News SM Entertainment Is planning its own Cryptocurrency - Coin desk (1 Viewer)

[Haolat]

SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.

Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.

Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about the technology, but said the firm aims to make use of the concepts of both public and private blockchains and is currently talking to potential partners to build the network.
The entertainment business as it stands utilizes inefficient settlement and payment systems – issues that blockchain could help address, Joo said.
SM Entertainment is a force in the K-pop world, which is becoming one of Korea’s most important exports. The company was founded in 1995 by Lee Soo-man – sometimes called the President of Culture. Its acts include Girls’ Generation, EXO and Red Velvet.
SM Entertainment is listed on the Korean stock exchange and has a market capitalization of roughly $600 million. The firm undertook a management reshuffle recently, as shareholders raised concerns about its finances and some of its business decisions. Its stock price has dropped 43 percent since last November.
SM Entertainment is not the first company to have proposed the use of blockchain tech in the K-pop industry.
In late 2018, a platform called Ko-fun was launched, aimed to allow K-pop-related crypto transactions on a blockchain. The plan was to create coins for individuals acts, such as a BTS Coin.

K-pop concert image via Shutterstock

Spoiler: Source

K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency - CoinDesk

 

[Haolat]

SM doing everything except focusing on the groups they have. I hope they don’t go bankrupt

 

[emptycup]

Please stop
​

 

[dokyeomon]

yeah...you do that,SM

 

[Ashla_K]

SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.

WTF is going on with SM?

 

[HopeOnTheStreet]

This is exactly was SM needed

 

[Seros]

Is this their next NCT unit?

 

[Haolat]

WTF is going on with SM?

Stock prices of the Big 3 have been on a big decline this year. Main reason is the whatever is happening between Japan Korea. Since Japan is the main market where kpop groups make money there is a possibility Kpop groups won’t be able to promote there like what happened with China. That is the main reason for the fall of JYP’s stock price
YG for obvious reasons
For SM apart from the Japan thing Lee Soo man has a private company called Like Agency(100% owned by Lee Soo man)that took a combined amount of $21.3M between 2017 and 2018. It is basically embezzlement. The share holders requested for a merger but Lee Soo man refused. They are losing more than they are making.
This an article on it

S.M. Entertainment effectively rejects merger call, stock price dips

S.M. Entertainment on July 31 effectively refused to merge with Like Agency, a private business entity owned by Executive Producer Lee Soo-man, in its latest re

m.theinvestor.co.kr

 

[Haolat]

Is this their next NCT unit?

The next NCT unit will be a football team

 

[honeyfornomoney]

 

[Ashla_K]

Stock prices of the Big 3 have been on a big decline this year. Main reason is the whatever is happening between Japan Korea. Since Japan is the main market where kpop groups make money there is a possibility Kpop groups won’t be able to promote there like what happened with China. That is the main reason for the fall of JYP’s stock price
YG for obvious reasons
For SM apart from the Japan thing Lee Soo man has a private company called Like Agency(100% owned by Lee Soo man)that took a combined amount of $21.3M between 2017 and 2018. It is basically embezzlement. The share holders requested for a merger but Lee Soo man refused. They are losing more than they are making.
This an article on it

S.M. Entertainment effectively rejects merger call, stock price dips

S.M. Entertainment on July 31 effectively refused to merge with Like Agency, a private business entity owned by Executive Producer Lee Soo-man, in its latest re

m.theinvestor.co.kr

My God! it seems YHS isn't the only one with a jail wish...

 

[Haolat]

My God! it seems YHS isn't the only one with a jail wish...

He has been there but he escaped
Wanted by Interpol

 

[Ashla_K]

He has been there but he escaped
Wanted by Interpol

I forgot about that... he actually doesn't learn, does he?

 

[RandAlThor]

Stock prices of the Big 3 have been on a big decline this year. Main reason is the whatever is happening between Japan Korea. Since Japan is the main market where kpop groups make money there is a possibility Kpop groups won’t be able to promote there like what happened with China. That is the main reason for the fall of JYP’s stock price
YG for obvious reasons
For SM apart from the Japan thing Lee Soo man has a private company called Like Agency(100% owned by Lee Soo man)that took a combined amount of $21.3M between 2017 and 2018. It is basically embezzlement. The share holders requested for a merger but Lee Soo man refused. They are losing more than they are making.
This an article on it

S.M. Entertainment effectively rejects merger call, stock price dips

S.M. Entertainment on July 31 effectively refused to merge with Like Agency, a private business entity owned by Executive Producer Lee Soo-man, in its latest re

m.theinvestor.co.kr

I think like agency has been contracted by sm for close to a decade since 2009 if i remember correctly.

These particular shareholders are slash and burn groups of the corporate raider types.
Sell off pieces of the company drive up the price and get out. They are not in it for the long term.

 

[FaceMcShooty]

 

[yeji]

why not, sm

 

[Abeamus]

Their stocks are falling and their answer is to create their own currency? SM have lost it

 

[QueenB]

this type of stuff is why they lose money