Krafton Invests 120 Billion KRW in Short-Form Platform Company 'Spoon Labs'

Largest Investment in Non-Game Business Sector

On the 11th, Krafton announced that it will make an equity investment worth 120 billion KRW in Spoon Labs, a global short-form drama platform company. This investment is the largest among Krafton's non-gaming business investments to date.

Spoon Labs is a company that developed the audio platform Spoon and provides services worldwide. Recently, it expanded its business area by entering the short-form drama platform market and launched its dedicated platform, 'Vigloo.' Vigloo is an online video service (OTT) specializing in short-form drama content of around 2 minutes in length. Like existing global OTT providers, it features content curation functions tailored to the characteristics of various countries and supports seven languages including Korean, English, Japanese, and Chinese.

Spoon Labs has collaborated with numerous production companies to exclusively release 60 pieces of content on Vigloo so far and plans to showcase a total of about 120 by the end of the year. Additionally, starting this month, it plans to intensify marketing activities targeting Japan and the United States along with the release of original Japanese content.

Krafton highly evaluated Spoon Labs' stable platform technology and successful experience in global service. It also decided to invest focusing on the growth potential of the short-form drama market, securing new intellectual property (IP) sources, and synergy with existing businesses. Currently, the short-form drama market is showing rapid growth in major countries across continents such as the 7 trillion KRW Chinese market, the United States, and Japan.

Based on this growth potential, Krafton expects that the Korean content to be introduced by Vigloo in the future could continue the Korean Wave enthusiasm from the existing drama market into the short-form market as well.

Changhan Kim, CEO of Krafton, said, “Spoon Labs is a company that has already proven solid overseas business capabilities through Spoon over the past several years. We hope that in the newly entered short-form drama platform business, they will discover entertainment that people around the world can enjoy together and also foster the industry ecosystem.”