PUBG owner Krafton has invested KRW 120 billion ($89 million) in short-form video platform Spoon Labs. press release He stressed that this is the largest investment Krafton has ever made in a “non-gaming” sector.
Spoon Labs owns Spoon, a global audio platform that lets users listen to streamers or broadcast their own content. The South Korean company recently expanded into the video space by launching Vigloo, an app dedicated to “drama content” in the form of short films.
Krafton said he attaches great importance to Spoon Labs' stable platform technology and global service experience, and stressed that the investment was “motivated by the growth potential of the video short film market, the opportunity to secure new sources of intellectual property, and the synergy with existing companies.”
“Krafton expects the Korean content that Vigloo will introduce in the future to have the potential to extend the Hallyu (Korean wave) from the traditional drama market to the short-form video drama market,” the press release added.
Krafton CEO CH Kim said Spoon Labs has already proven its global business credentials by growing both Spoon and Vigloo. “We look forward to creating entertainment that people around the world can enjoy together and establishing a strong industry ecosystem within the new short-form drama platform business,” he added.
The news caps a busy couple of weeks for Krafton. In August, the company acquired Tango Gameworks from Microsoft to save the company from closure. Krafton said he wants the Japanese studio to continue developing the Hi-Fi Rush franchise while he explores future projects.
Before that, Krafton led an investment round of $11.3 in Eschatology Entertainment to support the Cypriot studio's development and publishing ambitions.