A U.S-South Korean Partnership Takes Kpop Metaverse
The latest Omicron strain has caused organizers and artists to rethink their plans for the year ahead. While many nations have decided to leave borders open and avoid re-imposing social distancing restrictions, others have responded to the Omicron strain that continues to impact the music industry.
Animal Concerts Joins Forces with Klatyn
Animal Concerts is a U.S domiciled Metaverse concert organizer that has reportedly partnered with South Korea’s Klatyn blockchain to deliver music concerts to the Metaverse.
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The partnership with Klatyn puts the focus on the Korean music industry, Kpop in particular, and will undoubtedly draw plenty of global interest.
Klatyn is also looking to compete with the likes of OpenSea and LooksRare in the NFT market place. In partnership with Animal Concerts, Klatyn expects to increase NFT trading volumes on their platform by delivering Kpop music clips to fans across the globe.
Korean Music Industry
Kpop is not just an Asian phenomenon but a global one. Bands such as BTS, Blackpink, and Seventeen are leading the way. BTS was the first Asian band to win the American Music Award (AMA) for Artist of the Year last year. Taking Kpop global, BTS has an estimated network of $100m.
When considering other established and up and coming bands and the increase in the Kpop fan base, the Animal Concerts-Klatyn partnership could prove to be a lucrative one.
According to ELLE, BTS’s 2020 pay-per-view virtual concern, Bang Bang Con The Live, reportedly brought in $20m. The concert drew in 756,000 global viewers. According to Bandwagon, the MAP OF THE SOUL ON:E live stream sold a world record 993,000 tickets across 191 counties, bringing in an estimated $43m in sales.
Throwing in endorsements and holding concerns in the Metaverse will likely make revenue streams even larger. Kpop bands are already reportedly brand ambassadors for the likes of Chanel, Dior, and Yves Saint Laurent.
According to the International Trade Administration, South Korea is the 6th largest music market in the world. The total value of the Korean music market alone was estimated to be $6bn.
Metaverse Linked Price Predictions for 2022
According to a report published late last year, SAND and MANA are two leading projects in the Metaverse space. Both tokens were amongst the best crypto performers last year. The markets are expecting more of the same as interest in the Metaverse grows. Morgan Stanley analysts reportedly see the Metaverse potentially growing to an $8tn market.