LG Electronics could create health enterprise with SM Leisure

A rendering of the Acro Seoul One building where SM Entertainment is headquartered. [JOONGANG PHOTO]

A rendering of the Acro Seoul One constructing the place SM Leisure is headquartered. [JOONGANG PHOTO]

LG Electronics could arrange a three way partnership with SM Leisure to develop digital exercise content material and health reveals.

“The 2 firms are in talks to arrange a three way partnership on healthcare content material,” a spokesperson for the electronics firm mentioned on Thursday.

Native media shops have reported that the 2 have arrange a three way partnership with a registered handle at SM Leisure’s headquarters in Seongsu-dong, jap Seoul.

In keeping with stories, the enterprise will make its merchandise obtainable within the first half of the yr.

Reviews mentioned the enterprise, which has been tentatively named Health Sweet, is capitalized at Received 10 billion and can every personal half of the corporate’s shares, although a spokesperson declined to substantiate particulars.

“The small print haven’t been determined but,” he mentioned.

The brand new entity might be headed by Shim Woo-taek, CEO of sports activities advertising firm Galaxia SM. Shares of the Kospi-listed firm had been up 8 per cent on Thursday.

SM Leisure closed 0.65 per cent greater at 76,900, whereas LG Electronics misplaced 0.79 per cent to 126,000 gained.

Healthcare-related digital content material has been in nice demand because the pandemic fueled the expansion of house health. In keeping with market tracker International Analysis View, the house health elements market is anticipated to develop 733 p.c to 25 trillion gained by 2026 from the $3 trillion gained in 2018.

The well being care sector was one of many new enterprise sectors chosen by LG Electronics as the longer term progress engine. It added healthcare gadgets for enterprise functions to its company constitution final month, ushering in enlargement into new areas past house home equipment.

SM Leisure has targeted on exploring new enterprise alternatives associated to excessive applied sciences such because the metaverse and non-fungible tokens (NFTs). The leisure firm had final month acquired 2.4 per cent stake in start-up accelerating firm Futureplay.

Futureplay nurtured a number of native start-ups specializing in healthcare, together with MedIntech and Celico.

Park Eun-ji. By [park.eunjee@joongang.co.kr]

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