100 Billion Won Investment in K-pop Girl Group Selection Project
[Asia Economy Reporter Kwangho Lee] F&F affiliate F&F Entertainment is investing in an idol project. This is the first investment since the establishment of the corporation. Although it is a newly established entertainment company, it is expected to create synergy effects by actively utilizing the group network centered on F&F.
According to the investment banking (IB) industry on the 11th, F&F Entertainment will invest 10 billion KRW in SBS's girl group project "Universe Ticket." Universe Ticket is SBS's first girl group selection program. The 10 billion KRW corresponds to the total production cost of this project. F&F Entertainment and SBS started related discussions last year and recently established concrete plans.
Universe Ticket is a large-scale global audition. It is a K-pop girl group selection project that receives excellent applicants dreaming of becoming K-pop stars from around the world and selects the final debut group based on public voting. The goal is to create a global boom throughout all processes from pre-online voting to debut. It is planned with a format that highlights fairness and topicality.
A total of 82 applicants will be selected, and the final 8 members will be chosen through various missions. It is expected to proceed in a similar way to how the cable channel Mnet formed IOI through the survival program Produce 101. Filming will begin in earnest from the second half of this year, and the broadcast will air for about two months starting early next year.
F&F Entertainment aims to invest for about two and a half years before and after the broadcast to successfully debut the girl group. Synergy effects centered on F&F are also anticipated. F&F plans to combine the global branding and marketing know-how accumulated in fashion with the K-pop industry to nurture highly topical and stylish artists and make them stars with global influence.
An F&F official said, "With the know-how of creating brand fandoms that encompass the world through digital communication, we will nurture K-pop stars who can grow into global lifestyle leaders."
F&F Entertainment is a newly established entertainment company launched at the end of last year. The initial capital is 2 billion KRW. It is based on the 4th floor of the F&F building in Yeoksam-dong, Gangnam-gu, Seoul. The inaugural CEO is Jae-woo Choi. F&F Chairman Chang-soo Kim is listed as an inside director. The other non-executive director is Noo-ram Noh, CEO of F&F Partners.
The inaugural CEO Choi is a figure who has been active throughout the music industry, from album production to songwriting. He also served as the project leader of the production investment team at Kakao Entertainment and vice president of Flex M. He was in charge of numerous artist projects, including singer Seung-chul Lee's 35th debut anniversary project. He also worked as a lyricist under the name "Good Choice," participating in songs and OSTs.
F&F has focused on new businesses so far. It created an investment-specialized company called F&F Holdings as a holding company and opened the door to new business expansion. Then, centered on the new technology finance company F&F Partners, it made various investments, mainly including content companies in its portfolio. Subsequently, by establishing F&F Entertainment, it further expanded its territory.
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