Deal focus: K-wave media savvy explores new markets

In the age of user-generated content, online influencers, and work-from-home entrepreneurialism, the importance of audience engagement has come into much clearer focus. The problem is, in this fast-evolving marketing and communications paradigm, it’s hard to know what works.

“While engagement is critical for any business's success, especially with those where fandom is essential for revenue generation, it is hard to measure effective or ineffective fan engagement because accessing fan behaviour journeys or their direct engagement across different platforms and places where data is segregated has been impossible,” said Steve Seo, co-CEO of Korea’s Bemyfriends.

“This is where ownership of the platform and the data itself works critically. The brands and creators need to understand where their fans are, their behaviours and characters, and their direct voices to build a strong relationship.”

Bemyfriends, which describes itself as a “fandom business,” aims to resolve some of these issues by providing a digital toolkit that allows users to set up their own engagement platforms. Last week, it raised USD 29m in Series A funding led by US-based Cleveland Ave with support from Korea’s CJ Group, GS Corp, and Dreamus Company.

Seo’s experience in this field includes launching Weverse, an artist-fan communications app controlled by Hybe Corporation, the manager of K-pop band BTS. His co-CEO, Brice Lee, has platform infrastructure experience at Dreamus and SK Telecom.

Bemyfriends claims to provide comprehensive fan interaction support for companies, personal brands, artists, and creators via its core software-as-a-service product, B.stage. This is essentially a bespoke platform builder with a range of features around content monetisation, livestreaming, and e-commerce, among other functions.

All services are controllable within a single administration, and all fans are engaged in a single digital space, where Bemyfriends’ clients retain full ownership of the data, even if they decide to leave the service. Since its launch in April last year, B.stage has attracted about 1,000 users across e-sports, broadcast media, internet media, and entertainment, including K-pop.

Much of the company’s mission in light of the Series A involves shaking the K-wave connotation, further expanding beyond pop-oriented entertainment, and going properly global.

This is where Cleveland comes in. Founded by Don Thompson, a former president and CEO of McDonald’s Corporation, the Chicago-based VC investor is a specialist in food and beverage, food technology, and lifestyle categories, including gaming. Seo said he expects the firm to help with setting up offices in the US, as well as connecting with strategic partners and portfolio companies.

The priority market in going global and diversifying industry exposure is the US, and to this end, Bemyfriends established a partnership of an unspecified nature with UTA (United Talent Agency) in January. EQT Private Equity invested UTA in July last year with a view to expanding its operations. Gaming and e-sports have been growth areas for the company.

Bemyfriends also seems to intuitively understand the value of old-fashioned schmoosing in this space, having co-hosted a dinner session at the latest Sundance Film Festival to talk up the business of fandom. The start-up claims it has been “actively communicating” with industry leaders through such efforts.

“Bemyfriends goes to prove that fandom business can be applied not only to K-pop but also to various fields such as content, media, e-sports, and brands,” Seo said. “Bemyfriends is the fandom experts who understand fandom business better than anyone else, and we aim to provide IT technology and high-value-added services to make our clients' fandom business successful.”

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Technology
• Consumer
• Media
• Early-stage
• South Korea
• TMT
• e-commerce
• sports & entertainment