The global spread of ‘Hallyu,’ a collective term for the Korean pop (K-pop) culture wave, has enthralled many fans, resulting in a niche market and valuable business opportunities for Korean startups. Riding this wave, Amp Inc., a platform for organizing and distributing KPOP fan-created content, has seen tremendous success in domestic and international markets.
The market for fan-based goods and services, known as ‘fandustry,’ is estimated to be worth more than $500 million. To capitalize on this profitable business, AMP Inc. has created Duckzill, a one-stop shop for all things K-Pop idols. Furthermore, in 2022, the startup launched a multi-channel network (MCN) business targeting professional K-pop fans known as ‘Homma.’
Amp Inc. has also signed a contract to use high-quality content more freely. As a result, the startup can host events in high demand among global fans, such as large-scale events and virtual exhibitions.
Meanwhile, with an eye toward future expansion, Amp Inc. intends to hold local offline events directly in Indonesia and Japan. The startup has secured Homma or prosumer fans who will provide content for the purpose. In addition, active efforts are being made to recruit foreign home horses.
While participating in the 2021 Global Challenge program, the startup has already experimented with offline events. Last year, as part of the program, the startup rented space, such as a gallery, to host small offline events. Using the data gathered at the time, the startup was able to plan and operate large-scale events attended by both domestic and foreign fans.
As part of its international expansion strategy, the startup is focusing on countries where there is a high demand for KPOP fandom content, such as Japan, Indonesia, and Thailand, where active distribution is possible. The company anticipates a virtuous cycle effect of increasing the number of service users by increasing the number of related home pages and contents.
Amp Inc. intends to create a large amount of content for KPOP fans to visit and enjoy in the future by establishing a base in Korea and abroad.
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