BigHit invests in BTS' rival YG Entertainment, calls it 'strategic partnership'

BigHit Entertainment was established in 2005 by Bang Si-hyuk and has been behind major K-pop bands like BTS, TXT and more. As per Yonhap News ncy, BigHit anunced on January 27 that y will be investing 70 billion won (US$63 million) in K-pop rival ncy, YG Entertainment. companies said in press release that y are expanding business cooperation under 'strategic partnership'. Read furr to kw more about deal. 

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BigHit invests in YG Entertainment

YG Entertainment was established in 1996 by Yang Hyun-suk and has been behind K-pop bands like BLACKPINK, BIGBANG, 2NE1, and Psy. While founder left in 2018, Universal Music Group and Interscope anunced that y will represent girl band BLACKPINK globally. w, as per news ncy, a deal has been made where Big Hit and its affiliate beNX will be investing 30 billion won and 40 billion won, respectively in YG affiliate YG Plus. 

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While companies are ready to move forward with deal, y released a statement stating same. In statement by BigHit, y said that y are happy with collaboration and that YG Plus has a stronghold in various fields like distribution and merchandising production. With this, BigHit has hold in artist intellectual property and platforms, which will help both companies grow through this collaboration. On or hand, YG Plus spoke about this deal and said that it is a 'new turning point' for companies. 

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Apart from this, BigHit's affiliate beNX runs a social media platform Weverse that helps fans connect to ir favourite artist. popularity of platform increased throughout 2020 due to COVID-19 crisis. As per deal, YG Plus will be using Weverse to reach fans globally. 

BigHit's ventures 

As per musicbusinessworldwide.com, BigHit revealed in vember 2020 that y are planning to expand Weverse and make it available to US artists. y want platform to establish itself as a global platform and that it is designed for global fan experience. Earlier, ncy released a docu-series of BTS, titled Break Silence which premiered on platform. As of July 2020, platform had 10 million downloads. 

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