{"id":6507,"date":"2025-09-01T16:30:56","date_gmt":"2025-09-01T07:30:56","guid":{"rendered":"https:\/\/media.bravegroup.co.jp\/?p=6507"},"modified":"2025-09-01T16:28:18","modified_gmt":"2025-09-01T07:28:18","slug":"%e5%9b%bd%e5%a2%83%e3%82%92%e8%b6%8a%e3%81%88%e3%81%a6%e3%80%81%e3%83%95%e3%82%a1%e3%83%b3%e3%81%a8%e5%85%b1%e3%81%ab%e3%80%82stellive-%e7%b5%8c%e5%96%b6%e7%b5%b1%e5%90%88%e3%81%ae%e8%88%9e%e5%8f%b0","status":"publish","type":"post","link":"https:\/\/media.bravegroup.co.jp\/en\/corporate\/6507\/","title":{"rendered":"Beyond Borders, With Fans: The Story Behind StelLive\u2019s M&A Integration"},"content":{"rendered":"

In July 2025, Brave group integrated with StelLive, South Korea’s largest VTuber production company, establishing “Brave group Korea Inc”. as its new base in South Korea.<\/p>\n

What does this business integration mean for both companies? What kind of future will they envision beyond borders, together with their fans?<\/p>\n

We interviewed Keito Noguchi, CEO of Brave group, Jeong Dohyeon, CEO of StelLive, and Kyuyon Kim, who bridged the two companies, about their encounter, the deciding factors for the integration, and their future prospects.<\/p>\n

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Keito Noguchi, CEO of Brave group<\/p>\n

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Keito Noguchi embarked on his entrepreneurial journey by founding Vapes, Inc. in 2011 while still pursuing his studies at Keio University.
\nIn 2016, he orchestrated the transfer of the company over to Benesse Holdings, Inc. Following this, he has been engaged in the founding of over 50 startups as a business angel, showcasing his commitment to fostering innovation. In 2020, Keito Noguchi stepped into the position of CEO at Brave group Inc. a position he currently holds, leading the company with a clear vision and dedication.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Jeong Dohyeon, CEO of StelLive inc.<\/p>\n

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Active as a streamer since 2012. Has over 700,000 YouTube subscribers and approximately 800 million total views. Founded StelLive in April 2023.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Kyuyon Kim, Executive Officer, VP of IP Production, Brave group<\/p>\n

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Joined CyberAgent, Inc. in 2009, then worked as a freelancer before establishing MateReal Inc. in May 2018.
\nIn October 2021, she joined Brave group Inc. through a business merger. In October 2023, she was appointed executive officer and deputy general manager of Corporate Strategy. Appointed as Officer, VP of IP Production in October 2024.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

The encounter began with an email.
\nA shared value of ‘with fans’<\/h3>\n

\u2500\u2500 Could you tell us about your first encounter and any memorable events?<\/b><\/p>\n

Noguchi:<\/strong> It started with an email saying, “I’d like to meet”.
\nWhile researching various overseas groups, I learned about StelLive. They replied immediately after I sent the email, and I was able to observe their live performance.<\/p>\n

Dohyeon: <\/b>I was surprised that they actually came all the way to Korea.
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Noguchi:<\/b> I felt like I was barging in. I was also present from the beginning, so I was worried if I had exerted any pressure.<\/span><\/p>\n

Dohyeon:<\/b> Not at all. You left a good impression (laughs).<\/span><\/p>\n

Noguchi:<\/b> That’s good (laughs). I was shocked by the high quality of the live performance, and they covered many Japanese songs, which showed their respect for Japanese culture. I visited their office the next day and was surprised by how lean their operation was. I was very impressed, thinking, “Such a high-class live performance can be done with such a small number of people. An amazing startup has emerged in the VTuber industry”.<\/span><\/p>\n

Dohyeon:<\/b> Thank you. I already knew about Brave group, so I was surprised when I received their contact. I was particularly impressed by the rapid growth of “Vspo!”, and although I was nervous at first, I was honestly happy. I also felt a sense of closeness because their attitude of “envisioning dreams with fans” was similar to our company’s.<\/span><\/p>\n

Kim:<\/b> The VTuber market had existed in Korea for a while, but seeing StelLive’s rapid growth, I felt that the VTuber market was truly taking off in Korea. They also empathized with Brave group’s mission, and from our very first conversation, I felt we were a team heading in the same direction.<\/span><\/p>\n

Short-term profit or long-term future?<\/h3>\n

\u2500\u2500 Was there a turning point where the two companies became closer?<\/b><\/p>\n

Kim:<\/b> From the first time I visited StelLive, I wanted to do something together. As we talked, I realized there was a need for 3D content (*), so I offered to support them in that area.<\/span><\/p>\n

Dohyeon:<\/b> As we proceeded with 3D content production, I was deeply impressed not only by their high-level support but also by their attitude of genuinely respecting our individuality and trying to support and help us.<\/span><\/p>\n

Noguchi:<\/b> Through this business alliance, we were able to deepen our understanding of each other and align our perspectives.
\n<\/span>We believe that the process of understanding each other is paramount when moving forward with business integration, especially understanding the thoughts and feelings of the management teams. Our conversations with the StelLive team were a valuable time for us.<\/span><\/p>\n

*3D content: Content that allows for three-dimensional expression. Character avatars created with 3D models can express dynamic movements and subtle facial changes with a high degree of freedom.<\/div>\n