Song Jae-yong, CEO of Treasure Hunter and president of the KFCC, speaks during an interview with The Korea Herald, Friday. (Park Hyun-koo/The Korea Herald)
Connecting multichannel network companies, tech and media industries with creators and their fans can create powerful synergy in the content business sector, according to Song Jae-yong, CEO of Treasure Hunter, one of the pioneering multichannel network companies in Korea.
On Nov. 8, Song was appointed as the first president of the newly created Korea Federation of Content Creators.
The KFCC’s mission is to support and develop creative Hallyu content for the global market. Some 30 businesses, organizations and individuals have joined the group, including multichannel network companies, media outlets, tech companies, entertainment businesses, law firms, universities and individual YouTubers. It is recruiting new members, according to Song.
“If one sector becomes dominant in the field of content business, companies become more beholden to that particular sector. In the pre-digital era, such tendency led to successful business. Today, however, connecting agendas by joining hands with other sectors is critical to the success of new media business.” Song told The Korea Herald during an interview, Friday.
Founded in January 2015, Treasure Hunter currently has some 160 employees in Korea, and has branches in China, Hong Kong and Southeast Asia. The company manages over 330 creator teams working on YouTube and other new media platforms, such as TikTok. These creators recorded a total of 78 million subscribers, accounting for some 26 billion views as of the first half of 2021.
“I understand that influencers on digital-based platforms are not always viewed as positive figures by the mainstream media. They are often criticized for publishing violent and suggestive content, or engaging in deceptive advertisements. But as I began to work with them, I realized that they are not all hard-hearts, or lack empathy for young viewers.” Song said.
He found out that many lack basic knowledge on regulations and guidelines for content production. Many were also unable to get professional assistance in claiming rights to their works. Song felt the necessity to create a healthy playing field for content to prosper.
Song Jae-yong, CEO of Treasure Hunter (Park Hyun-koo/The Korea Herald)
“K-content started to bloom at a stage when there were fewer government regulations. In order for creative businesses to grow, both public and private sectors should encourage bold and experimental content,” said Song.
“Another big goal of the KFCC is to set up an autonomous ranking system that supports the interests of the players in content industries, while urging them to act for social responsibility and ‘virtuous desire’ in their creations,” Song added.
The KFCC will hold a launch ceremony in December at Coex in southern Seoul, which will be followed by a number of conferences exploring the future of content creation.
By Kim Hae-yeon (email@example.com