Samsung is announcing a new stock offering to help its Korean entertainment business, with the goal of helping it expand its user base and boost profits.
The announcement came at the end of the Korea Times Live Entertainment and Arts Conference, a four-day event held annually in Seoul.
It’s the first time the company has officially announced a new offering to bolster its business.
The company is seeking to raise about $10 billion to fund its growth strategy, which includes plans to invest in its existing entertainment businesses and expand its audience.
It expects to make $500 million in total in the year 2020, including a $1 billion investment in the entertainment business.
A bigger part of the growth strategy is likely to involve the introduction of new content and services, Samsung said in a statement on Wednesday.
The company plans to make significant investments in its entertainment businesses to further enhance its brand and attract new customers.
A new video game title will launch later this year, the company said, and it will also create a new online portal and mobile app.
It will also focus on expanding its online advertising platform, it said.
The stock was up 2.4% to 4,849 won in early trading.