Naver Invests Over $320MM in Big Hit

4 years ago
General

Naver and Big Hit Entertainment are pairing up to create a stronger platform for Big Hit’s fanbase. 


Naver will be investing in Big Hit subsidiary, beNX, for ₩354.8 billion ($321.6 million USD) through a third party paid-in capital increase. 


Big Hit will be changing the name of beNX to WEVERSE COMPANY INC. Big Hit and Naver are looking to make a global fan community platform that combines the users, content and services of Weverse and Naver’s “V LIVE”.


A spokesperson from Naver stated, “In order to expand influence in the global market, we need to go beyond competition between domestic platforms and closely cooperate between competitive platforms that can create synergy.” 


“The new global fan community platform will become an unrivalled player in the global entertainment market by adding K-content to the globally competitive K-technology.”


Big Hit added: “Since the launch of Weverse in 2019, we have witnessed the necessity and impact of fan community platforms in the global music market through Weverse’s exponential growth.”


“We look forward to the synergy between Weverse and V LIVE through a full-scale cooperation with Naver, through which we will reach an unrivaled position in the global market with our more advanced fan community platform.”