Restructuring Business Structure Aligned with SK Square Value-Up Policy
Strengthening Music Investment and Marketing... Expanding Automotive Business
Dreamus Company, an affiliate of SK Square, is selling its device division including iRiver and restructuring its business to focus on music.
Dreamus Company is an enter-tech company specializing in music IP business, encompassing the music platform FLO, music content distribution, investment, production, concert planning and production, and MD. The device business being sold is responsible for planning, manufacturing, and distribution sales of high-end audio brand Astell&Kern and lifestyle device iRiver.
Dreamus Company decided to sell the device business division as a strategy to strengthen business expertise centered on music and entertainment and to clarify the corporate identity through restructuring the company’s business portfolio.
On the 30th, Dreamus Company announced through a public disclosure that it will sell the entire iRiver business division to Miwang Co., Ltd. for 5 billion KRW via business transfer. Through this sale, overseas subsidiaries of the device business division, including the Hong Kong corporation (Iriver Enterprise Ltd.) and two Chinese subsidiaries owned by the Hong Kong corporation (Iriver China Co., Ltd., Dongguan Iriver Electronics Co., Ltd.), will also be transferred together.
Earlier, in September, Dreamus Company aligned with the parent company SK Square’s value-up policy through non-core asset liquidity by liquidating four unprofitable domestic and overseas subsidiaries, including the audio content production subsidiary Studio Dolphin.
Going forward, Dreamus Company will focus on enhancing IP distribution and production, developing solutions that combine IP with artificial intelligence (AI) capabilities, and creating new businesses to increase company value as an enter-tech company.
FLO, which provides music services based on over 80 million tracks, will focus on service differentiation. It plans to further expand its in-vehicle infotainment business through continued cooperation with SK Telecom and partnerships with companies such as Volvo, Mercedes-Benz, and BMW.
Additionally, based on the steady growth of the K-pop market, it plans to expand its music and album distribution network. It will strengthen investment and music marketing for major agencies such as JYP and Mystic Story, as well as artists with strong dedicated fandoms. Efforts will also be made to expand orders from major artists and increase sales through diversified marketing by developing artist-specialized MD and concert planning.
Kim Dong-hoon, CEO of Dreamus Company, stated, "We will strive to take a step forward as an enter-tech company providing AI-based business solutions to customers by improving business efficiency and strengthening technological capabilities through restructuring the business structure centered on music and entertainment."
Meanwhile, Miwang, which acquired the device business, is a real estate specialized company established in 1966. It acquired the device business as an important stepping stone to strengthen corporate growth momentum and innovative business expansion.
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