《Big Hit and YG to invest over 12B Won in Naver's avatar app Zepeto》
Naver Z, an operator of an augmented reality(AR) avatar app Zepeto, announced yesterday that it has amassed nearly 12 billion won ($10 million) of investment from the K-pop labels YG and Big Hit Entertainment.
According to the company's disclosure, Big Hit and YG spent 7 billion won ($6 million) and 5 billion won ($4.3 million) for this deal, respectively.
"Through this deal, we have secured a greater amount of content, ranging from fashion to entertainment," said Naver Z. "The three companies are set to collaborate closely to expedite global intellectual properties(IP) we have under our belts."
Zepeto has spun off from Naver's subsidiary, Snow, this May. Afterward, the company has expanded its collaborations with global companies such as Disney and Nike.
"Considering the fact that Zepeto's users are very keen on creating fan-made content, we are expecting a great deal of synergy with the two K-pop labels," Kim Dae-wook, CEO of Naver Z, said. "Furthermore, we are planning to widen our network with global IP business operators."
Founded in 2018, Zepeto is a social media app that lets its users create their 3D digital avatars with their pictures. The number of Zepeto subscribers has surpassed 180 million as of August of this year.