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

From BTS meals at McDonald’s to members of BLACKPINK representing multiple luxury fashion houses, global brands are embracing the popularity and social media savvy of K-pop stars more than ever before. But artists are also using their influence to develop and boost emerging businesses from their native South Korea with new government-backed business models.

The secret affairs arm of South Korean television and radio broadcaster Munhwa Broadcasting Company (better known as MBC) recently announced a newly developed business model titled “Connect, Accompany to make Synergy and Transformation” or “CAST.” shared findings and future plans developed from For short. After three years of research, MBC found that, despite growing international prominence, K-pop artists and celebrities work with small and medium enterprises (also known as SMEs) to create meaningful and collaborative partnerships. I’ve discovered that millions of excited fans are willing to share it for you. .

In the CAST system, K-pop stars and SMEs are matched one-on-one with celebrities who participate not only as product models but also as directors involved in the product planning, development, and testing stages.Sponsored by the Korean government The Korea Foundation for International Cultural Exchange (KOFICE) devised a matching system after realizing that it was difficult for small Korean companies to hire top stars.

Artists actively participating in the 2022 program include long-loved girl group Apink, chart-topping boy band SF9, solo superstar Chung Ha, rising girl group Weeekly, and beauty YouTuber. It included PONY, models Irene Kim, and Jung Hyuk. and Songhena. These 8 stars were matched with his 8 of his SMEs selected by KOFICE, and once the product was approved, the stars proceeded with the approval and marketing to create the best synergy between the two. rice field.

The first overseas test of this business model was the HallyuPopFest held in London last year, where about 60 small and medium-sized enterprises (SMEs) from South Korea gathered at the same festival venue, including Kai, Chen, Hwa Sa, SF9, ASTRO, Weeekly, etc. was exhibited with popular artists. , Ke1per, etc. KOFICE President Jung Kilhwa said after three years of testing, the CAST model could effectively build a “strong competitive edge” among budding companies in 2023.

The CAST system not only shows how Korean companies can dominate the global market, but K-pop stars are acutely aware of what it takes for the nation as a whole to grow in a healthy and meaningful way. indicates that

Kofice President Jeong Gil-hwa said, “In Korea, the number ‘3’ means completion.” expressed. Hallyu star’s ‘good influence’ from product development to sales.

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