Kakao, proprietor of South Korea’s most well liked chat app KakaoTalk, will merge with its tune subsidiary Kakao M, the firms introduced.
Kakao M — previously Loen Leisure earlier than Kakao purchased it for $1.6 billion in 2016 –services Melon, the rustic’s most well liked tune streaming provider.
The merger additional goals to capitalize at the acclaim for the chat app and tune provider. KakaoTalk already has a tune message characteristic and an AI speaker, Kakao Mini, introduced overdue ultimate 12 months.
After the merger, Kakao may even shape a brand new subsidiary that may center of attention on making video content material. It’s going to make investments and procure new companies to develop the corporate right into a content material and highbrow assets energy area, it stated.
The merger is anticipated to be authorized July five and finished September 1.
Kakao is making an attempt to amplify in a foreign country. In March it introduced the formation of a blockchain subsidiary that might be primarily based in Japan.
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