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LG Electronics and SM Entertainment are reportedly joining forces to form a new business venture. The electronics company may work with the entertainment agency to develop digitalized workouts and shows featuring health-related content.
As per the Korea Joongang Daily, LG Electronics and SM Entertainment are currently in talks for a possible joint venture, but some local media outlets published articles stating the two companies have already signed an agreement, and in fact, the business was found to have a registered address at SME’s headquarters in Seongsu-dong, Seoul.
Based on the reports, SM Entertainment and LG Electronics will introduce their new products within the first half of this year. This means that the consumers will see the products very soon.
The JV was said to have been tentatively called Fitness Candy, and each of the companies has put in ₩10 billion each to fund their new business. Apparently, this is a 50-50 joint venture.
"The two companies are in talks to set up a joint venture on healthcare content," LG Electronic’s spokesperson reportedly said on Thursday, April 14. He also declined to reveal more information by saying, "The details are not yet decided."
But while SM Entertainment and LGE have yet to reveal more information, it was reported that the new firm will be headed by sports marketing firm Galaxia SM’s chief executive officer, Shim Woo Taek.
Health care is one of the new business industries that LG Electronics has chosen to get into after permanently closing out its mobile phone business. The company is now looking at this sector as an engine for its future growth. It was only last month when it added healthcare devices to its list of products, expanding its home appliances line.
Moreover, digital content related to healthcare is popular these days so the demand for it is quite high. It is believed that the surge for such content was caused by the growth of home fitness due to the COVID-19 pandemic. Thus, LGE and SME are taking advantage of this by offering what the consumers are looking for through their new joint venture.
