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HYBE announced on Monday (September 17) that a dozen solo artists and music groups from SM Entertainment’s roster will join its global fan community platform Weverse in September. The as yet unnamed artists will be transferred from SM’s own fan community platform, Kwangya Club, to Weverse.
In addition to connecting with fans through services such as Weverse Live, 12 SM artists will also be featured on the e-commerce platform Weverse Shop, where fans can purchase albums and official merchandise.
The Weverse deal stems from a platform partnership struck in March between HYBE, SM and Kakao Entertainment after HYBE failed to complete its mission to acquire a controlling stake in SM. HYBE, Home of K-Pop Superstars BTSBlocked by rival bidder Kakao, a South Korean tech company that owns monster xlabel Starship Entertainment and Korean music streaming platform Melon. HYBE at the end of the battle Agreed to sell all of its SM shares to Cacau; a few days later, it Sold 1.66 million SM shares to Kakao The 248.8 billion won ($191.8 million) acquisition accounted for 44 percent of its total stake in the company and increased the stake in Kakao Corp. and its subsidiary Kakao Entertainment to nearly 40 percent. HYBE holds an 8.8% stake in SM.
In late March, SM appointment Zhang Zhehe As the new CEO of the company, succeeding the outgoing CEO Lee Sung Sooand appointed a new board, as the company vowed to improve corporate governance and its production system, which has lagged rivals such as HYBE in recent years and led to investor scrutiny.
Weverse has approximately 65 million users in 245 countries and regions around the world.
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