Z-Pop Dream, a South Korean entertainment platform, has announced it plans to revolutionize the K-pop music industry through the use of blockchain technology. K-pop, a genre of music popularized by the South Korea music industry and known for its addictive melodies and extravagant productions, has begun to take on global significance in recent years with artists such as PSY exploding onto the international stage.
However, despite the genre's rise in popularity, the creators of Z-Pop Dream claim that the industry is still wrought with issues stemming from the difficulty artists face trying to secure funding and entering the industry, as well as the "opaque dealings" that prevent fans from experiencing the full journey to stardom of many of their idols.
To combat these issues, Z-Pop Dream plans to set up a "star-creation infrastructure" with academies and "dream auditions" across 10 Asian countries. These initiatives will aim to give an artist a realistic entry point into the industry if they have the talent required to be successful.
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In tandem with the physical infrastructure, Z-Pop Dream will also give fans the ability to take a more active part in the success of their favorite artists by providing them the ability to use Z-Pop Dream tokens to "accumulate voting power in milestone events like auditions and award ceremonies". The Ethereum-based tokens will serve as the main currency on the platform and afford fans a "transparent and trustworthy" means of engagement.
Z-Pop Dream has revealed that intends to use the proceeds from its Initial Token Offering (ITO) to fund its infrastructural dreams across Asia and allow them to create a "global online monetization platform" within K-pop's $46bn global industry.
"Through the Z-Pop Dream project, we aim to create a new generation of global pop stars through the power of the fans, to equalize the playing field and empower both fans and artists alike to better achieve their dreams," commented Jun Kang, the company's founder.
"With our outstanding team of industry veterans and proven track record, breaching the global music stage will no longer be just a pipe dream for local artists aspiring to showcase their talent to the world," he concluded.