Online fandom platform, NFT...K-pop grows on technology.
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YG shares were rocked by the news of the comeback of the group "Black Pink" last summer. The new album became a million seller with 1 million copies sold on the first day of its release. BLACKPINK's comeback stage was presented to fans around the world on YouTube channels, with 90.4 million views during the day of its release on August 16 and 300 million views in a month. That's an amazing number.
The driving force behind the global K-pop craze is the Internet and fandom. On the Internet, fans around the world reproduce and share K-pop content. Fans from all over the world are turning into creative groups beyond cheering for artists and watching music videos. Changes in fandom, NFT, and Internet media environment have become the starting point for structural changes in the entertainment industry. Active changes are seen around the so-called "Enter Big 4," Hive, JYP, SM, and YG.
In January, SM Entertainment launched the 'Music Nation SM Town Meta Passport' mobile application (app). When creating a worldview of SM fans, granting citizenship to SM Town, and using the services provided, fans' activities are transparently recorded and stored, so they can receive various benefits depending on their activities..
Hive has developed and operated its fandom platform "Weverse" through its subsidiary Weverse Company. In 238 countries and regions around the world, Weverse has 6.8 million monthly users with active communities. Idols prepare gift sets that include calendars, diaries, and video collections for their fans every year. In the 2022 BTS Season's Greetings, CD was not sold. Instead, it provided a card with a digital access code that allows users to watch high-definition video-on-demand on Weverse. On the Weverse online platform, various attempts are being made, including fan meetings and online performances, as well as communication with artists.
JWP also joined hands with SM to create its subsidiary Dear U. The app "Bubble," created by Dear U, communicates one-on-one with artists. If you pay 4,500 won per month, you can enjoy messages, photos, videos, and voices sent directly by your favorite artist. There is also a change in broadcasting. On the music broadcast channel Mnet, artists stand on stage and fan meeting events are created depending on the fan's activities online.
There are also attempts to share artist profits with fans. Yuna is a virtual K-pop idol created by Seoul Stars. Yuna issued 10,000 NFTs. NFT holders will receive Yuna's major profits, including 10% of their debut album profits and 5% of their advertising streaming profits. There are also various benefits such as free admission to the concert, pre-purchase rights, and opportunities to participate in writing songs in Yuna's album. Seoul Stars specifically suggests how to create an environment where Yuna intellectual property rights and fans can grow together.
For token economies, where digital asset transactions such as NFT markets take place, to work advantageously, fandom must be created. The entertainment market is already on a solid foundation of K-pop fandom. The upcoming world of entertainment is made by participation, not by watching.
