s core business focuses on music production, artist management and publishing. Big Hit’s business ventures incorporate and develop a range of content produced from top-notch artists’ IP, including global superstars BTS and its newest addition TOMORROW X TOGETHER. With its mission of ‘Music & Artist for Healing’, Big Hit strives to impart a positive influence through content while providing comfort and inspiration to music fans worldwide. In October 2020, the company was listed on the KOSPI Market of Korea Exchange (KRX).
About YG Entertainment
YG Entertainment is a total entertainment corporation which has produced top-tier artists such as Jinusean, 1TYM, BIGBANG, WINNER, iKON, AKMU, BLACKPINK, and TREASURE.
YG Entertainment has earned a good reputation for K-pop with their high-quality music and concerts based on a unique producing system.
Its actor management ability is also so competent that many top Korean actors and actresses belong to the company.
About Universal Music Group
Universal Music Group (UMG) is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. Universal Music Group is a Vivendi company. Find out more at: http://www.universalmusic.com.
Kiswe is a cloud-based video company that creates real-time live streams to engage digital audiences and unique communities around the world. By partnering with sports rights holders, Kiswe transforms live games into multiple viewing experiences via personalized content and local languages. Kiswe’s award winning technology also unlocks ways for people to stay connected over live events through a content creation and mobile platform that bridges media companies with consumers. Kiswe is headquartered in New Jersey, USA and has offices in New York, Seoul, Hasselt and Singapore. Learn more at www.kiswe.com.