K-pop industry shakes the world, global leap with NFT

K-pop, or Korean pop music, has such a global reach that even President Joe Biden in May shouted at music fans. After topping the Billboard charts, BTS gave a solo performance at the “Grammy Awards” last month. Additionally, BTS agency HYBE acquired Ithaca Holdings in a $ 1.05 billion deal. The merger brings BTS, Justin Bieber, Ariana Grande and other artists together under one roof for management, label services and editing. Currently, it is estimated that there are around 200 million consumers who enjoy K-pop and Korean movies and dramas. K-pop’s digital business model has been extended to include online malls selling product for fans, online concerts via real-time streaming, and community platforms for fans. Korea’s digital content market has grown to fifth in the world after the United States, China, Japan and the United Kingdom. Korea is even called the “Silicon Valley of the entertainment industry”.

Today, NFT has become the hottest topic in the K-pop industry. It would be impossible for everyone in the company to go a day without hearing the word “NFT”. Even the big broadcasting companies and entertainment agencies predict that NFT will soon become one of their main business models. NFT, which stands for non-fungible token, has a rarity as an irreplaceable asset because the buyer’s name, time of purchase as well as the price are recorded in the token. Therefore, it is currently spreading mainly in digital art and sports (NBA) and is growing rapidly. When NFT is sold, a certain amount of the profit from the first sale is donated to the artist and the agency. After that, even if the fan who owns the NFT sells the NFT at a higher price to a third party, part of the profit from the sale goes to the artist and the agency.

Among the many companies related to K-pop and Hallyu, KStarLive has taken the lead and, through aggressive marketing, received offers from several major markets. KStarLive announced its global expansion with K-pop NFT. KStarLive is named after the largest K-pop and theater community platform with 10 million social media subscribers that creates and broadcasts Hallyu news in English to fans around the world. With KStarLive as a starter, more and more K-pop related companies are joining the NFT market.

“THE SHOW” by SBSMedianet, the first partner of KStarLive’s NFT project, is the global K-pop music show in Korea that is broadcast in 76 countries around the world. KStarLive plans to enhance the value of K-pop by distributing “THE SHOW” photos and videos on NFT. In addition, KStarLive will carry out global projects that distribute not only K-pop but also all Korean cultural content such as Korean movies, dramas and artwork in NFT through various partnerships.

According to the manager of KStarLive, “By entering the global NFT market in partnership with KStarLive, Hallyu fans around the world will better understand the value of Hallyu content and fans will have the opportunity to create a whole new revenue stream that does not exist. has never existed before. . Additionally, it is expected to help spread Hallyu and K-pop around the world.

Media contact
Company Name: Kstarlive
Contact person: Nathan Jungha Yu
E-mail: Send an email
Call: +82 070-8095-4878
Country: South Korea
Website: kstarlive.com

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