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 reallocating resources to bolster its AI and commerce businesses by shutting down underperforming services, according to recent reports. The company will cease operations of its music streaming platform VIBE on December 31st, following a decline in its user base and inability to compete in the domestic market. VIBE's monthly active users dropped to 460,000 in June 2023 from around 1.5 million in 2023, struggling to keep pace with competitors like YouTube Music, Spotify, and Melon.
Naver has already partnered with established streaming platforms, adding Spotify's premium plan to the Naver Plus Membership benefits. The company is also planning to shut down its video streaming platform, Naver TV, on September.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Naver winds down services to bolster AI, commerce businesses koreatimes.co.kr
