Chapter 410 |
Edm Entertainment not only runs a talent agency, but its main focus is content investment. It directly invests to acquire stakes and also connects agencies with investors.
In the case of Pure Girls' agency, Soonsu Entertainment, the investment didn't come from Edm Entertainment, but from Oh Taek-gyu's personal funds.
A slight misunderstanding occurred in the process.
At the mention of a 3 billion won investment, Soonsu Entertainment's CEO, Sung Soo-han, was wide-eyed.
"Are you really saying you'll invest such a large sum?"
Jeong Se-wook, the investment team manager at Edm Entertainment, explained.
"Our president said that a high-ranking executive from OTK Company's headquarters personally directed this investment."
"A h-high-ranking executive?"
When thinking of a high-ranking executive at OTK Company's headquarters, only one person naturally came to mind.
"Yes, it's exactly the 'no way' you're thinking of. He asked to convey that OTK is investing personally."
"Gasp! OTK!"
CEO Sung Soo-han's jaw dropped.
Who else but the CEO of OTK Company could refer to themselves as OTK?
"W-why on earth would he invest in a small-time… I mean, a small agency like ours?"
While 3 billion won was an enormous sum for a small-to-medium-sized agency, potentially exceeding its enterprise value, OTK Company casually made investments in the tens of trillions of won.
Why would such a colossal company invest in a small agency that wasn't even one of the "Big Three" entertainment companies?
"He asked me to tell you that he is a passionate fan of Pure Girls. He also said that the new song is good, and if you work hard, you will do well."
CEO Sung Soo-han's jaw dropped open again.
My god! Kang Jin-hoo is a fan of Pure Girls!
Investment manager Jeong Se-wook continued.
"The condition of the investment is that the entire 3 billion won must be used solely for Pure Girls. Even if a total loss occurs, there is no obligation to return the investment, and you will not be held responsible. However, you must disclose your accounting books to us on a quarterly basis, and you will be held legally responsible for any embezzlement or breach of trust. Let me repeat, this is a matter he is personally interested in and overseeing."
More than a few people had seen their lives ruined after confronting Kang Jin-hoo. CEO Sung Soo-han wasn't brave enough to embezzle the money, knowing this fact.
"But as you know, we handle a lot of cash transactions on our end…"
"We are well aware of that. As long as you don't do anything that could cause problems, there won't be any. Oh! And he mentioned that he would like you to move them to a new dorm first."
"Understood. We'll move them immediately."
CEO Sung Soo-han called the Pure Girls members together.
At the sudden summons from their CEO, the four girls all looked nervous. It had been two weeks since they started promotions for their third album, but there had been little response.
All they had done was appear on a few cable broadcasts and perform at shopping malls and local festivals. If they didn't make it this time, would they be disbanded?
"I have an important announcement to make."
As if sensing their impending disbandment, a few of the members burst into tears.
But the CEO's announcement was completely unexpected.
"CEO Kang Jin-hoo is a fan of yours, and he has personally decided to invest."
At those words, the members all looked at each other with bewildered expressions.
"CEO Kang Jin-hoo, as in…"
"Isn't he incredibly rich?"
"Wow! Is he really our fan?"
The members couldn't quite grasp how enormous this news was. But Yi-eol, who had led the team through all sorts of hardships for the two years since their debut, was different.
"N-no way…"
It was no exaggeration to say that Kang Jin-hoo was the most famous Korean in the world. Wasn't there a saying that while many foreigners might not know the name of the South Korean president, there wasn't a single one who didn't know Kang Jin-hoo?
Yi-eol was stunned by this unimaginable stroke of luck.
She clasped her hands tightly and shed tears.
Thank you, CEO Kang Jin-hoo.
***
[(Exclusive) OTK Company's CEO Kang Jin-hoo Personally Invests 3 Billion Won in Soonsu Entertainment! Turns Out He's a Passionate Fan of Pure Girls?]
An online news reporter who stumbled upon this news quickly wrote and published an article.
Countless celebrity articles are released every day. If it had been just an article about Pure Girls, people probably wouldn't have paid much attention.
But the investor was none other than Kang Jin-hoo.
Within ten minutes of being posted, the article was on the portal's main page, and the link spread like wildfire.
"Did you see the article? Kang Jin-hoo invested in a girl group!"
"He's a fan of Pure Girls!"
"Are they a famous idol group that only I didn't know about?"
"Huh! They debuted two years ago. How did Kang Jin-hoo even find them?"
"Guess he has time for his hobbies no matter how busy he is."
In less than an hour, the article racked up five million views and eventually dethroned a top celebrity's divorce news to take the number one spot on the real-time search rankings.
Broadcasting stations were in an uproar.
"Who the hell are Pure Girls?"
"Which agency are they with?"
"I don't know who they are, but book them for a show before another entertainment department snatches them up!"
When a group scheduled for SBC Music Box canceled, the producer immediately booked Pure Girls and confirmed their appearance.
It's difficult for an idol to make a name for themselves even when experts employ all sorts of marketing tactics. It was especially hard for a two-year-old group to create a buzz.
But with the single piece of news that Kang Jin-hoo had invested, they transformed into an idol group that the entire nation knew!
-LOL, Kang Jin-hoo's fanboy reveal~
-A girl group backed by the chairman!
-Wow! With capital from OTK Company backing them, they'll be going global soon.
-A girl group the chairman is personally nurturing ^^
-Seeing Kang Jin-hoo in a new light. I thought he was a cold-blooded, ruthless investor, but who knew he was a girl group stan.
-He is at the age to like girl groups~ I totally get it.
-Isn't his model girlfriend going to get mad and throw fish and chips at him?
-LOL, Royal Fish and Chips~
-For all we know, Im Jin-yong and Chae Won-tae could be 'uncle fans' too~
-Don't diss Brother Kang from now on. There are no bad people among those who like girl groups.
-Following my hyung's lead, I'm going all in on Pure Girls starting today.
-So who's his number one pick?
-The more I look at Yi-eol, the cuter she gets~
***
After the SBC Music Box broadcast.
Pure Girls became the number one casting priority for all terrestrial music programs.
It's not that surprising when a specific product or person gains fame after being introduced by a celebrity on social media or in the press.
That's why social media celebrities are called "influencers" (in China, they are called "wanghong"), and marketing that utilizes them has become active recently.
Although I wasn't a celebrity, I was a famous person. In that sense, I could certainly be called an influencer.
Still, I never imagined it would have this much of an impact!
Pure Girls, who just a few days ago were a so-called "never-heard-of" group, were now a group that everyone knew.
The rank of "Catch Me Please," which had been somewhere at the bottom of the Mango Chart, shot up to number three.
"Yes! At this rate, they could hit number one by tomorrow."
Taek-gyu’s disappointment at not being recognized for his investment was brief. With the heart of a true fan, he was now solely focused on cheering for Pure Girls' success.
As I stared at him, Taek-gyu looked out at the garden and muttered.
"Looking at the green weeds, I can feel the brilliant beauty of life."
"…"
Seeing him suddenly spout nonsense, I guess he knew he did something wrong.
Taek-gyu patted my shoulder.
"Why don't you take this opportunity to become a Pure Girls fan too?"
"…The entire nation already thinks I am."
It was too late to say otherwise. It's easy to say you like someone, but not so easy to say you don't.
If I denied the truth, Pure Girls would become liars. And technically, we were the ones who caused the misunderstanding in the first place.
So, in the end, this was all Oh Taek-gyu's fault.
Reporters rushed to my company and shoved microphones in my face.
"Is it true that you're a fan of Pure Girls?"
"How much do you like them?"
"Did you invest because you're a fan?"
I was used to reporters flocking to me and throwing questions. The only difference was that until now, it had been reporters from the politics, economics, and social affairs desks. This time, they were from the entertainment desk. There was even a reporter I recognized from a well-known entertainment news show.
This scene would probably also air on a program like "Entertainment News Weekly."
Lee Myung-hoon, a reporter who was a former comedian, shouted in a loud voice.
"Who is CEO Kang Jin-hoo's number one pick? The nation wants to know!"
"…"
Why does the nation want to know who my number one pick is?
To be honest, I didn't even really know who the Pure Girls members were…
"Is it perhaps Yi-eol?"
At least I knew of Yi-eol, since Taek-gyu had shown me so many pictures and explained so much about her. She was pretty cute.
I had barely even had the thought, but the entertainment reporters didn't miss my expression.
"Are you admitting that your number one pick is Yi-eol?"
"Then who is your number two pick?"
"What do you think of the other members?"
"Please tell us!"
In any case, for Pure Girls, this was the opportunity of a lifetime, wasn't it? Whether they could seize it or not would be up to them.
I recalled Oh Taek-gyu's request that was more of a threat and sighed inwardly.
"Please give Pure Girls a lot of support."
***
[The Girl Group an Investment from the World's Richest Man]
[What are the Charms of the Pure Girls Members that Captivated Even Kang Jin-hoo?]
[Kang Jin-hoo's 1-Pick Confirmed to be Yi-eol? Then Who is His 2-Pick?]
[Pure Girls' New Song "Catch Me Please" Gaining Popularity!]
[Leader Yi-eol to Appear on National Variety Show 'Infinite Challenge']
[All Pure Girls Members to Appear on 'Star Quiz']
[Sola Shows Off Her Vocal Prowess on 'Duo Song'!]
"…"
What on earth is this, and why are there still articles pouring out about it days later?
The issue spread overseas as well. The main pages of sites that covered Korean entertainment news were plastered with photos of Pure Girls.
Foreign media outlets re-examined Korea's idol culture and the Korean Wave, and interest in idols active abroad grew significantly.
The industry was hopeful that this event would lead to full-scale investment in Korean Wave content and the growth of the cultural industry. In fact, many investment firms began to review investments in entertainment stocks.
Sang-yeop, who was well-versed in this area, explained.
"Entertainment stocks have good growth potential, but the risk is too high. It's a huge hit if they succeed and a total flop if they don't. The fact that most of that risk is human risk is also a problem. As they say, a tree with many branches has no peaceful days. These days, groups with many members have ten or more, and they're all in their rebellious phases. If just one of them causes trouble, all hell breaks loose."
I nodded.
"That's why value investors don't really like entertainment stocks."
Even if it wasn't something like drunk driving, assault, or a sex crime, the stock price would fluctuate wildly if even a dating scandal or a personality issue broke out.
This is the biggest reason why entertainment stocks are undervalued. Entertainment companies also try to diversify into various businesses to mitigate these risks.
Listening to the conversation, Taek-gyu tilted his head.
"But when you think about it, isn't it strange? Back when Japanese pop culture was first opened up, everyone said Korean pop culture would be completely devoured by Japan, but the result was the opposite."
It was about twenty years ago that Japanese pop culture was fully opened to Korea.
At the time, Japan was the world's second-largest economy and produced cultural content befitting its economic scale. As with other industries, the prevailing perception was that Korea's cultural industry was about ten years behind Japan's.
But surprisingly, Japanese pop culture didn't have much of an impact in Korea. While Japanese idols remained focused on their domestic market, Korean idols expanded throughout Asia.
This was, paradoxically, due to the difference in market size.
With a population of over 100 million and high income levels, Japan could generate sufficient profits by focusing solely on its domestic market. But Korea, with its relatively small domestic market, believed that overseas expansion was the only way to survive and began targeting foreign markets early on.
Thanks to this, Korean idols gained great popularity in China, Japan, and Southeast Asia, and have recently been creating a Korean Wave craze even in Western countries like the U.S. and Europe.
Looking at things like this, Korean idols really are amazing.
***
Ever since my forced fanboy-reveal thanks to Oh Taek-gyu, it seemed that everyone I met brought up Pure Girls.
Middle-aged company presidents would say with a smile, "I've been enjoying Pure Girls. I became interested because I heard you liked them, and the more I watch, the more I'm drawn in."
"Hahaha! I've also joined the Pure Girls fan club. That girl Sola is so lovely. She's my number one pick. Hahaha!"
"How about we go to the next Pure Girls concert together?"
"…"
Stop it already.