Naver winds down services to bolster AI, commerce businesses
Naver is stepping up efforts to streamline its business portfolio by shutting down underperforming or slow-growing services and reallocating resources to artificial intelligence (AI), commerce and other higher-growth digital infrastructure. The internet giant recently announced that it will shut down its music streaming platform VIBE on Dec. 31, about eight years after its launch in June 2018,…
Naver is streamlining its business portfolio by discontinuing underperforming or slow-growing services and focusing on artificial intelligence (AI), commerce, and other higher-growth digital infrastructure. Recently, the company announced the shutdown of its music streaming platform, VIBE, effective December 31, eight years after its launch in June 2018.
Subscriptions and payments will be suspended from November 27, as VIBE has struggled to gain traction in a competitive domestic music streaming market. According to market tracker Wiseapp Retail, VIBE's monthly active users declined to 460,000 in June from around 1.5 million in 2023, placing it far behind YouTube Music, Spotify, and Melon.
Naver has already begun partnering with established platforms, incorporating Spotify's premium plan into its Naver Plus Membership benefits. This decision follows the company's broader effort to streamline its service portfolio. In addition to VIBE, Naver is shutting down its video streaming platform, Naver TV, on September.
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- Naver winds down services to bolster AI, commerce businesses koreatimes.co.kr
