Kakao Entertainment, a subsidiary of South Korean internet giant Kakao that operates storytelling platforms, music streaming, K-pop artist management, and other media businesses domestically and internationally, has announced that it has raised $966 million (1.2 trillion won) in funding from sovereign wealth funds including Saudi Arabia's Public Investment Fund and Singapore's PWARP Investment.
With this new financing, the firm intends to continue its worldwide expansion and make more investments and acquisitions. The firm, which has created a webtoon platform in both the United States and South Korea, intends to expand its narrative material and intellectual property sources for readers throughout the world, with a concentration on North American expansion. Kakao Entertainment bought US-based storytelling platforms in 2021, including the webtoon platform Tapas, the serial fiction app Radish, and the fantasy fiction portal Wuxiaworld.
The business will explore possibilities to adapt popular webcomics or online novels into feature films or television programs.
Kakao Entertainment was established in March 2021 by the merger of Kakao Page and Kakao M, and it has already raised a total of $1.2 billion (1.53 trillion won). In a statement, Kakao's chief investment officer, Jae-Hyun Bae, deemed it important that the firm was able to raise this amount of capital despite global economic uncertainty. He said that this demonstrates the worldwide competitiveness and future development potential of Kakao Entertainment's distinctive intellectual property value chain, which spans numerous entertainment industry sectors.
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