by Revoist, the operator of ‘Wex’, where global K-pop fans can directly participate in, suggest, and promote sound source production, has launched ‘BRELAND Enterprise (Chairman Jim Jim)’ Rogers)’. The amount is confidential.
Chairman Jim Rogers founded the Quantum Fund in 1968 with George Soros, and he returned an astonishing 4,200% in 10 years from 1970 to 1980, when the S&P 500 rose only 47%. Thanks to this background, he is called one of the world’s top three investors, Warren Buffett and Soros.
‘WeX’, developed and operated by Revoist, is a platform where fans and individual investors can directly participate in producing new music for artists by purchasing neighbouring rights. It is a method in which the rights held by Revoist, the producer, among the neighbouring rights generated by the production of new music, are sold to the general public. The revenue from the piece is divided accordingly.
Unlike general crowdfunding, the same level of rights as the performer, such as the artist who sang the song, is granted to the purchaser, and the distribution of profits is guaranteed during the period of holding the copyright, which is maintained for 70 years after the release of the song.
In 2020, more than 2,000 fans and investors from over 50 countries participated directly in the five projects. The 6th project ‘Hyorin’s special single album ‘A-HA’, which opened on WeX in December of last year, has been sold out, and the 7th project is with Melanie Fontana, who composed BTS little girls’ poems. Together, we plan to open a collaboration project between global artists and K-pop artists in the second quarter.
On the other hand, due to the policies of domestic PG companies, fans from some countries in Southeast Asia, the Middle East, and South America are unable to participate due to difficulties with credit card payments. Revoist will be introduced in the second half of the year to enable payment with LVI tokens for global users and soft music sharing projects.
A Revoist official said, “This investment is meaningful in that the growth potential of cultural contents such as K-POP has been recognized by Jim Rogers, a global investor. will,” he said.
On the other hand, Revoist was established in 2019 and secured initial investment from T Investment within six months, and subsequently attracted subsequent investment from Hdac Technology, a blockchain technology company based by Hyundai BS&C President Dae-sun Jeong in 2020.
