[Book Sip] 'Limited Edition' Goods and Music... Spotlight on NFT

Some sentences encapsulate the entire content of a book in themselves, while others instantly reach the reader's heart, creating a connection with the book. We excerpt and introduce such meaningful sentences from books. - Editor's note

Why do nostalgic LP records sell well only in Korea? YouTuber Jacheong surpassed 100 million won in e-book sales in just one day. The number of people watching soccer matches on Coupang Play has also increased. They watch weddings via YouTube Live and send congratulatory money through Super Chat. Not only content industry experts but also media and entertainment analysts and a fandom of 6.4 million global TikTokers have joined as contributors, providing in-depth analysis and rich insights. This introduces the global OTT war, the short-form era opened by TikTok, the gaming market where you can enjoy and earn money, how individuals and companies generate revenue on SNS, and the changes blockchain will bring to the content industry.

It took Disney Plus only 15 months to gather 100 million subscribers, achieving in an incomparably short time what Netflix took nine years to accomplish. Accordingly, the ‘home base’ function that attracts and retains Disney fans is now performed by Disney Plus. Originally, movie theaters and broadcast channels were promotional outlets for Disney IP, but due to COVID-19 stimulating industry changes, OTT has taken that place.

NFTs are what raise expectations that digital music, which has become a mere experience good, can be transformed back into an ownership-centered paradigm. NFTs based on blockchain are characterized not only by being impossible to replicate but also by enabling transactions without intermediaries. Fans and creators can trade directly without streaming platforms. Through this, creators gain opportunities to generate revenue that they could not obtain under profit-sharing structures. Fans also gain special experiences previously unavailable because goods or music sold through NFTs are all ‘limited editions’ due to the non-replicable nature of NFTs.

In 2020, Facebook earned about 21.67 trillion won from ads using posts uploaded by users. So how much did creators who produced content on Facebook earn? Zero won. People’s dissatisfaction began to accumulate as it was revealed that all creative works by creators were used as means to generate revenue for Silicon Valley big tech companies. To solve this problem, a new method emerged where creators and consumers trade directly, called the ‘creator economy.’

(Written by Noh Gayoung et al. / Miraeui Chang)

This content was produced with the assistance of AI translation services.