Establishment of a joint venture in Vietnam
Lenzo Yoon, former Global CEO of HYBE, and DatVietVAC established a joint venture in Vietnam, focusing on developing artists, intellectual property (IP) and business models revolving around the fan community.
Lenzo Yoon used to hold the position of Global CEO of HYBE and then Co-CEO of HYBE America, during the period when the Korean entertainment group promoted operations in the international market.
After leaving HYBE, Lenzo Yoon founded LSH Global and switched to strategic investment activities. He focused on businesses and markets where entertainment, artist and fandom experiences could be applied directly.
Yoon has chosen DatVietVAC - a business operating in the field of media, television and entertainment for more than 30 years as a partner. The establishment of the joint venture takes place in the context that the Vietnamese entertainment market is changing in the way artists are exploited. Music programs and concerts are increasingly being developed into brands capable of generating revenue from many sources, instead of just relying on advertising or broadcasting rights.
Mr. Dinh Ba Thanh - Chairman and founder of DatVietVAC said: "The joint venture wishes to contribute to building endogenous capacity for Vietnam's cultural industry - a capacity that can create talent itself, develop IP itself, form markets itself and gradually bring those values to the world.
Fandom economy economics in Vietnam
Fandom economy is a model that exploits economic value from the fan community. In this model, the relationship between artists and audiences is developed into many different activities such as content, concerts, souvenirs, online platforms, fan experiences and commercial products. And HYBE is one of the Korean entertainment groups that strongly develops this model.
That experience is one of the factors that Lenzo Yoon brought to the joint venture in Vietnam. However, Lenzo Yoon believes that Vietnam does not need to become "a different version of any market". Vietnam has its own culture, talent and generation of audiences, so the entertainment model also needs to be built on these factors.
In fact, the Vietnamese market has begun to show signs of fandom economy, especially in music. Large concerts, items for fans and commercial activities surrounding artists are increasingly popular. Some reality TV shows about music have also begun to develop into IP, leading to products and activities outside the program.
However, creating a large fandom in a short time is different from maintaining a community with stable purchasing power and engagement. This will be a noteworthy problem when the joint venture starts implementing the first projects.
