PUBG owner Krafton has invested KRW 120 billion ($89 million) into short-form video platform Spoon Labs. A press release noted this is the largest investment Krafton has ever made in a "non-gaming" area.
Spoon Labs is the owner of Spoon, a global audio platform that lets users listen to streamers or broadcast their own content. The South Korean company recently expanded into the video sector by launching Vigloo, a dedicated app for "dramatic content" in the form of short films.
Krafton said it highly values Spoon Labs' stable platform technology and global service experience, and noted the investment was "driven by the growth potential of the short-form video drama market, the opportunity to secure new sources of intellectual property, and the synergy with existing businesses."
"Krafton predicts that the Korean content that Vigloo will introduce in the future has the potential to extend the Hallyu (Korean Wave) from the traditional drama market to the short-form video drama market," adds the press release.
CH Kim, CEO of Krafton, said Spoon Labs has already proven its global business credentials by growing both Spoon and Vigloo. "We look forward to creating entertainment that people worldwide can enjoy together and establishing a robust industry ecosystem within the new short-form drama platform business," he added.
The news caps a busy few weeks for Krafton. Back in August, the company acquired Tango Gameworks from Microsoft to save the company from closure. Krafton said it wants the Japanese studio to continue developing the Hi-Fi Rush franchise while exploring future projects.
Prior to that, Krafton led a $11.3 investment round into Eschatology Entertainment to support the Cypriot studio's development and publishing ambitions.
You May Also Like
