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(Photo= Yonhap news) |
[Alpha Biz= Reporter Paul Lee] Fitness Candy, a home fitness joint venture established by LG Electronics and SM Entertainment, will be dissolved about two years after its launch.
Fitness Candy announced on the 18th that it decided to disband the company by holding a shareholders' meeting on the 15th and began the liquidation process. Fitness Candy is a company that runs home training service business. LG Electronics and SM Entertainment established Fitness Candy in June 2022 to target the home fitness market, which began to grow rapidly with the COVID-19 pandemic. LG Electronics owned 51% and SM Entertainment 49%.
LG Electronics aims to achieve 1 million paid members and annual sales of 500 billion won in 2025 when Fitness Candy was launched. LG Electronics was in charge of platform operation and device production such as service app development and cloud construction, and SM Entertainment was in charge of planning contents using K-pop intellectual property (IP).
Alphabiz Reporter Kim SangJin(hoondork1977@alphabiz.co.kr)
