Big Hit Entertainment and YG Entertainment are the homes of two of the world’s biggest K-pop groups, BTS and BLACKPINK, respectively.
Now the two agencies have announced a strategic partnership after Big Hit Entertainment invested 70 billion won (US$63 million) in YG Plus, as reported by Yonhap News Agency.
BTS and BLACKPINK
According to the Yonhap News Agency article, the strategic partnership was described as a “new turning point” for Big Hit and YG Entertainment.
“Under the deal, Big Hit and its affiliate beNX will invest 30 billion won and 40 billion won, respectively, in YG affiliate YG Plus, the agency said in a press release following a board meeting.
“The two companies said they will be expanding business cooperation under the strategic partnership. YG Plus will bank on Weverse, a fan community launched by Big Hit, to reach out to more global fans while supporting Big Hit’s music distribution and merchandising business.”
In October, Big Hit Entertainment had a hugely successful initial public offering on the Korean stock market.
Apart from conquering the music charts, BTS and BLACKPINK are also highly sought after as brand endorsers.
In fact, on Jan. 25, Indonesian ecommerce giant Tokopedia announced that BTS and BLACKPINK were its 2021 brand ambassadors. Tokopedia made the announcement when the two K-pop groups performed in its Waktu Indonesia Belanja (WIB) TV Show (Indonesia Shopping Time TV Show).
Meanwhile, its competitor Smart Communications unveiled BTS as its brand ambassador in January.
Tokopedia and Globe Telecom are both sponsors of BLACKPINK: THE SHOW, BLACKPINK’s first livestream concert, which will be held on Jan. 31.