Kakao Buys Korean Music Streaming Giant MelOn

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The Korean tech giant Kakao has bought the country's leading music streaming company MelOn for almost 1.9 trillion Korean won, equivalent to 15.8 billion US dollars. The acquisition means that MelOn will now be integrated into Kakao's leading mobile messaging app KakaoTalk. MelOn is the most popular music streaming company in South Korea, with 28 million users and a large library of music, mainly K-pop. KakaoTalk is the country's most popular messaging app, with 39 million monthly active users. 

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