Global entertainment platform MakeStar announced on the 4th that its 2021 revenue rose 175% year over year, marking a record high for the third consecutive year.

According to the company’s announcement, MakeStar generated KRW 29.7 billion in revenue and KRW 3.5 billion in operating profit in 2021. Revenue more than doubled from KRW 10.8 billion in 2020. The company had already generated KRW 11 billion in revenue in the first quarter of 2022 and expects to set another record.

MakeStar has grown into a global platform visited by users in 235 countries and generating revenue in 134 countries, including the United States, Europe, Japan and China. It has also completed more than 1,000 projects with around 300 Korean Wave content producers and 400 artist teams, generating average revenue of approximately KRW 80 million per project.

MakeStar is an entertainment technology (ent-tech) company that connects Korean Wave stars with fans in more than 200 countries and introduces and shares a wide range of Korean Wave content across genres with global audiences. International fans can access products and services from various artists through MakeStar and take part in unique events that overcome physical distance, including video-call fan signings, meet-and-calls and showcases. These offerings have been warmly received.

Recently, the company has attracted participation from global fans through events featuring leading K-pop acts such as BLACKPINK, Red Velvet and Stray Kids, as well as events related to soundtracks for popular dramas including SBS’s A Business Proposal and KBS2’s Crazy Love. MakeStar has also drawn attention for initiatives spanning genres, helping bring K-trot artists such as Lim Young-woong and Jeong Dong-won to global audiences.

“In the first half of the year, we will launch new businesses such as alternative albums and subscription services, and grow into a global ent-tech company that contributes to the worldwide expansion of K-pop and the Korean Wave,” MakeStar said.

Meanwhile, MakeStar raised KRW 20 billion last year from investors including Altos Ventures and the Korea Development Bank. It was recently selected as a seventh-generation Innovation Icon, and is expected to receive up to KRW 15 billion in support from the Korea Credit Guarantee Fund.

MakeStar: https://www.makestar.co/

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