‘CAST’ is a growing business model using the alliance between K-Pop Stars and local Korean enterprises

From BTS food at McDonald’s to BLACKPINK members all representing several luxury fashion houses, global brands are embracing K-pop stars’ popularity and social media savvy like never before. But the artists use their influence to develop and grow enterprises from their home country of South Korea in a new business model where they receive significant government support.

The special affairs division of Korea TV and radio broadcasting company Munhwa Broadcasting Company (formerly known as MBC) has developed a new business model titled “Connect, Acompany to make Synergy and Transformation” or “CAST” about its recent acquisitions and future plans. . After three years of research and testing, MBC reveals that they are willing to partner with Korean small to medium enterprises (also known as SMEs) and share their millions of excited fans, even with the profiles of K-pop artists and celebrities. Meaningful and collaborative partnerships.

In the CAST system, Korean wave and SME stars are matched one-on-one, with celebrities not only participating as models but also as creative directors in the product planning, development and testing stages. The South Korean government-backed Korea Foundation for International Cultural Exchange (KOFICE) designed the matching system in recognition of the difficulty of small Korean enterprises in recruiting top stars.

MBC said in a press release, “Stars who use their influence for SME development and overseas expansion are considered a new form of donation. “The free participation of international stars in the event has attracted a lot of attention. [and] The CAST project deserves attention as a donation to sustain a true partnership for more than a year in an unprecedented manner in the world.

In the year Artists actively partnering on the program’s 2022 iteration include long-time popular girl group Apink, chart-topping boy band SF9, solo superstar Chung Ha, rising girl group Weekly, beauty YouTuber PONY, as well as models Irene Kim, Jung Hyuk and Song Hyena. With eight SMEs selected by KOFICE to create the best synergy between both parties, the eight stars worked as creative directors to support and promote the product after approval.

The first overseas test of the business model was at last year’s HallyuPopFest in London, where approximately 60 SMEs from Korea performed on the same festival grounds alongside popular artists such as Kai, Chen, Hua Sa, SF9, ASTRO, Weekly, K1per and others. These overseas fairs and product demonstrations are another part of CAST’s system to strengthen local awareness and develop international demand for businesses thanks to the star’s visibility and support for the products.

Looking ahead, KOFICE President Jung Kilhwa shared that after three years of testing, the CAST model can build “strong competitiveness” among emerging businesses by 2023.

The CAST system not only shows how Korean businesses can gain a foothold in the global marketplace, but also shows that K-pop stars know exactly what it takes to grow their country’s economy in a healthy and meaningful way.