LG Uplus invests, adopts KT music platform for phone and TV

2017.03.16 15:37:38 | 2017.03.16 16:31:58
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LG Uplus is making an investment in music streaming unit of KT, expanding the strategic partnership between the third and second wireless carriers to catch up with the dominant leader SK Telecom.

The board of KT Music Corp. - online music service provider unit of KT Corp. - Wednesday, approved a plan of issuing 7,378,920 new shares tantamount to 15 percent stake, each at 3,625 won ($3.20) to LG Uplus Corp. for a total of 26.7 billion won.

The deal would make LG Uplus the second stakeholder in KT Music after KT with a 49.99 percent. The corporate name will change to Genie Music in line with the service name which commands second largest subscribers after Melon.

LG Uplus does have a separate music streaming service.

SK Telecom’s unit sold Melon to messaging service provider Kakao Corp., but still uses Melon as its music platform.

The two companies said they aspire to join forces in platforms and services based on Internet of Things and artificial intelligence.

LG Uplus will provide Genie music service for not only phones but also on its Internet Protocol TV (IPTV) and AI-based services.

By Lim Sung-hyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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