[KOREA WAVE, October 3]As the COVID-19 pandemic has led to a rise in non-face-to-face culture, interest in “live streaming services” is on the rise. Live streaming is a way to enjoy watching videos in real time in an online environment and communicating with others in a two-way manner. Unlike live broadcasts, it allows for two-way communication, making it possible to have intimate interactions with the audience as if they were in person.

The rise of live streaming is due to changes in the media. Smartphone ownership reached 93.1% in 2020, exceeding 98% for those in their teens to 50s. Many people now tend to view smartphones, rather than television, as an essential form of media.

Changes in consumption trends are also essential. The digital-savvy MZ generation is leading the overall consumption trend, drawing users to live streaming services. The combination of interesting content and generalized platforms is creating a culture in which shopping becomes a pastime rather than a job.

Major Korean companies are also focusing on the live platform market.

◇HYBE

Major entertainment agency HYBE is accelerating the expansion of its subsidiary Weverse Company, which operates the fandom platform Weverse. HYBE plans to concentrate the power of the platform on the Weverse Family and further maximize synergy. This year, HYBE established Weverse Japan in Japan on June 2 and Weverse USA in the United States on July 1 to further enhance its platform business.

HYBE has developed and operated the fandom platform “Weverse” through Weverse Company. In July, Weverse Company updated to “Weverse 2.0,” which introduced a live video function. The gist of the update is that the Naver fandom platform “V Live” functions have been applied to Weverse.

Weverse Company announced in January last year that it would attract 410 billion won in investment from Naver and take over the Naver VLive business. Weverse plans to complete its integration with Naver VLive by the end of the year.

◇Live Connect

Live streaming startup Live Connect is strengthening its market penetration with LAKUS, a live platform that can provide streaming content in various categories.

Live Connect has provided various indie artists’ live shows online and offline simultaneously through its own brand performance called Lux, which it planned and produced independently. In addition, together with Interpark Ticket, which has a market share of over 70% in the domestic ticket market, it has sold online viewing rights for major live shows such as IZ*ONE, PENTAGON, and Dream Concert.

Lux supports various live performance formats for communication between artists and global fans, including large-scale concerts, small-scale concerts, and one-on-one fan meetings. In addition to Korean, Japanese, English, and Chinese are also supported. It is also equipped with global payment modules and network systems such as PayPal.

◇Cacao

Kakao is also stepping up its efforts to capture the commerce market, with the aim of diversifying sales sources using commerce as a weapon and accelerating its “Beyond Korea” strategy.

Kakao is targeting overseas commerce markets with its major subsidiaries. The centerpiece of this is ZIGZAG, a fashion and beauty commerce platform that Kakao acquired last year. ZIGZAG is a platform with 35 million cumulative downloads and over 4,000 shopping malls and brands.

Grip, a live commerce platform that it acquired last year, also recently made its entry into the U.S. market official. Grip plans to launch a website and mobile app for U.S. consumers to introduce and sell products from Korean brands, ranging from large global corporations to small and medium-sized businesses.

Kakao is expected to further accelerate its commerce strategy, aiming to diversify its overseas sales sources, which are currently focused on content.

In addition to content, Kakao plans to increase the proportion of its overseas sales to about 30% through new businesses such as commerce.

(c)NEWSIS/KOREA WAVE/AFPBB News