Universal Music, YG invest in livestreaming service
Universal Music Group (UMG) and K-pop label YG Entertainment have invested in KBYK Live, a livestreaming company backed by BTS’s management company, Big Hit Entertainment.
The investment from YG – home to Korean superstars including Blackpink, Big Bang and iKon – and UMG will go towards expanding KBYK Live’s VenewLive, bringing both companies’ rosters of artists to the platform, which boasts augmented reality (AR), multi-view and 4K streaming capabilities. KBYK Live was established after Big Hit and tech start-up Kiswe partnered last summer.
The technology behind VenewLive was demonstrated at BTS’s record-breaking Bang Bang Con: The Live and Map of the Soul: One in June and October respectively. The former drew in a peak concurrent audience of 756,000, while the latter was viewed by nearly a million people worldwide.
The shows also offered a variety of premium features, delivering a full stage production from multiple angles in 4K resolution, with live chat and synchronised light sticks.
“This past year has shown that the need for reliable and innovative livestreaming has never been greater”
“VenewLive has already livestreamed several large-scale performances last year and provided unique immersive fan concert experiences that can be offered through our cutting-edge technologies, including six-angle multi-views, 4K resolution and various interactive features,” says KBYK Live CEO John Lee. “Our technology will be the basis for enabling fans to feel closer to artists, and help artists express their energy on a digital stage.”
“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,” adds YG Entertainment COO Sung Jun Choi. “We will continue to do our best to provide more interactive experiences and new services to global fans.”
Boyd Muir, executive vice-president and CFO of Universal Music, says its unspecified investment into KBYK/VenewLive will allow the company to “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 livestreaming has never been greater,” he adds. “VenewLive offers some of the most creative and memorable opportunities for today’s artists to globalise their art and performances, tailored to enhance the community and fan experience.”
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