YG and Universal Music Group join Big Hit and Kiswe as co-investors in livestreaming platform VenewLive

YG Entertainment and Universal Music Group have joined fellow entertainment heavyweight Big Hit and cloud-based video company Kiswe in their livestream platform joint venture, VenewLive.

VenewLive was initially a product of KBYK Live, a joint venture established between Kiswe and Big Hit last year. Now, Universal and YG will invest in KBYK Live in the hopes of expanding VenewLive's reach globally and securing internationally-renowned acts for the platform.

“We are delighted to join Big Hit, YG and Kiswe as partners in KBYK as we look to help further evolve the opportunities and livestreaming experiences for UMG artists and their fans today, and into the future," Universal CFO, Boyd Muir, said.

"This past year has shown that the need for reliable and innovative livestreaming has never been greater. VenewLive offers some of the most creative and memorable opportunities for today’s artists to globalise their art and performances, tailored to enhance the community and fan-experience.”

The technology available through VenewLive promises a customisable concert experience depending on the artist, while providing an engaging experience for fans. Venewlive has also been used by a number of Bit Hit artists last year, including BTS' two commercially successful livestreams, BANG BANG CON The Live and MAP OF THE SOUL ON:E. The platform also offers interactive features, multiple camera angles, 4K resolution, live chat and synchronised light sticks functions.

"VenewLive has already livestreamed several large-scale performances last year and provided unique immersive fan concert experiences that can be offered through our cutting-edge technologies, including six-angle multi-views, 4K resolution, and various interactive features," KBYK Live CEO, John Lee, said in a statement.

“Our technology will be the basis for enabling fans to feel closer to artists, and help artists express their energy on a digital stage.”