SM Entertainment has refused to meet the demands of their shareholders (primarily not wanting to stop funneling money to Lee Soo Man‘s company in private) recently and has continued to see their stocks plummet.
But don’t worry, they have a plan … and that plan is apparently starting their own cryptocurrency.
SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price. Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun. Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies. The director provided few specifics about the technology, but said the firm aims to make use of the concepts of both public and private blockchains and is currently talking to potential partners to build the network. The entertainment business as it stands utilizes inefficient settlement and payment systems – issues that blockchain could help address, Joo said.
Literally who asked for this? Or who thought this was the main problem as to why stocks are plummeting?
Always skeptical about this kind of shit, especially because the target audience is so young, but even ethical qualms aside and factoring in that these companies can get a large number of people involved by default, I guess I just don’t see the point.