Naver’s content studio subsidiary, Playlist, has raised 142 billion won in funding

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Naver’s content studio subsidiary, Playlist, has raised 142 billion won in funding.

The investment comes from Altos Ventures and Hana Securities. The investors were highly impressed by Playlist’s outstanding IP pipeline, production capabilities, talented creators, and the potential for digital channel influence with over 11 million cumulative subscribers.

Playlist has garnered attention as a production company for successfully introducing “Weak Hero Class 1” and the first short drama “Convenience Store Dead Man” in Korea last year. It possesses an in-house production capability encompassing original IP planning, production, and distribution. The team consists of creators who have produced popular drama series such as “Weak Hero Class 1” and “Love’s Crash Landing.” Led by Yoon Hyun-gi, the head of Playlist’s production department 1, who was behind the success of “Weak Hero Class 1” and “Love’s Crash Landing,” as well as Lee Mina, the head of Playlist’s production department 2, known for “Itaewon Class” and “Youth,” the company has recently expanded its business model to include music and entertainment content alongside dramas, earning recognition for its stable operations.

Park Tae-won, CEO of Playlist, stated, “Playlist has thrived by proactively adapting to changes in viewers’ consumption behaviors and platforms. With this investment, we believe we can take a significant leap forward in our corporate capabilities, receiving acknowledgment for our unique production capabilities and future potential.”

Park Hee-eun, a partner at Altos Ventures, mentioned, “Currently, Korea has become an open field for global OTT companies, and the opportunities for content studios have expanded. Playlist possesses a roster of exceptional creators and has established itself as a first mover by building innovative and diverse content production capabilities in the current market landscape. Furthermore, as the K-content boom is gaining momentum in Japan, where the market is expanding, we decided to provide follow-on investment due to Playlist’s foundation for global expansion.”

With the secured investment funds, Playlist plans to expand its business operations and secure operating funds. This year, they aim to venture into new areas such as launching a membership service and engaging in music-related businesses while maximizing their presence as a comprehensive studio. Additionally, Playlist intends to accelerate its entry into the Japanese market based on previous successful experiences. They will forge domestic and international partnerships to create synergies. Furthermore, they plan to introduce original content, including “Deal” and “Play, Play,” which are scheduled to be streamed on Hulu, a major Japanese streaming service.

Previously, Playlist raised 250 billion won in Series B investment from venture capital firms IMM Investment, Premier Partners, and Gorilla Private Equity in March 2021. In 2019, they secured 53 billion won in Series A investment solely from Altos Ventures, and in September 2020, they received 60 billion won from existing investors Naver Webtoon, Snow, and Altos Ventures.

With this latest investment, Playlist has raised a total of 465 billion won in funding from sources outside of Naver.

[Startup News in Korea]

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Naver’s content studio subsidiary, Playlist, has raised 142 billion won in funding

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Naver’s content studio subsidiary, Playlist, has raised 142 billion won in funding