NFT, Toys, Fashion Miscellaneous Goods… CJ ENM expands its territory f…
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CJ ENM's original content intellectual property (IP) business is expanding its stride. This is as IP commerce, which was represented by "goods" related to movies, dramas, and animations, gradually breaks down the limitations of the content area and diversifies items. These IP commerce serve as a medium for content users to form empathy and solidarity and steadily accumulate experience in IP. Analysts say that cultural consumption methods have recently diversified, tastes have been subdivided, and more active forms of participation are taking place. In addition, it is evaluated that the derivative content is successful and the value of the original content rises together, resulting in the effect of killing two birds with one stone. Accordingly, the content business has been developing with IP commerce in mind since the content planning and development stage.
According to the industry, Line Next will release 1,000 F&B membership NFTs exclusively on the NFT platform "DOSI" on the 28th in collaboration with gourmet NFT project "Ragejigome Club" and tvN's popular broadcast program "Line Restaurant." Raygigome Club is an NFT-based gourmet community project that shares gourmet experiences that connect online and offline. For those who purchase food-related profile picture (PFP) NFTs, including hamburgers and chicken, a simple mission related to "line restaurants" will be conducted for 10 weeks from January and rewards will be provided.
NFT holders will be given the opportunity to meet with the restaurant owner introduced in the "Line-up Restaurant." If the mission linked to the broadcast is achieved, a variety of gourmet experiences, including Omakase meal tickets and recommended wines from Michelin-born chefs, will also be provided through a raffle box lottery.
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Earlier this year, CJ ENM collaborated with Upbit to introduce 'You Quiz on the Block' NFT. The surprise event, which was held at 0.0001 Bitcoin (about 5,300 won at the time) for 500 people on a first-come, first-served basis, quickly sold out. In particular, the entire edition of the works collaborated with Leodav and Mimi Graphics artists was sold out in an average of 4 to 10 seconds. An official from CJ ENM said, "Due to the nature of NFT, N-th transaction, that is, transactions between customers, were possible, so sales were worth 200 million won at the time of the first drop, but sales through resale have continued to occur."
In April, it introduced a toy that stole the heart of Kidults. A block toy with the motif of a camping trailer appearing in tvN's entertainment show "The House with Wheels" has been released. The truck, chair, table, and the inside of the camping car were implemented exactly like the actual structure. The figures of the cast who appeared in season 3 were also included to enhance the details so that the scenes in the entertainment show can be directed as they are.
There are also increasing cases of collaborating directly with distribution brands. Director Park Chan-wook's film "Decision to Break Up" IP has signed a license contract for fashion and miscellaneous goods with fashion brand "Heights." In January next year, 18 kinds of miscellaneous goods will be released, including clothes such as T-shirts and ball caps with movie scenes and design objects, as well as watches, mobile phone cases and diaries. CJ ENM's popular YouTube channel "The Bob Studio"'s "Choi Ja Road" also collaborated with famous art directors to design season 7 titles "Jeju Calling" and "CR" for the clothing business.
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As such, if movies and dramas are commercialized after pre-programming, entertainment and digital IP tend to increase synergy by conducting "goods business" at the same time as the program is aired. This is because goods are continuously exposed to the program and the advertising effect is maximized. Based on this, a "circulation" is created by forming a fandom and generating sales to expand another item.
IP products are also well received overseas. tvN's representative entertainment program "New Journey to the West" has been actively engaged in licensing business using "mysterious" IP, focusing on fashion, in the Chinese region. Han Du-seo, China's largest online brand management group, has released about 35 unique clothing and miscellaneous goods. In addition, Taiwan opened a stationery and fancy pop-up store to sell mysterious goods. Digital commerce also introduced emoticons in a total of five versions through Kakao, Line, and China's WeChat platform. Among them, Kakao ranked first in popular emoticons.
As K-content is in the spotlight worldwide, interest in K-IP is also increasing. However, the current status of IP commerce and monetization still has a long way to go. According to the Organization for Economic Cooperation and Development's (OECD) import and payment of IP usage fees, Korea earned $8.07 billion last year, far below Japan's $48.174 billion. In the case of Japan, it has a number of globally successful IPs such as 'Dragon Ball', 'Pokemon' and 'Super Mario'. An official from CJ ENM said, "The K-IP business market is still in the beginning stage, but CJ ENM can commercialize various contents from animation to dramas, movies, music, and entertainment. We have digital media such as OTT (Tiving) and YouTube channels as well as broadcasting, so we can strengthen IP fandom."
