kakao IR

- Kakao Entertainments Kakao Creative Foundation, a cultural foundation for all cultural content creators in South Korea, will kick-off operations in September, starting with the Online Creative Academy. More support programs for creators will be available in the future - The new Partner Portal will be used to strengthen transparency in creator payment settlements, provide the number of views for each episode as well as a gender and age index - Kakao Entertainment will think about the influence we have in society and help create a healthy ecosystem for cultural content creators said Lee Jin-soo, CEO of Kakao Entertainment [August25,2022]KakaoEntertainmenthasfinalizedtheestablishmentoftheKakaoCreatorsFoundation,whichwasannouncedaspartofKakaoEntertainmentsplanforsustainablegrowthwithcreators,andhasstartedfull-scaleoperations.ThecompanyalsolaunchedthePartnerPortal,awebsitethatprovidesinformationonpaymentsettlementsforartistsandwriters.Asacompanythatrepresentsculturalcontentcreators,KakaoEntertainmentplanstocreateahealthyecosystembyimplementingresponsibleplansthatarebeneficialtoboththecreatorsandthecompany,andbydevelopingpoliciesthatcanprovidecontinuoussupporttocreators. #StartingonSeptember5,theKakaoCreativeFoundationwillholdfreeclassesonhowtocreate,aswellasclassesonlegalandtaxinformation,psychologyandotherpracticalknowledgethatishelpfulforcreators KakaoEntertainmentannouncedthatithadfinalizedtheestablishmentoftheKakaoCreativeFoundationandwillstartoperationsinSeptember.ThisisthefirstfoundationinSouthKoreadedicatedtowebtoonandwebnovelcreators. Theboardofdirectorsconsistsofexpertsinthefieldofcreativearts,law,cultureandmanagement,allofwhomhavewideknowledgeandexperienceintheirrespectivefields.LeeJin-soo,theCEOofKakaoEntertainment,willbethechairpersonoftheKakaoCreativeFoundation.TheboardofdirectorsincludeShimJaeWoong,professoratSookmyungWomensUniversitySchoolofCommunicationandMedia,KimSeol-ah,professorofArtsandCulturalManagementatHongikUniversitysGraduateSchoolofBusiness,KwakKyu-tae,professorofGlobalCultureBusinessatSoonChunHyangUniversity,andKwakJung-min,attorneyandpartneratLawFirmClassLLC.TheboardalsoincludesartistsYoonTae-ho(writerofMisaeng,Mossetc.),SungIn-kyu(pennameJangDam,writerofInvincibleBodyguardandLastPupilofMurimmengjetc.)andLeeJoo-hee(pennameNeonB,writerofHellTemple,Unfinishedetc.) KakaoCreativeFoundationsfirstprojectistheOnlineCreativeAcademy,classesforculturalcontentcreatorsthatwillopenonSeptember5.Theacademywillbeoperatedintheformoffreeonlineclasses,whichwillprovidewideropportunitiesforfutureandpresentcreatorstoparticipateinclasseswithoutanylimitationofspace. The curriculum has also been designed to provide creators with practical and useful information. The first forty lectures will be released on September 5, followed by forty more which will be released consecutively throughout the year. The curriculum includes classes that can help the overall creative process, such as ▲classes by current artists on how to create webtoons, ▲classes by legal experts on how to deal with difficult legal issues, such as understanding contract clauses, handling disputes, and dealing with copyright infringements, ▲ classes by physical medicine and rehabilitation physicians on how to adjust shoulders and spine that has stiffen up due to long hours of drawing and writing, ▲ classes by psychiatrists and psychologists on how to protect artists and writers mental health from stress caused by malicious comments and the creative process. Lee Jin-soo, CEO of Kakao Entertainment and chairperson of the Kakao Creative Foundation, said we are continuing negotiations to provide creators with what they really need in order to mature the industry and added that Kakao Entertainment will think about the influence we have in society and exert our efforts to create a healthy ecosystem for cultural content creators and support the creation of forward-looking contents. I hope that all these efforts come together to spread a positive influence throughout the industry. Creatorscansign-upandparticipateintheOnlineCreativeAcademythroughtheSign-UpfortheOnlineCreativeAcademylinkprovidedintheKakaoCreativeFoundationwebsite(kakaocf.org)fromSeptember5,whichisalsowhentheclasseswillbereleased. #KakaoEntertainmentlaunchedthePartnerPortal,whichwillprovideartistswithatransparentoverviewofthesettlementdetails.ThePartnerPortalwillbeupdatedfollowingfeedbackfromthegovernmentandcreators Kakao Entertainment completed development of their Partner Portal, which provides artists and writers with a transparent overview of settlement details. The Partner Portal is part of Kakao Entertainments previously announced plan to improve artists and writers rights by making the settlement calculation process more transparent. Artistsandwriters,eventhosewhoprovidetheirworktoKakaoEntertainmentthroughpublishers(contentproviders),cannowdirectlychecktheirsettlementdetails,suchastheircontracttype,settlementrate,settlementamountandtransactionamount.Acommunicationchannel,whereartistsandwriterscanmakeinquiriesaboutsettlements,isalsoavailabletomaximizecreatorsconvenienceandtransparencyinsettlements.Viewsperepisodeandthegenderandageindexoftheworksreaderswillbeavailablewithintheyear. On August 12, Kakao Entertainment held a demonstration of the Partner Portal and a QA session at the Demonstration on Providing Webtoon Settlement Information PlatformCreators Co-Existence Meeting organized by the Big-Tech Power Abuse Countermeasure Task Force run by the Democratic Party of Koreas Peoples Livelihood Action Committee. This meeting was also attended by the Ministry of Culture, Sports and Tourism and artists and writers who are members of the Ministrys Co-Existence Consultative Group. Together, the participants held in-depth discussions on parts of the system that needed improvements as well as practical improvements needed for future creators. AtrialrunofthePartnerPortalisbeingconductedwithinternalstudioartistsandwillgraduallybeexpandedtoallartistswhohavesignedacontractwithKakaoEntertainment,followingaseparatebriefingforpublishers(contentproviders)andartists.Feedbackfromthebriefingwillbeusedtoimprovethewebsite. Kakao Entertainment previously announced plans over two occasions to improve the cultural contents industry and create a healthy co-existence with creators, and have successively implemented the plans. Besides launching the Partner Portal, Kakao Entertainment has until now fulfilled their promise by ▲ conducting investigations into all contracts executed by the seven subsidiaries and recommending improvement plans to strengthen the transparency of contracts, ▲ executing a plan to guarantee a 60% settlement rate for works that were invested up-front, ▲expanding creators revenue by distributing ad profits generated from viewers, and ▲ expanding users who benefit from Wait Until Free and shortening the review period. KakaoEntertainmenthasalsoimprovedcommunicationbetweencreatorsandtheplatformandisholdingvariousdiscussionsthatwillleadthequalitativeadvancementsoftheindustrybyregularlyparticipatingintheMinistryofCulture,Sports,andTourismsCo-ExistenceConsultativeGroupsinceFebruaryofthisyear. Kakao Entertainment will not stop with the previously announced and executed co-existence plans but will continue to communicate with those in the industry, including the Ministry of Culture, Sports, and Tourism, associations, and creators, to create practical improvement initiatives.