Kakao Page and Kakao M announced on the 4th that they have completed the merger process of the two companies and officially launched Kakao Entertainment.
Kakao Entertainment, which is looking at annual sales of KRW 1 trillion, plans to accelerate its targeting in the global market with unrivaled competitiveness.
Through the combination of strong IP business capabilities and platform network, Kakao Entertainment covers all fields of entertainment and all genres, from source story IPs such as webtoons and web novels to content planning and production such as music, video, digital, and performances, as well as global platform networks. Aur has secured a strong business portfolio and value chain.
Based on this, the goal is to become a global top entertainment company with differentiated competitiveness that can preoccupy an unrivaled advantage in the global entertainment industry, and target the global market in earnest. At the same time, it plans to play a leading role in the overall growth of the K entertainment industry by expanding strategic partnerships with domestic and overseas partners and continuing bold investments.
Kakao Entertainment is a representative system, led by CEO Sungsoo Kim and Jinsoo Lee, and is composed of M Company and Page Company through the introduction of the CIC (Company In Company) system. CEO Seong-soo Kim is in charge of M Company, which focuses on contents business such as music, video, and digital, and Jinsoo Lee is in charge of Page Company, which focuses on story IP and platform business such as webtoon and web novel.
Kakao Entertainment’s global business is handled by Lee Jin-soo. CEO Kim Seong-soo, who has led the content business innovation and globalization, and Lee Jin-soo, who has led the mobile content industry by leading the innovation of the webtoon and web novel industries, plan to devote all efforts to creating synergy and building an innovative business model.
In addition, to maximize synergy between CICs, Kakao Entertainment newly established the’Synergy Center’ under the direct control of the CEO, and Kwon Ki-soo, head of the Kakao M management support division, will be the head of the center. The Synergy Center operates finance, personnel, and strategies in the form of TF (Task Force), and is in charge of establishing strategies for enhancing synergy between each business, and stably harmonizing the members of the organization. At the time of the merger between Daum Communications and Kakao in 2014, Kwon Ki-soo, head of the center, served as the chief financial officer and led the merger between the two companies.
Kakao Entertainment presented “Entertain, Different” as its vision slogan with the official launch. Based on the’Innovative DNA’ of both Kakao Page and Kakao M, which have led the innovation of content and platform business, it contains the will to continue innovation and evolution of the entertainment business through bold challenges that are not bound by the existing framework. It plans to lead the growth of the entertainment industry by planning and developing new IP and contents, and elaborating the business structure through novel and experimental attempts different from the existing ones, and to spread a new and enjoyable content experience like never before.
Kakao Entertainment, which was officially launched, is promoting content IP expansion and business diversification across all entertainment fields based on IP business know-how and capabilities. While focusing on the planning and production of powerful super IP targeting the global market, various synergies will be reviewed to secure differentiated content competitiveness. In addition, the ability to plan and produce content such as music and video, centered on top creators, and domestic and overseas platform networks optimized for content distribution will be organically combined to further strengthen the competitiveness of the existing platform and content business. Based on the synergy between the two companies, the pace of global business promotion will also accelerate.
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CEO Lee Jin-soo said, “Kakao Entertainment has built a business portfolio and value chain that encompasses all content genres. Based on the common DNA of both companies that have grown and evolved through innovation, they have an influence in the global entertainment industry through differentiated global competitiveness. “I will expand it.”
CEO Seong-soo Kim said, “We will not only grow into a global entertainment company by accelerating the innovation and evolution of the content business, but also further revitalize investment in new content and IP. We will contribute to the growth of the industry and spread good influence.”