[Asia Economy Reporter Yoo Hyun-seok] Chorokbaem Media, which succeeded in raising over 100 billion KRW in the largest-ever funding round, announced on the 10th that it plans to reorganize the media market centered on NFT and e-commerce businesses based on strategic partnerships with Lotte Homeshopping (registered corporate name Woori Homeshopping), Bithumb, Bident, Wemade, Bucket Studio, and YG Plus.
Considering the existing financial capacity, when the newly incoming funds are combined, Chorokbaem Media will secure financial resources exceeding 300 billion KRW.
All the businesses promoted with the companies participating in this capital increase focus on NFT and e-commerce. The NFT business will be led by Bithumb, Wemade, Bident, and Bucket Studio. Lotte Homeshopping, which will secure the position of the second-largest shareholder following Chorokbaem Company, plans to prioritize the e-commerce business considering synergy with its own distribution network. YG Plus will promote businesses related to the production and distribution of OSTs for dramas and other content, expanding its foundational business and revenue sharing through music releases.
Bithumb will conduct NFT projects based on various content produced by Chorokbaem Media, promoting a business that distributes ‘Content NFTs.’ Wemade plans to NFT-ize content items using Chorokbaem Media’s content IP and attract users to its platform based on content stories to increase user traffic.
A ‘live commerce’ business combining NFT and commerce will also be promoted. Bucket Studio and Bident plan to broadcast live commerce simultaneously with the airing of various highly topical content produced by Chorokbaem Media. If Bucket Studio’s ambitiously planned ‘influencer marketing’ is applied to live commerce, it is expected to successfully promote and sell products.
Through the ‘Bithumb Live’ service scheduled to open this month, a future-oriented platform providing services related to metaverse and virtual asset payments centered on NFTs will be established in the mid to long term.
Lotte Homeshopping plans to promote and sell products exposed in content by utilizing Lotte’s distribution platforms such as Lotte Homeshopping and Lotte ON when Chorokbaem Media produces various genres of media content such as dramas and entertainment based on IP acquisition. The company explained that this aligns with the newly emerging consumer trends as it offers superior marketing effects compared to traditional TV advertising and provides consumer-customized visual content to efficiently deliver information.
YG Plus will take charge of the music field, YG’s area of expertise, jointly conducting the OST business for Chorokbaem Media’s content and closely cooperating in the distribution and marketing fields that YG Plus has already established.
A Chorokbaem Media official said, “The common denominator that can unite strategic partners with various interests is the ‘IP content’ owned by Chorokbaem Media, so discussions to build a ‘collaborative business model’ that can create synergy among strategic partners will be actively pursued.” He added, “If we establish an advanced business model combining NFT and commerce centered on the most leading companies, we expect to become a game changer in the content industry.”
He continued, “It is significant that Chorokbaem Media becomes a frontier in the entertainment industry through the process of evolving the content industry by combining NFT and commerce. Prior to this funding, in August, we made a strategic investment in the global metaverse platform ‘3D Factory,’ which is building a metaverse for 900 million fans of the world’s top two sports clubs, Real Madrid FC and FC Barcelona, and signed a business agreement with ‘Arena Cast’ to promote NFT-related businesses. This indicates that the new NFT-centered business initiative is a strategic move continuing from previous efforts,” he emphasized.
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