[Courtesy of JYP Entertainment]
SEOUL -- JYP Entertainment, a major K-pop powerhouse in South Korea, will set up a subsidiary that serves as a strategic hub for advancing the global distribution of content, developing new businesses and enhancing the intellectual property of artists.
JYP said the subsidiary named "JYP Three Sixty (JYP 360˚) is aimed at providing a wide range of innovative next-generation fan experiences, strengthening the global competitiveness of K-pop and expanding its market through cooperation with global companies.
As K-pop fandom grows globally and the influence of K-pop artists as a source IP grows, South Korean entertainment companies pay attention to diversified IP businesses and platforms that distribute content and products to global fans
In July, JYP joined hands with Dunamu, a blockchain company that operates South Korea's major cryptocurrency exchange Upbit, to launch a non-fungible token (NFT) platform business that utilizes the intellectual property of artists. A non-fungible token is a unit of data stored on a blockchain network of interlinked virtual ledgers. Each NFT is certified by a blockchain as a unique digital asset that is not interchangeable. NFT can be used to represent different types of digital media such as video clips and digital files.
A COVID-19 pandemic has caused a slump in South Korea's performing arts industry. Almost all offline performances have been canceled. Only a small number of popular artists earned income through online concerts while many other artists remain inactive or find new jobs.
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