This is an AI translated post.
SM Culture Partners Enters the Virtual YouTuber Market... Investing in the VTuber Platform 'Scone'
- Writing language: Korean
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Summarized by durumis AI
- SM Culture Partners has invested in the virtual YouTuber company Scone, entering the virtual YouTuber market and announcing plans to cultivate K-POP-based virtual idols.
- SM is expected to collaborate with Scone to develop metaverse and virtual content and to pursue various projects utilizing its own IPs.
- Scone aims to expand its presence in the entertainment market by providing virtual YouTuber solutions and securing new IPs, and expects to achieve even greater success in the growing virtual YouTuber market through collaboration with SM.
SM Culture Partners has officially entered the virtual YouTuber market by investing in Sconn, a virtual YouTuber entertainment company. Sconn is a company that has grown by operating virtual YouTuber groups after pivoting to the virtual character solution 'Mitchu' in 2020. In this pre-Series A round, SM Culture Partners, along with Quad Ventures and SB Partners, will provide funding to strengthen virtual IPs and nurture a K-POP virtual idol group. SM is also highly likely to collaborate with Sconn on developing metaverse and virtual-related content.
SM Culture Partners continues to invest in companies that can create synergy with its parent company, SM Entertainment. This investment in Sconn is expected to lead to projects utilizing SM's intellectual property (IP) in the virtual YouTuber market. Sconn has expanded its presence in the entertainment market through various virtual YouTuber solutions, including operating its own motion capture studio, providing virtual YouTuber live broadcasts and video content production, and offering brand character solutions.
Through this investment, Sconn plans to secure new virtual YouTuber IPs and, further down the line, cultivate a K-POP-based virtual idol group. An industry insider noted that while the metaverse and virtual reality markets haven't grown as much as anticipated, the virtual YouTuber market has seen rapid expansion. It is expected that the collaboration between SM and Sconn will yield even greater achievements.
Source - Scone
