Every day people spend more and more time on video content and entertainment. Such phenomenon is not only due to exponential growth in number of entertainment contents, but also the fact that consumers are more actively consuming the contents. Current tendency of consumers finding their desired contents and using them as On-Demand Video is 42%, which shows a considerable increase compared to 30% back in 2010. This is specifically significant among the Millennial generation (16~34 years old) and this trend helps us predict that a curation service that assists individuals to find relevant content will be more influential in entertainment content industrial system from now on. Furthermore, content consumers show a tendency to break away from just being a passive consumer. They discover and recommend their favorite contents or artists and take a step further by making an investment on them as active consumption. New consumers, socalled Fanvestors, found in crowd funding service represent such trend who are not only fans of particular contents or artists, but also act as investors. They overcome their primary role as a consumer to simply enjoying the contents after being released and invest their money on contents and artists that they find interesting, anticipating, and profitable to support and even advertise them.
On the other hand, such market change is not delightful for entertainment content producers, artists, or writers. Increasing number of contents has led to competition in the market and consumers has begun to find their suitable contents by their own that required more marketing expenses. In order for a content to successfully acquire consumers and sustain for a long time, it requires intensive effort to foster communication with the consumer more than content production. According to Korea’s content market, they show 7% of annual growth in marketing and publicity expenses while showing 3.6% of annual growth in content production expense. Limitations of attracting funds in existing method It is fairly difficult for most of small content industry companies and individual businessmen to receive systemized financial support compared to large firms.
So how we create a new space where consumers/fans, contents, and producers are being connected? Our opinion that an independent media, the influencer, is the main focus in creating such space. Consumers’ reviews play an important role in consumer’s selection of the contents in current market environment and the review of pre-experienced consumer, an influencer, is highly influential in drawing attention about the content and leading to purchases. According to Deloitte, reviews left by existing consumers show 60% of credibility, showing similar level of credibility to which consumers show towards their family or friends in making purchases of the product.
Thus, the importance of bridge-building between the contents and consumers and furthermore, content producers and Fanvestors, is getting more significant nowadays. It is a curation service that finds the best suitable content for the consumers and provides an open space for the entertainment content producers to find their consumer/fans who would enjoy and invest to their products in the market. This is where BLUE BAIKAL pursues to be. If listed elements are provided well, BLUE BAIKAL will be very influential in global entertainment market.
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Website: https://bluebaikal.com
Website: https://www.bluebaikal.io
Whitepaper: https://www.bluebaikal.io/en/files/WhitePaper_v.1.5_eng.pdf
