Big Hit Entertainment, the home of BTS, has started developing a music-streaming platform that will likely feature exclusive songs by the K-pop juggernauts.
The project is slated be a joint venture with South Korean gaming company Netmarble, which owns a stake in Big Hit and published the ‘BTS World’ mobile game. While details of the upcoming platform are still sparse, it’s expected to include music from artists other than BTS as well as podcast channels, according to multiple sources speaking to The Korean Herald.
“The two firms have started development work as a venture project. The platform is targeting global users around the world,” said an unnamed Big Hit investor. “The two firms will continue to analyse the marketability of the new platform before its official launch. They would not rush.”
A second industry insider revealed that the move is part of Big Hit’s attempt to diversify its revenue streams. The industry giant, which recently reached over 2 trillion won (£1.35 billion) in market valuation, is currently largely dependent on the success of BTS.
“Operating its own platform may help reduce some commission fees paid to distributor partners, but more importantly that would help Big Hit gauge its own brand power with the general public, not just BTS fans,” said the insider.
However, a spokesperson from Big Hit has denied all reports.
BTS recently dropped the official soundtrack for ‘BTS World’, which includes songs such as ‘All Night’ with Juice WRLD and ‘Brand New Day’ with Zara Larsson. The boyband are also set to release their third concert film, Bring the Soul: The Movie, which hits theatres worldwide on August 7.