During the time when the 30-40 age group were students, 'iRiver (IRIVER)' was a national brand. At that time, young people listened to music on MP3 players at school or in private academies, and iRiver was undoubtedly the most popular brand. Founded in 1999 by the late Yang Deok-jun, a former Samsung executive, the brand was created by Reigncom, which achieved sales of 454 billion won, an 80% market share in the domestic market, and a 25% market share in the global market within just five years of its establishment in 2004, marking an unprecedented growth in the history of K-venture companies.

However, after the launch of the iPhone and the popularization of smartphones, along with the advent of the streaming era represented by YouTube, MP3 players began to decline. Recently, iRiver faced a management crisis, recording losses for three consecutive years from 2022 to last year.

Now, iRiver is dreaming of a second leap as it seeks a new nest. In March of this year, the real estate development company Miwang acquired iRiver from Dreamus Company, an SK affiliate. Established in 1966, Miwang was a small to medium-sized enterprise engaged in textiles, metals, and transportation. However, during the foreign exchange crisis, it reorganized its business and is now focused on real estate development.



On the 13th, I met with Yeohwan-dong, the third-generation CEO of Miwang, to hear about the background of the acquisition of iRiver and future plans. CEO Yeoh stated, "The previous founder had focused solely on real estate development after reorganizing the business, but felt a limit to growth," adding, "While contemplating how to grow the company, iRiver caught my eye." The brands acquired by CEO Ye from Dreamus Company include iRiver and Astell&Kern. iRiver engages in lifestyle electronics such as popular audio devices, vehicle black boxes, dehumidifiers, and robotic vacuum cleaners. Astell&Kern produces high-fidelity (Hi-Fi) audio devices such as digital audio players (DAP) and home audio systems that allow for high-quality music enjoyment.

His personal inclinations also played a significant role in the acquisition of iRiver. After graduating from Yonsei University with a degree in electronic engineering, he worked in Samsung Electronics' semiconductor division and also engaged in navigation manufacturing, giving him a high understanding of the device industry.

CEO Ye is also a music enthusiast. He has been playing the violin since the age of four and has a deep appreciation for classical music. He is so passionate about music that his office in the Miwang Building in Gangnam, Seoul, is equipped with high-end speakers and audio equipment.

CEO Ye stated, "It aligns well with my personal interests and I expect it will also help in diversifying the business." After acquiring iRiver, CEO Ye is focusing on the portable audio device business of Astell&Kern. Astell&Kern is leading the global portable audio market and currently operates in 285 stores across 34 countries.

CEO Ye emphasized, "The company has 22 research personnel specializing in circuit design, mechanical design, and acoustic engineering," adding, "We are dedicated to research and development to create 'extreme high-quality sound' that meets the demanding consumer requirements." He continued, "While conducting business in line with our corporate mission to provide the best experience and emotion through innovative products and original ideas, we will grow iRiver and Astell&Kern into world-class brands."

[Reporter Lee Ho-jun]