As a seasoned cinephile and someone who has followed the global entertainment industry for decades, I find it fascinating to witness the evolution of K-pop and its impact on the world stage. The recent report about CJ ENM’s ambitious plans for its K-content slate, despite the business slowdown in the industry, is a testament to the resilience and adaptability of this cultural phenomenon.
In recent times, some major figures within the K-pop industry have experienced a dip in their commercial momentum following a period of rapid growth driven globally by sensations like BTS, Blackpink, and others who represent Korea’s cultural wave.
1. Option: Despite the general downward trend in the stock market, CJ ENM, one of South Korea’s major entertainment groups, has managed to buck this trend with an increase in its share price. The company remains committed to expanding its lineup of Korean content, which encompasses music, films, TV shows, merchandise, and cosmetics (K-beauty products).
Last weekend, our company concluded its three-day KCON LA 2024 fan gathering and music festival held in Los Angeles. This event, happening at the Los Angeles Convention Center and Crypto.com Arena, attracted a new broadcast partner for the first time – the CW network. They aired a live special showcasing parts of the July 28 concert, where we had the pleasure of having actor Awkwafina making a surprise appearance.
1. While CJ ENM didn’t reveal specific attendance numbers for KCON or ticket sales for the night performances, they did mention that the event had a widespread impact primarily through digital mediums. It is said that approximately 5.9 million fans from over 170 countries engaged with KCON LA 2024, both in-person and via digital platforms. Held concurrently with San Diego Comic-Con, the event attracted countless passionate followers not just from across the U.S., but also Europe and other international regions. However, it seemed that the number of attendees during daytime activities was lower compared to previous years. (Note: The Crypto.com Arena can accommodate up to 20,000 people.)
At the global gathering of passionate K-pop enthusiasts, CJ ENM announced the upcoming debut of “Planet B”, a potential blockbuster collaboration between K-pop and reality TV series. This project is scheduled to air on Mnet channel in South Korea and overseas markets like Japan, starting from 2025. A sneak peek of “Planet B” was heavily promoted at the KCON concerts and daytime conference held at a convention center. While CJ ENM officials remained tight-lipped about the specifics, they did confirm that it revolves around the introduction of new K-pop artists.
“CJ ENM’s music chief, Harry H.K. Shin, shared with EbMaster during an interview at Crypto.com Arena that we’ve been holding auditions to discover fresh talents among solo and group performers. We continuously seek out new talents.”
1) In September, CJ ENM plans to gauge the interest for K-pop in Western Europe by introducing the KCON format in Frankfurt, Germany. Notably, major players within the K-pop industry have experienced significant stock declines recently, such as Hybe and SM Entertainment. Contrastingly, CJ ENM, a subsidiary of South Korea’s economic backbone, CJ Group, has observed a 7% increase in its stock price on the Kosdaq exchange this year.
2020 and 2022 marked significant years for BTS, following which they’ve taken a break from public life to fulfill their mandatory military service obligations. As stated by Shin, as K-pop evolves and matures, the fanbase is expected to develop in tandem with the artists. Notably, an increasing number of male and female performers are garnering dedicated followings beyond Korea, unlike the U.S. fandom which has traditionally centered around BTS. The groundbreaking boy band was the first to perform at the KCON event in Los Angeles back in 2014.
“Shin mentioned that many K-pop artists are building fanbases within their local areas,” he said. “The potential for growth in K-pop, Korean culture, dramas, and other genres is evident.”
Shin pointed out that the size of the face-to-face interaction at KCON, which aligns with the fundamental K-pop belief of artists engaging closely with fans, sets it apart as a special event.
“Shin mentioned that it’s not common to encounter numerous artists in person at one place,” he said. “However, KCON might just be the exceptional event where fans can interact with multiple artists simultaneously.”
I must add that according to Shin’s statement, CJ ENM is optimistic they’ll have a sizable audience for this two-day K-pop event in the region.
1. “Shin mentioned that Europe already hosts numerous fandoms, including those from Germany, England, and France. Notably, Germany is a significant market in the music industry. Given that we already have established fandoms there, it presents an excellent chance for us to broaden our market reach.”
At KCON LA 2024, some of the notable performers included Enhyphen, Jeon Somi, ZeroBaseOne, Bibi, NCT 127, StayC, Hyolyn, Ini, ME:I, TWS, and Zico. Shin highlighted that KCON utilizes music as a tool to foster growth through deeper collaborations with major entertainment companies beyond Asia.
“Shin stated that our goal is to share and spread our unique culture worldwide using the vast network of K-pop fans. We’re thrilled about partnering with other media outlets, and we’re eager to establish robust collaborations with them.”
(Pictured top: K-pop star Bibi performs July 26 at Crypto.com Arena in Los Angeles)
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2024-07-30 18:16