‘CAST’ Is The Rising Business Model Utilizing Synergy Between K-Pop Stars & Local Korean Enterprises

GOYANG, SOUTH KOREA – JANUARY 25: Inseong, Youngbin, Rowoon, Jaeyoon of SF9 attend MBC Idol … [+] Athletics Championship 2020 at Goyang Stadium on January 25, 2020 in Goyang, South Korea. (Photograph by MBC/Imazins through Getty Photos)

ImaZins through Getty Photos

From the BTS Meal at McDonald’s to the members of BLACKPINK all representing a number of luxurious vogue homes, international manufacturers are embracing the recognition and social-media savvy of Okay-pop stars greater than ever. However the artists are additionally utilizing their affect to assist develop and enhance budding enterprises from their dwelling nation of South Korea in an rising enterprise mannequin that’s gained vital authorities assist.

The particular affairs unit in Korean TV and radio broadcaster Munhwa Broadcasting Firm (higher generally known as MBC) not too long ago shared its findings and future plans developed from a newly developed enterprise mannequin titled “Join, Accompany to make Synergy and Transformation,” or “CAST” for brief. After three years of analysis and testing, MBC shares that even with Okay-pop artists and celebrities’ rising profiles they’re keen to collaborate with Korea’s small-to-midsize enterprises (also called SMEs) and share their thousands and thousands of excitable fan for significant and collaborative partnerships.

Within the CAST system, stars of the Korean wave and SMEs are matched one-on-one with the celebrities collaborating not simply as fashions however inventive administrators concerned within the planning, improvement and take a look at phases of merchandise. South Korea’s government-sponsored Korean Basis for Worldwide Cultural Change (KOFICE) devised the matching system after recognizing the problem that smaller Korean enterprises had in recruiting high stars.

“Stars utilizing their affect for the expansion and abroad growth of SMEs is thought to be a brand new type of donation,” MBC acknowledged in a press launch. “The incontrovertible fact that international stars participated within the occasion free of charge drew a whole lot of consideration [and] the CAST challenge deserves consideration as a donation unprecedented anyplace on the planet in sustaining a real partnership for over a yr.”

Artists who actively partnered within the 2022 iteration of this system included long-beloved lady group Apink, chart-topping boy band SF9, solo celebrity Chung Ha, rising lady group Weeekly, magnificence YouTuber PONY, in addition to fashions Irene Kim, Jung Hyuk and Tune Haena. These eight stars had been matched with eight SMEs chosen by KOFICE to create the most effective synergy amongst each events with stars transferring ahead with endorsements and advertising as soon as approving the product.

The enterprise mannequin’s first abroad take a look at was ultimately yr’s HallyuPopFest in London the place roughly 60 small-to-midsize enterprises (SMEs) from Korea had been showcased on the identical pageant grounds with fashionable artists like Kai, Chen, Hwa Sa, SF9, ASTRO, Weeekly, Ke1per and extra. These abroad festivals and manufacturing displays are one other a part of the CAST system to not simply energy native consciousness for companies but in addition develop worldwide demand because of the celebrities’v visibility and endorsements for the merchandise.

Wanting forward, the President of KOFICE Jung Kilhwa shared that after three years of testing the CAST mannequin will can successfully construct “robust competitiveness” amongst budding companies in 2023.

Not solely does the CAST system present a manner for Korean companies to achieve a leg up within the international market, however exhibits that Okay-pop stars are keenly conscious of what’s wanted to assist their nation general develop in wholesome, significant methods.

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