Not only the Western big companies are serious about entering the cryptocurrency market. SM Entertainment, the largest Korean entertainment company, has announced an intention like that.
About the company
SM Entertainment is a company that has been active in the music industry since 1995. Since the establishment of the company, a great number of k-pop stars have been promoted by it. Its annual income for 2017 was estimated at $350 million.
Besides of promoting artists, the company deals with the management and organization of concerts and various types of events, with the production of artists' records and with the management of talent agencies.
Where is the place of cryptocurrency there?
SM Entertainment has made a decision to begin a cooperation with the CTIA Labs technology company in order to create its own blockchain and cryptocurrency project. The cooperation agreement was confirmed by the CEO of CTIA, Sang-Sik Joo. He also added that talks are underway about establishing cooperation with the entity that will build an entire platform for this purpose. At this stage, however, it is too early for details.
“Blockchain from the entertainment standpoint is a decentralized entertainment entity.”
- says Sang-Sik Joo.
Blockchain and music
It is a common believe, that the music industry is an excellent opportunity for blockchain technology to increasingly implement it. Some people think that this can be a good tool for mediating the industry, making direct interactions between fans and artists possible. As a consequence, the latter would have a chance for greater profits from their activities.
Thanks to blockchain, the artists would be also able to produce their recordings in an unchanging and time-bound way. In a decentralized network protected by blockchain, creativity cannot be changed by anyone. The content of the design, at the discretion of the artist, may always remain unchanged.