South Korea-based media company Kakao Entertainment, which owns Monsta X’s K-pop record label Starship Entertainment, announced on Thursday (January 12) that it had raised 1.2 trillion won (966 million won) from a group of investors led by the Sovereign Wealth Fund. million USD) has been announced.
The move demonstrates strong investor interest in Korean music and media. In addition to Starship, Kakao Entertainment owns his three record labels, Antenna, Edam Entertainment, and IST Entertainment, the latter of which has The Boyz on its roster. Kakao Entertainment also owns South Korea’s leading music streaming app Melon, North America-based webtoon company Tapas Entertainment, and multiple media production companies, and is a subsidiary of technology conglomerate Kakao Corp.
The company said in a statement that it will use the investment to “spearhead the growth of K culture around the world,” which includes expanding the reach of record labels through distribution partners and through touring. This includes growing an artist’s fan base.
Kakao’s chief investment officer and executive vice president said, “It is significant that we were able to secure funds of this magnitude at a time when both the Korean market and the global market are facing many uncertainties and investment sentiment is weakening. ‘ said. Bae Jae Hyun in a statement. “this is [a] This is a testament to the global competitiveness and future growth potential of Kakao Entertainment’s unique IP value chain that spans multiple categories of the entertainment industry. ”
Singapore’s GIC and Saudi Arabia’s Public Investment Fund (PIF) each invested KRW 600 billion (US$484 million) as part of the deal. Korea Economic Daily It was previously reported on Thursday. GIC and PIF did not immediately respond to requests for comment.
Kakao Entertainment plans to issue new shares through a third-party allocation of shares.
