LG, SM Entertainment join forces over new fitness joint venture

LG Electronics, a South Korean electronics major, has recently stated that it has formed a joint venture with entertainment company SM Entertainment to tap into the increasing home fitness market.

Cho Joo-wan, LG Electronics CEO, said that the new joint venture Fitness Candy would be encouraging LG from being a home appliance maker to a tech company that rebuilds consumers’ lifestyles.

The firm plans to utilize its abilities in building platforms and develop software to provide completely different home training services, ultimately innovating into a solution platform that suggests a smart lifestyle for each consumer, said Cho in a news conference.

The partnership between LG Electronics IT technology and SM Entertainment’s dance, music, and artist content will provide a prospect for contributing to the global health and fitness industry, said Lee Sung-su, SM CEO.

LG will be developing several home fitness devices, including artificial intelligence (AI) camera that senses a user’s movement and a wrist band that monitors calories burned and heart rates.

SM will offer its music resources and celebrity network for developing several fitness-related contents, from at-home training programs to workouts with the help of K-pop choreography.

South Korean celebrities like dancer Aiki from 2019 NBC’s World of Dance competition, chef Austin Kang and fashion model Han Hye-jin will be starring in the video.

The planned joint venture will be 51% owned by LG and 49% owned by SM.

Kim Bee-oh, Chief Security Officer of Fitness Candy, said that its services are expected to be priced per month from around 20,000 won ($15) to approximately 30,000 won ($23), which is higher than Apple’s Fitness Plus offered at $9.99 per month.

The long-term objective of the firm is to have 50,000 paid members and sales of 10 billion won ($7.6 million) by 2023.

Rashi Thakkar

Rashi started her journey in content when she was completing her MBA. Since then, she has helped well-known startups and businesses boost their online presence. Currently Rashi pens downs insightful articles for AlpenHornNews and various other websites, covering an array of sectors from finance and business to technology and healthcare.