Lee Soo-man, founder and CEO of K-Pop giant SM Entertainment, gave a speech at Stanford University on Friday (May 20) at a conference celebrating the 20th anniversary of the Korean Show. Country of Stanford University.
SM Entertainment artists including aespa, as well as NCT, Red Velvet, SUPER JUNIOR and EXO, member Suho also gave a speech at the event.
Other attendees at the conference included former United Nations Secretary-General Ban Ki-moon, former UN Ambassador Kim Sook and former EU Ambassador Park Joon-woo.
Lee’s speech focused on the “Future Vision of K-Pop,” in which he breaks down the concepts of what he calls the “Play2Create (P2C)” ecosystem, in which he promotes encourages fans, or ‘consumers’, to create content using SM – related intellectual property (IP) to generate revenue.
He said that, in this blockchain-based ecosystem, which he says is part of the “new” creative economy, “anyone can use the original content IPs to enjoy and create new [content] again through entertainment and revenue generation”.
SM Founder added: “Original Content will be converted back to Reproducible Content [sic] which consumers can create new things and will become the foundation for many future artists, creators and consumers who strive to achieve their dreams of innovation and creativity. ”
He also thoroughly explained the ‘SM Cultural Universe’ (SMCU).
SMCU is a universe led by character resembles the cinematic universe like the one created by the Marvel or DC comic giants
Back in June 2021, SM Entertainment CEO Sung Su Lee explain that it “could be considered a supermodel of SM, inviting K-pop fans around the world to appreciate our music and stories through various platforms”.
Elsewhere in the speech, Lee recounted his origins as the “first initiator” of K-pop and how the music expanded globally. He also shared his predictions for the genre and Korean pop culture in general, as it continues to grow in popularity around the world. He calls the globalization of K-Pop “Hallyu”.
The founder of SM told the audience that, “from the very beginning, the goal of K-Pop was to go global” and he founded SM Entertainment in 1989, “with the belief that the previous history of ‘Business economy first, Culture following’ could instead become ‘Culture First, Economy Next’.
He explains that he then developed what he calls “the system.” [production] and management system” for Sm Entertainment artists.
“If you dream alone, it is only a dream, but if we dream together, it is the beginning of a new future. That’s how we started to expand overseas.”
Lee said that he then “discovered and trained global stars from individuals with potential and created content called SM Pop, now known as K-Pop, and told the our SM staff in 1997 that “Now, we will go abroad”.”
Lee added: “If you dream alone, it is only a dream, but if we dream the same dream together, it is the beginning of a new future. That’s how we started to expand overseas.
“In the process of expanding my activities and territories from Asia to Europe to the United States, I focused on making Hallyu not just a form of export but into a global movement involving can continue to accumulate national wealth. I worked to be the first motivator. ”
MBW listened to his entire speech. Here are a few that stand out…
Lee Soo-man says that “Cultural Technology” – a term he coined – is the “engine of development” of K-Pop…
Lee Soo-man further explained what he said was, “the system [production] and management system”.
He says he coined the term ‘CT’ to describe this system. It stands for ‘Cultural Technology’ and he says it allows his organization to “move systematically”.
Lee further explained that he “decided to systematize the entire cultural production process into a form of technology by creating a recipe and crafting it, while continuously documenting its development.” along with relevant knowledge and skills”.
“Message [production method] became a model for K-Pop production. ”
Lee added that he organized the system into four phases: recruiting, training, content production, and marketing. “With this, I have grown [production method] called Cultural Technology, systematizing the management system,” he said.
He further explained that this so-called ‘CT’ system is “the development engine of K-Pop” and also “the underlying operating system of SM Entertainment”. Over the course of its development, he stated that “K-Pop has become a global, multi-disciplinary art form of content.”
Lee added, “Now, not only Korean artists and content, but also [production] The system has also received high attention globally.
“Message [production method] has become a model for K-Pop production and SM’s CT will expand to become [the] CT of the world. The future of Cultural Technology is the fundamental vision [of] SM Entertainment. And now, I am building a new cultural ecosystem by evolving CT from technology to create culture into technology to create culture”.
The founder of SM says that, “by combining blockchain technology and the metaverse,” the company’s content will “transcend time and space”…
In October, we wrote how SM Cultural Universe (SMCU)one universe led by character Similar to the cinematic multiverse such as those created by the comic book giants Marvel or DC, is central to SM’s content strategy.
During his keynote last week, Lee further commented on his vision for SMCU. He explained that in SM’s Cultural Universe, “all the ‘worldviews’ of SM artists come together”.
He added that this “worldview, vision, and blueprint” is something SM has been preparing for for a long time, “in the hope that K-Pop and Hallyu will not just be a craze for one man.” generation but also favorite content. forever”.
“By combining blockchain and metaverse technology, SM content will expand into content for all, transcending time and space to enliven this future era of entertainment that will connect through across culture.”
Lee further explains that he coined another term, ‘Transformative Origin Story’ and has “prepared for Origin Story and the worldview of [SM’s] artist for quite a long time”.
Lee added, “All of our SM artists’ worldviews will come together in a large-scale virtual worldview called ‘Supernatural Origin Story’.
“By combining blockchain and metaverse technology, SM content will expand into content for all, transcending time and space to enliven this future era of entertainment that will connect through across culture.”
He believes that the so-called ‘Play2Earn’ and ‘Play2Create’ business models will form part of the New Creative Economy where fans can generate revenue using IPs provided by SM
Lee talked about what he calls the “Play2Create era” and the “Play2Earn” model. The SM founder wanted fans to create their own content inspired by SM’s content and generate revenue in the process.
In his keynote, he said that “we live in a hyper-reverse environment where consumers can voluntarily recreate and spread content” and argued that, “through our Entertainment [content] by these consumers, who participate and create as creators, the value of [the] original content increased”.
“Just like how culture begins and evolves as we move from an agrarian society to a more stable economy, fun will soon become creative in the P2C era.”
In February, SM Brand Marketing (SMBM), a subsidiary of SM Entertainment, signed a Memorandum of Understanding with cryptocurrency exchange Binance to forge a “comprehensive partnership” to establish a global Play2Create (P2C) ecosystem.
The partnership will begin in the area of NFT, allowing fans to “recreate content and products in the form of games, music, dance and merchandise” using “tools and IP provided.” level in e-commerce platforms and supermarkets”.
SM explained in February that this will allow “users to earn profits while also being recognized.” [own] unique “.
In his speech at Stanford, Lee said: “The Play2Earn model – play games and earn money – more prevalent in blockchain, is a model that is only in the early stages of the web and metaverse.”
He added: “In the same way that culture began and evolved as we transitioned from an agrarian society to a more stable economy, leisure activities will soon become creative activities in the modern age. original P2C.”Worldwide music business
