KPOP has spread its global popularity along with the success of many groups such as BTS and BLACKPINK. Now, KPOP does not only mean the music of domestic singers.
On August 4, ‘BLACKPINK THE MOVIE’ was released in more than 100 countries and attracted 160,000 audiences worldwide on the first day of its release alone. ‘BLACKPINK THE MOVIE‘ is a movie about the five-year journey of BLACKPINK since their debut.
The entertainment industry of South Korea is planning to expand its music-based Intellectual Property (IP), strengthen its global competitiveness in content, and discover new businesses.
On August 10, CJ ENM announced that they plan to launch a global film production project about KPOP called “KPOP: Lost in America”. The movie “Parasite” had aroused massive attention from people in foreign countries into Kpop. Along with the success in movies, the creators plan to combine movies with KPOP hot issues to produce content about KPOP.
The project is produced by Lynda Obst, the producer of many Hollywood movies such as “Interstellar”, “Sleepless In Seattle”, “Contact”, etc., and the famous Movie Director Yoon Jae Kyun of “Ode to My Father” and “Haeundae”.
This month, Director Yoon will start the pre-production stage, beginning with the audition for the main actors to play the role of members of a boy group. Producer Lynda Obst said, “I’m really into Korean culture, especially KPOP. I will make this project a success.”
Earlier this month, CJ ENM appointed Kim Hyun Soo, former Director of Convention and Live events Business, as the Director of Music content Division. CJ ENM also presented their new vision of taking a leap forward as a global leader by expanding the music-based IP system. They are planning to improve their music business by strengthening the IP plan and platform, the management capability, and the collaboration with foreign partners in producing programs related to music.
After combining various production and management labels such as Stone Music Entertainment, Onefact Entertainment, Studio Blue, and Off the Record, CJ ENM established “WAKEONE” on August 8. After that, “WAKEONE” announced a global audition intending to discover the next generation of KPOP stars.
Director Kim said, “We will create a platform that includes broadcasting and digital industry, and performance infrastructure.”
On August 3, JYP Entertainment established a subsidiary named ‘JYP 360’ to expand their IP and strengthen their global competitiveness. JYP 360 serves as a strategic label for advancing the global distribution of JYP content and discovering and developing new businesses.
In August last year, JYP Entertainment and SM Entertainment co-founded “Beyond Live Corporation”, the first online concert company in the world. In June, JYP became the second-largest shareholder of the company by acquiring stocks in DearYou, an SM’s subsidiary that provides private messages service for singers and their fans.
Last month, Kakao Entertainment, known for participating in various entertainment industry fields such as IP, music, video, digital, and concert, announced their merging with Melon, a music distribution platform. They plan to develop their global influence as a content business that participates in all stages such as planning, production, and distribution.
The trend is expected to continue along with the expansion of the KPOP market. According to a source in the entertainment industry, “The second and third industries based on KPOP are expected to grow steadily. Companies will continue to build KPOP value chains that can embrace domestic and foreign markets.”