Krafton Invests $90 Million in Short-Form Drama Platform SpoonLabs.

Seoul, South Korea - Krafton Inc (259960. KS) announced on Wednesday a KRW 120 billion ($89.6 million) equity investment in SpoonLabs, a global short-form drama platform company.

This marks Krafton's most significant investment in unrelated business diversification to date.

SpoonLabs, known for developing the global audio platform Spoon, has recently expanded into the short-form drama market with its platform "Vigloo."

Vigloo is an online video service (OTT) specializing in short-form drama content that lasts around two minutes.

It supports seven languages, including Korean, English, and Japanese.

Krafton cited SpoonLabs' stable platform technology and successful global service experience as key factors in its investment decision.

The company also highlighted the growth potential of the short-form drama market, currently estimated at KRW 7 trillion ($5.23 billion) in China.

"SpoonLabs has already proven its robust overseas business capabilities through Spoon over the past few years," said Changhan Kim, CEO of Krafton.SpoonLabs plans to launch in the U.S. and Japanese markets, with CEO

Hyukjae Choi stated, "We will create a new international standard in the short-form drama sector together with Krafton."

The platform has exclusively released 60 content pieces to date and aims to showcase 120 by year-end.

*USD1 = KRW 1,338.60