bemyfriends grabs Dreamus, shakes up K-pop power
A K-pop fan platform startup has purchased a controlling interest in Dreamus, the SK Group subsidiary that runs FLO music streaming and iRiver electronics, paying around 55 billion won or 38.5 million dollars for the shares.
The company, bemyfriends, will take a 31.35 percent ownership position in Dreamus by buying stock from SK Group, Neospace and SM Entertainment at a 41.7 percent markup above market rates. The deal should be finalized on November 28 after the buyer completes the remaining payment of 53.9 billion won. Dreamus stock fell 3 percent on Monday to reach its lowest point since April.
Founded in January 2021, bemyfriends operates b.stage, which hosts fan communities for K-pop acts, esports squads and other entertainment properties across more than 300 platforms. Chief executive Woo-seok Seo previously developed Weverse while working at HYBE before leaving to launch his current venture. The acquisition allows bemyfriends to expand from community platforms into streaming services, distribution channels, and concert operations. The firm recently secured 21 billion won from Silicon Valley investor Goodwater Capital and reports annual growth exceeding 300 percent for two consecutive years while reaching profitability last September.
