FSN Partners with Music Copyright Platform ‘Pingo’ to Launch STO Business

FSN, a KOSDAQ-listed company, announced on the 22nd that it has signed a strategic partnership agreement with Pingo Company, the operator of the music copyright platform Pingo, and will actively enter the token securities issuance (STO) business based on recently raised funds.

Pingo is a platform that provides a new concept service called 'music revenue sharing,' allowing anyone to share music revenues that were previously considered to be received only by creators or singers. It also secures multiple content IPs. Last year, it signed a business agreement with Mirae Asset Securities to build an STO service and is planning to launch innovative financial investment products.

Through this partnership, both companies will cooperate mutually for the STO business. STO refers to issuing securities in the form of tokens using blockchain technology after dividing shares of tangible assets such as artworks and real estate or financial assets. Recently, interest in the global virtual asset market has been growing again, including issues related to Bitcoin ETFs.

In particular, since both companies show strengths in utilizing IP, they are expected to actively leverage this in the STO market as well. FSN has demonstrated differentiated competitiveness in IP-based Web 3.0 businesses such as Sunmiya Club, Bellygom NFT, and Happier Town through its subsidiary Finger Labs. It also operates 'Xclusive,' a Web 3.0 content distribution hub based on content. Pingo also secures various IPs and is collaborating with major domestic securities firms on STO-related projects, so the business capabilities of both companies are expected to create significant synergy in the STO market.

Funds for new business entry are also prepared. FSN recently succeeded in raising a total of 10 billion KRW and is known to utilize this for next-generation new businesses such as STO. The company explained that with the stable securing of funds as well as existing Web 3.0 and blockchain know-how and partnership cooperation, it will be able to settle in the STO market at a faster pace.

Lee Sang-seok, CEO of FSN, said, "Having secured a large amount of funds under favorable conditions, we expect successful entry into new businesses including STO," and added, "Starting with Pingo Company, which has competitiveness in STO and music IP fields, we will establish partnerships with companies possessing core competitiveness in various areas to steadily expand new businesses."

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