- Press Releases
- Here’s what Daesung Group has to say as we soar towards our 100 year vision
| Title | "BiNEXT, SBSi Create $12.7M Music Fund" | 2007.12.26 |
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FROM: Daesung Group PR TFT - investment in digital sound source databases, including movie and drama OST and related concerts - investments by Yedang Entertainment, Direct Media, XCC, including a $3.8M investment from the mother fund - investment-based portfolio that will minimize risks and maximize returns [Wednesday, December 26, 2007] A digital sound source fund has been created to pursue strategic investments in the music industry which is experiencing a paradigm shift from offline CD sales to rapid circulation of digital sound source databases. Daesung Group (CEO: David Younghoon Kim) subsidiary BiNEXT CAPiTAL (www.binext.com, 027830) announced the establishment of 'BiNEXT CT2,' a $12.7M music fund for various digital sound sources, including Original Sound Tracks (OST) and related performances, in cooperation with SBSi (CEO: Lee, Nam-Ki www.sbs.co.kr, 046140) and several other parties. The fund is formed by investments by BiNEXT CAPiTAL ($1.27M), Korea Venture Investment Corp. ($3.8M), SBSi ($3.8M), Yedang Entertainment ($1.27M), Direct Media ($1.27), XCC ($1.27M), and others and will operate for the next 7 years. BiNEXT CT2 Music Fund will focus 60% of investments in digital single albums, online music, and enhancing Web 2.0 audio capabilities; 25% in movie, drama, and animation OSTs and concerts; 15% in concert management and other related areas. Accordingly, 60% of the funds will be invested in audio sound projects, 25% in Convertible Bonds (CB) and Bonds with Warrant (BW), and 15% in other areas. The BiNEXT CT2 Music Fund will be available to music producers and agencies with experience and reputable histories, and 20% will be available to new talents and agencies who pass strict eligibility criteria, so as to minimize risks and maximize returns. Eligible recipients of funding will receive support in the areas of domestic and international publicity, international showcasing, marketing, Initial Public Offering (IPO), Investor Relations (IR), and management. The aim of the fund is to provide networking and systems to increase the planning, producing, and distribution of high-quality digital sound sources and to help enterprises grow. BiNEXT CAPiTAL CEO and chairman of Daesung Group David Younghoon Kim said, "The Korean music industry has been granted opportunities to enter the global market on account of Hanryu but is at the same time facing new challenges with the onset of a paradigm shift in the area of distribution." Kim added, "The BiNEXT CT2 Music Fund will help enterprises with promising music contents to establish strong business models and will provide value-added services to strengthen competitive power in both the local and global music industries. Similar articles: [Source: Hankyoreh] December 27, 2007 "Daesung Group Creates $12.7M Music Fund" (p.20) [Source: Hankooki] December 27, 2007 "Daesung Group Creates Music Fund" (p.A20) [Source: Money Today] December 27, 2007 "Daesung Group Creates $12.7M Music Fund" (p.12) [Source: NewsVA] December 26, 2007 "Daesung Group Creates Music Fund...Investment Focus on Digital Sound Sources" (Online) [Source: The Electronic Times] December 27, 2007 "$12.7M Digital Music Fund Created" (p.2) [Source: Digital Times] December 27, 2007 "$12.7M Digital Music Fund Created" (p.5) [Source: NewsWire] December 26, 2007 "$12.7M Music Fund Created by BiNEXT, SBSi..." [Source: iNEWS] December 26, 2007 "$12.7M Music Fund Created by BiNEXT, SBSi..." [Source: The Gas Industry News] December 26, 2007 "Daesung Group Creates $12.7M Music Fund" [Source: The Energy Economic News] December 26, 2007 "Daesung Group Creates $12.7M Music Fund" [Source: iDAEGU] December 26, 2007 "$12.7M Music Fund Created by BiNEXT, SBSi..." |
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