SM Entertainment (SM's co-CEO Lee Sung Soo, Tak Young-joon) and Naver (CEO Han Sung Sook) signed an MOU (memorandum of...
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SM Entertainment (SM's co-CEO Lee Sung Soo, Tak Young-joon) and Naver (CEO Han Sung Sook) signed an MOU (memorandum of understanding) to work on joint global projects to strengthen their global entertainment competitiveness.
According to SM on April 14, the two companies will use the MOU to secure differentiated partnerships in the global entertainment market and strengthen cooperation in various ways.
Through the partnership, the two companies will join forces in expanding the global market for the 'Fanship' platform, a global fan community, by combining SM's expertise in discovering and producing global artists and Naver's technology. Naver's 'Fanship' platform, introduced last year, is a new type of global community platform on which artists design and build their own membership for fans based on big data.
It will also expand its video content business around global markets by combining professional capabilities held by the two companies. With SM's ability to produce entertainment content and Naver's experience and technology in operating global platforms, the companies will showcase new video content based on digital technology and infrastructure around the global market.
As part of this, the 'Beyond LIVE' service, a live concert streaming service, will be launched in mid-April. The 'Beyond LIVE' service will offer a form of digital concert content optimized online. In particular, as the non-face-to-face culture is spreading fast recently due to COVID-19, the two companies expect artists and fans to lead the evolving digital concert culture by using various digital technologies such as real-time comments and digital cheering sticks.
The "Beyond LIVE" service will be introduced first within Naver V Live, and SM's SuperM will present their first performance on April 26.
"Through cooperation with Naver, who has plenty of technical experience and a solid platform base, SM expects to showcase a new form of entertainment where content and technology meet, and expand the two companies' entry into the global market," said Lee Sung Soo, co-CEO of SM Entertainment.
"Naver will join hands with SM Entertainment, who has the most influential global artists, to further accelerate our efforts to tap into the global entertainment market based on digital technology competitiveness," said Han Sung Sook, CEO of Naver.