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Record Label Industry Association Of Korea Discusses Losses Due To COVID-19

On August 13, the Record Label Industry Association of Korea held a seminar to debate the results of COVID-19 on the music trade.

In the course of the seminar, the losses confronted by the music trade as a result of COVID-19 from this February to the tip of July had been revealed.

The next three subjects had been coated throughout the dialogue: the modifications in album manufacturing since COVID-19, the professionals and cons of on-line live shows, and the general issues of the music trade.

Along with a consultant from the Record Label Industry Association of Korea, people from the Korea Stay Sound Association, performing arts theaters Rolling Corridor and HanaTour V Corridor, Sound Republica Inc. in addition to numerous musicians and staff from the music trade had been current. Interpark, the Analysis Institute for Korean Archives and Data, and the Chungnam Tradition Know-how Industry Company attended the assembly as effectively.

The Record Label Industry Association of Korea revealed {that a} complete of 162 live shows deliberate for a venue close to Hongdae had been canceled, leading to a lack of 1.1 billion received (roughly $908,100). A complete of 89 live shows from a member firm had been canceled as effectively, amounting in harm price 13.9 billion received (roughly $11.7 million). On the nationwide stage, a complete of 288 live shows fell aside, which resulted in a lack of 106.four billion received (roughly $89.eight million). With a complete of 539 performances canceled, the loss quantities to a complete of about 121.three billion received (roughly $102.three million) in damages.

President of the Record Label Industry Association of Korea Lee Gyu Younger stated, “It is a scenario the place album manufacturing prices can’t be coated solely by album revenues. We’re protecting manufacturing prices by income from sources apart from albums and digital copies, which embrace live shows, festivals, and the representatives’ personal funds.”

On the rising pattern of on-line live shows being held as a result of COVID-19, the Korea Stay Sound Association’s president Go Jong Jin stated, “After switching to on-line live shows, corporations have been making gross sales by the usage of video tools. Nonetheless, when it comes to audio, the system’s firm isn’t making important revenue as a result of the live shows are held with out an viewers.”

Moreover, on-line live shows can current issues equivalent to monetary damages as a result of charges used to broadcast the performances in addition to the constraints of holding on-line performances rather than offline ones.

Consultant Noh Geon Shik from Sound Republica Inc. stated, “On-line live shows inevitably require the next price range in comparison with offline performances as a result of broadcasting charges, labor prices wanted for system growth, and higher bills for promotions on-line. The net live performance is simply an emergence of a totally completely different technique; I don’t consider that they will substitute offline performances.”

Yoon Hee Jin from Interpark’s live performance consulting crew stated, “It’s inevitable that the broadcasting charges for streaming and on-line live shows are completely different from the prevailing charges of tickets for offline performances. The prices for servers — equivalent to cloud servers — will stay the identical whatever the measurement of the live performance or the ticket costs, and there are alternatives to extend the utilization time and capability of the server. At the moment, Interpark is holding inner discussions and present process developments to current a broadcasting price price of 30 % or much less to the market.”

On the seminar’s final matter concerning the general issues within the music trade, Kang Gyu Hyun from the group Marychou stated, “Just lately, I’ve witnessed folks coming into and acting at a musical theater that matches 300 seats after present process solely the essential procedures [for COVID-19 prevention]. Aside from this, [we] don’t simply perceive the extreme rules on live shows for in style music. It’s referred to as pop music as a result of it’s one thing that reaches nearly all of the general public comfortably, and it’s a disgrace that we’re in a present scenario the place we should maintain the best distance away from the general public.”

Joo Sung Min of V Leisure stated, “We hope that assist initiatives can be carried out by long-term plans from the federal government. We a minimum of hope that they’ll implement insurance policies that can keep the muse of the music trade.”

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Kim Diaz

Kim recently joined the team, and she writes for the Headline column of the website. She has done major in English, and a having a diploma in Journalism.

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