K-Pop Music Giant SM Entertainment Is Planning Its 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.