South Korea’s top mobile messenger operator Kakao will take over the country’s leading provider of music streaming services.

Kakao said on Monday that it will purchase a 76-point-four-percent stake of LOEN Entertainment for about one-point-87 trillion won.

LOEN operates an entertainment agency as well as the music streaming service Melon, which boasts 28 million users.

Industry experts say that Kakao made the largest investment since its foundation after identifying the potential of music content and its profitability.