Naver, the largest Internet portal for users in South Korea has now established a partnership with YG Entertainment, one of the biggest talent agencies in South Korea. Today, media outlets are reporting that Naver is investing $90 billion in the agency so that they can have a 9.14% stake in equity. This is the first such investment by the company after the appointment of its new CEO Han Sung Sook. The Internet portal is a place where people that surf the Web can get search results by typing in the search box. This is similar to the search engine portal in Japan called Goo.
Image source: http://www.allkpop.com.
With this partnership, the two companies are expected to do great work together and to create great global content that is diverse. Naver has also become the second largest stakeholder in YG Entertainment following in the footsteps of its founder.
A representative from YG Entertainment said that they can now look forward to seeing more stable growth with access to content being even greater. The global entertainment market is changing so much that users can get access to content through Naver, LINE, V LIVE, Snow and many others.
YG Entertainment had earlier gotten an investment of $80 million from LVMH which is the parent company of Louis Vuitton and Fendi. In addition, YG Entertainment had gotten an $85 million investment from Tencent which is one of China’s largest Internet companies. With this investment, there will be more choices for users in terms of content, increased profits, and these two companies will also be ready to compete in the changing environment of the entertainment industry.