The reason why K-pop is loved by many people around the world, including Gen Z, is because K-pop’s unique creative culture is the intersection of the fandom economy, creator economy, and process economy.
The Creator Economy is a model where creators or influencers use digital platforms to create content, engage with audiences, and monetize their creations. This model involves content creation across various platforms like YouTube, Instagram, TikTok, Twitch, podcasts, and blogs.
Fandom economy is an operational mode that focuses on the customers’ emotional capital and leverages their loyalty towards a celebrity or brand to obtain economic and social benefits.
The business model has changed a lot from the “output economy” where the result itself and functionality are the top priority to the “process economy” where the process and value are important. Now, we should not suddenly appear in the market with a functionalist perspective by focusing only on the simple result, but share why I am obsessed with the result and the process to reach the result. And in the process, we should continuously receive various opinions and reach the desired result in the form of continuous modification. The process itself should create a large community and make it more enthusiastic and sympathetic.
K-pop fandom naturally has the basic characteristics of a fandom economy. However, it does not remain a fandom economy, but rather, it is growing into a ‘creator economy’ through voluntary creation.
In addition, in this process, it is creating a representative case of a ‘process economy’ where the process is important and value is created while enjoying the process, rather than focusing on the results shown.
K-pop fandom embodies all three economies, proving that the efforts of the fandom, along with those of the entertainment industry, were essential in establishing K-pop as a new global phenomenon.
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