HYBE, SM and The Black Label in one place... Discussion on integrating K-pop and blockchain

IP blockchain infrastructure story host 'Origin Summit'

HYBE·SM·The Black Label in one place

K-pop expanding beyond music into global IP business

Attention on combining blockchain and web3 technologies

K-pop fandoms are evolving from mere consumers into 'participants' who contribute to artists' growth. Entertainment industry leaders agreed that the power of fandom is a core driver of artist growth and intellectual property (IP) expansion, and that technological convergence will accelerate changes in the global K-pop industry.

On the 23rd at Anderson's Seongsu in Seongdong-gu, Seoul, Jung Kyung-in, CEO of The Black Label; Lee Sung-soo, SM Chief A&R Officer (CAO); and Yoo Dong-ju, HYBE Music Group APAC representative, who attended the 'Origin Summit', stated this during a panel discussion.

K-pop fandom, from 'consumer' to 'partner'... "Considering blockchain integration"

Jung Kyung-in, CEO of The Black Label, said, "K-pop fandoms show a level of proactivity beyond merely consuming music, exhibiting more than prosumer-level engagement," adding, "They amplify artists' activities through idol promotion, participation in challenges, meme creation, and actively participate in album purchases and voting."

He said, "A participatory structure has taken root where fandoms directly select members from the audition stage, increasing loyalty," and emphasized, "As a later entrant, we focus on talent discovery and artist development, and now that global fandoms are spreading, it is the right time to fully pursue IP expansion and commercialization."

He also mentioned the integration of blockchain and K-pop. He said, "Recently, ModeHouse achieved great success by verifying fan votes via blockchain and granting voting rights through non-fungible token (NFT) photocards, which is significant for the entertainment industry," and added, "As fandom participation becomes increasingly active, we should study and consider adopting such methods."

"AI and web3 technologies will fundamentally change the relationship between fans and artists"

Lee Sung-soo, SM CAO, defined K-pop fandom as the 'central axis of culture.' He explained, "K-pop is less a music genre and more a content industry based on fandom," adding, "Interacting with fandoms and predicting and assembling the music and teams fans want are K-pop's competitive strengths."

SM early on introduced fandom-based services. The CAO said, "We were the first to introduce paid fan clubs, and then created the platform 'Bubble' where artists and fans can communicate in a tailored way," adding, "In an era where fandoms can spread across borders, the role of platforms is becoming increasingly important."

He also noted the changes technological development will bring. He said, "AI and web3 technologies can fundamentally change the relationship between fans and artists," and emphasized, "SM is working on artist development through initiatives such as global academy projects and will pursue long-term strategies that consider contributions to ESG." He went on to predict, "K-pop will become a global lingua franca combining music, technology and fandom."

K-pop is a fandom business... "We need to discuss incorporating new technologies"

Yoo Dong-ju, HYBE Music Group APAC representative, said, "We are no longer just a music business; we are a fandom business," adding, "Fandoms are becoming more segmented and interactive. HYBE produces diverse outputs through a multi-label system and directly reflects fans' voices through the platform 'Weverse'."

He emphasized K-pop's growth potential in the global market. "K-pop's share of the global music market is only 5%, but its growth potential is limitless," he said, adding, "The goal is to develop beyond a pure music business into IP expansion and solution businesses."

Regarding applying new technologies like blockchain, he said, "The prerequisite is meeting fans' expectations and the quality of creations," and added, "Recently, we have tried new attempts such as immersive (immersive) content. It would be good to discuss ways to integrate blockchain and web3-based solutions into the fandom experience."