Naver winds down services to bolster AI, commerce businesses

Naver is stepping up efforts to streamline its business portfolio by shutting down underperforming or slow-growing services and reallocating resources to artificial intelligence (AI), commerce and other higher-growth digital infrastructure. The internet giant recently announced that it will shut down its music streaming platform VIBE on Dec. 31, about eight years after its launch in June 2018, with new subscriptions and payments to be suspended from Nov. 27. The decision comes as VIBE struggled to gain traction in an increasingly competitive domestic music streaming market. According to the market tracker Wiseapp Retail, the platform’s monthly active users fell to 460,000 in June from around 1.5 million in 2023, putting it far behind YouTube Music, Spotify and Melon. Naver has already shifted toward partnerships with established platforms, adding Spotify’s premium plan to its Naver Plus Membership benefits. The latest decision follows the company’s broader effort to streamline its service portfolio. The company is also shutting down its video streaming platform, Naver TV, on Sept.