CJ ENM launched 30 billion won fund to support local musiciansCJ ENM announced Tuesday that it has delivered on its promise to put together a 30 billion won ($24 million) fund to financially support musicians in Korea.
“We signed an agreement to cooperate with the Korea Credit Guarantee Fund and Korea Creative Content Agency to financially support the development of the music industry,” CJ ENM said in a statement Tuesday.
The agreement involves a 5 billion won investment by CJ ENM to support activities in the music industry.
The company, which runs the cable channel Mnet, had created a 25.3 billion won fund, called KC Vivace Investment Association, in January. The fund is valid for the next seven years and will run independent of CJ ENM, according to the company.
Altogether, the company has met its pledge to gather at least 30 billion won to support musicians, which it announced last December in the aftermath of a vote-rigging scandal surrounding the Mnet “Produce” series.
Producers Kim Yong-bum and Ahn Joon-young of Mnet have been indicted with detention for rigging votes in the final rounds of all four seasons of “Produce” and are undergoing trial.
Before the scandal, “Produce 101” took K-pop by storm, opening up a new dimension in the world of audition programs by introducing a show through which viewers got to choose the members of a K-pop group.
In addition to the promised funds, CJ ENM also announced that it has launched a public-private committee to oversee the company’s operations, consisting of members from academia, the legal sector and media content producers.
By Esther Chung