April 24, 2024

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[THE INVESTOR] KT and LG Uplus, the second and third largest mobile carriers in South Korea, will form a partnership to expand into the home artificial intelligence service market. 

According to the LG Uplus on March 15, the company will purchase a stake in KT Music, the online music streaming business of KT, as part of efforts to enhance media content for LG Uplus’ home IoT service. 

LG Uplus is scheduled to confirm the investment plan, including the specific amount of the purchase, at a board meeting later in the day. 

KT Music is the second largest musical content provider in the domestic market after Melon, which is owned by Kakao.  

The purchase is expected to support LG Uplus’ plan to launch an AI-based platform in the second half of this year, which would be similar to KT’s AI home assistant Genie and SK Telecom’s NUGU. 

For KT, the investment will help establish a partnership between the Genie platform and LG’s U+ TV service, according to market observers. 

“Details will be out after the meeting today,” said a spokesperson at LG Uplus. 

By Song Su-hyun/The Korea Herald (song@heraldcorp.com)