November 24, 2024

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SK Telecom has invested 5 billion won ($4.37 million) in local entertainment company P Nation, according to industry sources on April 8.

South Korean singer Psy, who shot to global fame with “Gangnam Style,” established the entertainment firm P Nation after his contract with K-pop powerhouse YG Entertainment was terminated in May. His new company has recently signed a contract to manage three K-pop artists -- Jessi, HyunA and E’Dawn.

SKT now owns 10 percent stake in the new entertainment company.

According to sources, the telecom giant funded the entertainment company because it needed exclusive contents for its 5G services.

Given the intense completion with other mobile carriers, South Kore’s top telco is trying to provide exclusive media contents for its 5G service customers.

SKT also recently announced that its customers will have exclusive access to US firm Niantic’s new AR game “Harry Potter: Wizards Unite” in the first half of this year, a new location-based game inspired by J.K. Rowling’s Wizarding World and the Harry Potter franchise. Moreover, the company is also considering combining its over-the-top video service Oksusu with Pooq, which offers programs from terrestrial TV channels.

By Song Seung-hyun (ssh@heraldcorp.com)