SEOUL — South Korea’s prime telecom firm KT and its on-line music service wing Genie Music joined palms with Millie’s Library, a web-based e-book subscription platform, to develop an audio content material enterprise mannequin in a rustic the place readers usually are not but acquainted with “listening” to books. Millie’s Library with some 30,000 e-book content material and a few 1,000 audiobooks is the nation’s hottest on-line e-book subscription service with about 210,000 month-to-month energetic customers.
South Korea estimated at about 30 billion gained ($25.4 million) is rising quickly because of the distribution of smartphones and reasonably priced wi-fi headphones which might broaden entry to audiobooks aboard cramped buses and subway trains. A coronavirus pandemic has boosted the recognition of audiobooks. Readers can work and idle-listen to audiobooks on the similar time whereas remotely working at dwelling.
To develop new audio-based content material and different converged content material, Genie invested 46.4 billion gained to amass a controlling 38.6 p.c stake in Millie’s Library in September 2021. The 2 firms would undertake synthetic intelligence applied sciences to supply customized audio content material providers via platforms owned by Genie and Millie’s Library.
KT, Genie and Millie’s Library will develop AI-based audio content material platform companies, create audio content material, and collectively promote providers. KT will present a brand new platform whereas Genie distributes content material via its channel. Millie’s Library will purchase mental property rights. “Our objective is the acceleration and enlargement of AI audio content material companies,” KT’s AI, digital transformation and convergence enterprise division head Music Jae-ho mentioned in a press release on October 20.
Genie has expanded the scope of enterprise past smartphones, PCs and audio units. The music service firm was chosen as an audio system supplier for GV60, a compact electrical sport utility automobile launched by Hyundai auto group’s luxurious model Genesis.
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