AMSTERDAM, NETHERLANDS - September 11, 2024 - KRAFTON Inc. is making an equity investment of KRW 120 billion in Spoon Labs (CEO Hyukjae Choi), a global short-form video platform that specializes in dramatic content. This is the largest investment KRAFTON has made so far in diversifying into non-gaming areas.
Spoon Labs is a company that has developed a global audio platform called Spoon which is currently servicing users worldwide. Recently, it has expanded its business into the short-form video platform sector and launched a dedicated platform hosting short films, ‘Vigloo’. Vigloo is an online video service that specializes in short-form dramatic content. Like other online video platforms that allow users to share their own creations, Vigloo offers content curation tailored to the preferences of various countries and supports seven languages, including Korean, English, Japanese, Traditional Chinese, Spanish, Thai and Indonesian.
KRAFTON highly valued Spoon Labs’ stable platform technology and successful global service experience. Also, the decision to invest was driven by the growth potential of the short-form video drama market, the opportunity to secure new sources of intellectual property (IP), and the synergy with existing businesses. Currently, the short-form video drama market is experiencing rapid growth in major countries by region, including the U.S. and Japan, led by the KRW 7 trillion Chinese market. Based on this growth, 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.
CH Kim, CEO of KRAFTON, said, “Spoon Labs has already proven its strong overseas business capabilities through Spoon over the past few years. 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.”
Hyukjae Choi, CEO of Spoon Labs said, “We have been strengthening our position as a global content platform company by expanding our business from audio to video. We plan to enter the U.S. and Japanese markets soon, and together with KRAFTON, we will establish a new international standard in the short-form drama sector.”
Meanwhile, Spoon Labs has collaborated with numerous production companies to release 60 exclusive pieces of content on Vigloo so far, with plans to release a total of 120 by the end of the year. Beginning this month, the company will begin releasing original Japanese content and ramp up marketing activities targeting Japan and the U.S.
Headquartered in South Korea, KRAFTON, Inc. is dedicated to discovering and publishing captivating games that offer fun and unique experiences. Established in 2007, KRAFTON is home to globally renowned developers that include PUBG STUDIOS, Striking Distance Studios, Unknown Worlds, VECTOR NORTH, Neon Giant, KRAFTON Montréal Studio, Bluehole Studio, RisingWings, 5minlab, Dreamotion, ReLU Games and Flyway Games. Each studio strives to continuously take on new challenges and leverage innovative technologies. Their goal is to win over more fans by broadening KRAFTON’s platforms and services.
KRAFTON is responsible for premier entertainment properties, including PUBG: BATTLEGROUNDS, PUBG MOBILE, The Callisto Protocol, NEW STATE MOBILE, Moonbreaker, Defense Derby and TERA. With a passionate and driven team across the globe, KRAFTON is a tech-forward company that possesses world-class capabilities and is set on expanding its business horizons to encompass multimedia entertainment and deep learning. For more information, visit www.krafton.com.