SM Entertainment has received 100 billion won from Naver, which shows off their strengthen partnership.

Previously in April, the two companies signed an MOU (memorandum of understanding) for a partnership in the global entertainment business.

On August 3, SM Entertainment shared, “We have secured a 100 billion won (approximately $83.8 million) investment from Naver for SM’s subsidiaries SMEJ Plus and Mystic Story as well as a content fund to expand our global fan club service, online concerts, and a next-generation video content business.”

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SM Entertainment plans to merge its fan club service into Naver V Live’s global community membership platform Fanship and officially push forward with more concerts on the “Beyond LIVE” online concert platform and produce new music-related video content.

Moving forward, SM Entertainment and Naver will discuss business collaboration plans for a video streaming service that focuses on next-generation music content.

Naver CEO Han Sung Sook shared, “Naver is gaining a new competitive edge in the contactless digital concert market using advanced live broadcasting and community platform technologies as well as a paid business model based on big data. Through closer collaboration with SM Entertainment after this investment, we will strengthen the competitiveness of Fanship and showcase new innovation in the global market.”

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Meanwhile, SM co-president Lee Sung Soo said, “We are looking forward to the synergy between the two companies in an era of on-tact(online contact), as we have joined hands with Naver, a company with a competitive edge in the contactless content platform business. SM will provide global fans with unique content and open a new era of entertainment.”