The world’s biggest record group has announced it is joining two leading K-pop labels for a live-streaming platform.
Universal Music Group (UMG) said it would invest an undisclosed sum in VenewLive, which was set up by Big Hit Entertainment last year.
Another South Korean company, YG Entertainment, is also investing as part of the deal.
UMG is the biggest music company in the world and is home to the likes of Taylor Swift, Rihanna and Sir Elton John.
Big Hit, an entertainment mammoth, manages BTS, the wildly popular K-pop group while YG’s artists include girl group Blackpink.
The music giants said the move will help expand VenewLive and could lead to major artists from all labels participating.
Big Hit launched the platform in September as part of KBYK Live, a joint venture with cloud-based video company Kiswe.
VenewLive can provide “innovative and original performance experiences for fans,” the company said. BTS appeared in October with their Map Of The Soul ON:E concert.
The show offered premium features, including 4K resolution, live chat and “synchronised light sticks functions,” Big Hit said.
Boyd Muir, UMG executive vice president, said: “This past year has shown that the need for reliable and innovative live-streaming has never been greater.
“VenewLive offers some of the most creative and memorable opportunities for today’s artists to globalise their art and performances, tailored to enhance the community and fan experience.”
