SM Entertainment and Naver officially signed an MOU (memorandum of understanding) to push for joint global projects in order to strengthen both company’s global competitiveness in the entertainment industry.
According to SM Entertainment on April 14, the two companies will use the MOU to secure multiple partnerships to strengthen their global competitiveness in the industry. One of these partnerships is the expansion of the Fanship platform currently offered on V Live.
The other way they will expand their global market reach is to improve its video content business. They will now showcase even more new video content to fans around the world. Part of this includes their new streaming service called Beyond LIVE, which will live stream concerts for fans globally. It will also broadcast pre-existing performances.
The first Beyond LIVE performance will feature SM Entertainment’s super group SuperM on April 26.
Through our collaboration with Naver, who has a solid platform, foundation, and technology, we can expect our two companies to be able to introduce new entertainment, showcasing the combination of our content and their technology, and expand our presence in the global market.
— SM Entertainment Co-CEO Lee Sung Soo
We will join hands with SM Entertainment with their most influential global artists to further accelerate their efforts into tapping into the global entertainment market, with out digital technology.
— Naver CEO Han Sung Sook