The co-CEOs of Kakao Entertainment, Kweon Ki-su and Joseph Chang, are planning organizational reform to create positive synergy between the company's music, media content and other intellectual property.

This business plan was revealed during the first town hall meeting held after they took office on Thursday.

Joseph Chang will establish and lead a team in charge of music IP and data-based music development, to help foster the team's role of producing and expanding music and artist IP.

Using AI technology, the company will strengthen the competitiveness of its music streaming platform, Melon, and music retail business to expand its reach to North America.

For the drama and film business, the company plans to set up a company-in-company focused on film production and management.

For its web novel and webtoon business, it will seek closer cooperation with Piccoma, Kakao's online platform that develops and distributes such content in Japan and France, and augment investment in acquiring copyrighted content that is very popular globally.

The company also plans to set up a separate support organization to increase the management efficiency of its subsidiaries.

The co-CEOs stressed that from now on, the company will focus on achieving more efficient and substantial growth rather than augmenting its corporate size through mergers and acquisitions.

“We will focus on strengthening the fundamental competitiveness of each business area -- music, story and media, and promote substantial growth by focusing our capabilities,” said the co-CEOs during the town hall meeting.

The new leaders plan to hold town hall meetings regularly and reorganize their corporate culture by establishing an in-house department transfer system and strengthening the reward system for their employees.

They also presented “Content beyond content” as the company’s new vision.

“We will play a leading role in the growth of the Korean entertainment industry by continuing to evolve and innovate to meet social expectations and standards,” said the Co-CEOs.