On Tuesday, October 4, we told you about some of the steps HYBE is taking that hint at a strategy to diversify its business to be less financially reliant on its flagship group BTS.
We asked if a major expansion into AI technology could be next on the agenda, following the news that the entertainment giant has reportedly acquired AI sound startup Supertone for 45 billion South Korea Won (approx $31.75m at current exchange rates), having invested an initial USD $3.6 million in the firm last year.
Another sector that HYBE is making a play for is NFTs.
In November last year, HYBE threw considerable weight behind the crypto craze via a joint venture with Korea-based blockchain and fintech company Dunamu.
That strategic partnership saw HYBE acquire what Korean news site Pulse News reported at the time to be 861,400 shares in Dunamu for 500 billion South Korea won (approx. $421m).
Dunamu meanwhile, according to a regulatory filing, acquired 2,302,570 shares in HYBE for 700 billion South Korea won ($590m).
HYBE and Dunamu now operate a Los Angeles-based joint venture company called LEVVELS, established in January 2022, to “advance the fandom experience by leveraging blockchain technology, including Web3 and non-fungible tokens (NFTs)”.
LEVVELS just launches a new K-pop collectibles platform called MOMENTICA, described as a “flagship platform for fan-artist engagement built on sustainable blockchain technology”.
On MOMENTICA, K-Pop fans will be able to access unique digital collectibles, called ‘TAKE’, which exist in both image and video formats, and are only accessible through this platform.
MOMENTICA’s pre-registration event promotion starts today (Wednesday, October 5), where fans of five superstar K-Pop groups, including SEVENTEEN, fromis_9, TOMORROW X TOGETHER, ENHYPEN and LE SSERAFIM, can get the first digital collectibles from these groups for free.
LEVVELS says future updates will provide “more advanced ways” for fans to trade and personalize these collectibles and the official launch of the service will take place in mid-October.
All ‘TAKE’ collectables are recorded on the company’s proprietary LEVVELS Blockchain, which is based on the cloud-based blockchain service platform, Luniverse.
Luniverse is created and operated by Lambda256, a subsidiary of Dunamu.
“K-pop fans across the globe are known for their sophisticated use of technology in their everyday communication within their fan communities.”
Ryan Jang, LEVVELS
“K-pop fans across the globe are known for their sophisticated use of technology in their everyday communication within their fan communities,” said Ryan Jang, COO of LEVVELS Inc.
“In celebration of their passion, we are excited to provide a new digital experience that enhances how the fandom celebrates the best moments of their favorite artists through technology.
“Our aim is to always enhance the fan experience and we will continue to update and expand our services while always maintaining a user-friendly and intuitive user interface (UI).”Music Business Worldwide