Spackman Entertainment Group, one of South Korea's leading entertainment production groups, has announced that it plans to launch its own utility tokens (K Coins) through an Initial Coin Offering (ICO).
K Coins can grant token holders access to products and services originating from Spackman Entertainment Group, including merchandise or premium content or events related to hit movies and dramas produced by the Group. The Group also intends to partner Spackman Media Group (SMGL), the largest entertainment talent agency in South Korea, to allow K Coins to be used for the participation or purchase of artist-based projects, such as photography works, fan meetings, concerts and merchandise.
Richard Lee, Chief Executive Officer & Executive Director of Spackman Entertainment Group, said: "Blockchain technology is an innovative approach to leverage our content and talent management platform. In collaboration with our associated company, Spackman Media Group, we are excited to explore an ICO that will give token holders unparalleled access to our artists and content."
The proposed ICO is still at a preliminary stage of discussions with various parties and any agreement will be subject to the completion of the company's due diligence exercise, approval by shareholders and consent from regulators.