The Ministry of SMEs and Startups successfully launched this year’s biggest startup festival in South Korea, the COMEUP 2020, from November 19-21. The three-day event aims to connect startups and business ventures under the theme “Meet the Future – Post Pandemic.”
The last day of the event featured the future of industries such as entertainment, especially K-Pop, online education, e-commerce, and retail (offline) post-COVID-19 era.
Entertainment: Culture Technology: Shining in the New Normal
On the third day of the COMEUP 2020 startup festival, Chris Lee, CEO of SM Entertainment, delivered a speech on the culture of technology in the entertainment industry, which would shine in this new era of the post-COVID-19 pandemic. He spoke about the global expansion and influence of Korean entertainment in the ‘Untact’ economy that is becoming the new norm in people’s lives.
During his presentation, Lee expressed that the three stages of Cultural Technology include Culture Creation, Cultural Development, and Culture Expansion.
“Culture Creation” in the entertainment industry starts in the casting stage, where players or casts are selected through audition and survival programs. The players would then undergo training to enhance their skills before going through the production process.
The production process may include recording music, learning choreography, making videos and artworks, and staging concerts. A management team would develop the players’ talents and guide them towards a thriving entertainment industry career. A specific culture develops and springs forth through these productions, influencing many people who view the productions.
“Cultural Development” happens during the entire production process, wherein the audience participates and imbibes the celebrities’ culture through media. Chris mentioned examples of popular K-Pop groups like Red Velvet, Super Junior, NCT, and Boa, bringing entertainment to global audiences.
Lee also described cultural development as traditional and diversified due to differences in people’s cultures. Culture could cross boundaries and influence people in other places through technology, leaving an imprint in people’s way of life.
“Cultural Expansion” becomes inevitable when celebrities become famous and idolized by their fans. K-Pop groups influence many young people worldwide, which leads to the expansion of Korean culture outside Korea.
Chris’s speech also included the release of entertainment models using virtual reality technologies, especially after the pandemic. “Aesop’s VR avatar release received 21 million hits on YouTube. Popular groups such as Boa, NCT, Red Velvet, Super Junior, and K-Pop artists work within the essence of reality and VR,” Chris said. The Beyond Live Virtual concerts also became successful and entertained audiences worldwide.
The producer of SM Entertainment combined technology with culture to promote Korean content worldwide and become a leader in the entertainment industry.
Chris encouraged startups in the technology industry, students, and startup founders to lead and develop the culture and technology.
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