The retro trend centered on MZ can be seen as a result of reflecting the characteristics of MZ that values their own identity. The younger generation, who are familiar with digital, has little experience with analog sensibility, and the MZ generation, which has a clear personality and is sensitive to trends, accepts the retro itself as a new experience. Recently, a new word called Newtro, which combines new and retro, has emerged, which means reinterpreting the past trend beyond simply recreating it and reinterpreting it according to the present. It is providing nostalgia for the middle-aged and new experiences for the younger generation. Let’s take a look at Korea’s retro culture.

Fashion is one of the areas where retro is most actively used. Low-rise items and cropped T-shirts, which have recently emerged as trends, are all so-called “Y2K (year 2000)” fashion that was popular from the late 1990s to the early 2000s. Y2K means kilo, which means K means 1000, which is a computer program that uses only the last two digits of the year, and is an error in the computer program that recognizes 2000 as 1900. There are many parody contents that mainly evoke the emotions of the end of the century, and what was popular and what was used during this period are now being re-populated. Famous Korean singer Taeyeon accelerated the Y2K fashion craze by wearing a pink tracksuit popularized by Paris Hilton in the 2000s in the concept photo shoot for her album “Weekend.” In line with this trend, the fashion industry is also releasing retro-style costumes such as colorful patterned shirts, velvet sportswear, and wide pants. In fact, style commerce platform “zigzag” said that Y2K fashion product transactions surged compared to last year. Now, the MZ generation is routinely consuming retro fashion items reinterpreted with a modern sense beyond getting vintage costumes or inheriting clothes their parents wore in college.

The same is true of the food industry, which has been affected by the retro craze. SAMLIP re-launched Pokémon Bread, which was highly popular in the past. Pokémon bread has been so out of stock that it has been lined up in front of convenience stores since dawn that it has been out of stock due to the desire to collect stickers called the enclosed Tibbutibu seal rather than the taste of bread. , Pokémon bread was released in February, sold 1.5 million units within a week of its launch, and people even resold them with more money. ORION, the same industry, re-launched its snack product Wackle for the first time in 15 years last year, and sold 7.8 million cumulative sales over 10 months, becoming a good product.

Coffee shops are also offering desserts and drinks that appeals to retro tastes. Starbucks Korea has launched Whole Grain Oat Drink and Black Sesame Cream Cake, while Twosome Place has launched Mugwort Latte and Black Sesame Cafe Latte. Food that follows the retro trend is receiving great response from the younger generation for its healthy and different taste.

Retro culture can also be easily found in the content market. In the K-POP market, music videos that stimulate analog sensibility through the VHS effect or the 4:3 screen ratio are emerging, and in the broadcasting industry, materials that were popular in the early 2000s are being brought to recent entertainment programs. In Korea’s famous entertainment program named <Hang Out With Yoo> hosted a project to release a song by casting popular stars in the early 2000s. Retro-inspired songs completed through the project became so popular that they swept the music charts. In addition, the tvN drama “Twenty-five Twenty-one,” which was popular in Korea recently, was greatly loved by the public for its warm melting of retro sensibilities against the backdrop of the 90s. In line with this trend, the film and OTT industries also showed a move to remaster and distribute contents that were popular in the past. In March, the Korean theater district re-released works by director Wang Ka-wi, including <Chungking Express>, <Happy Together>, and <Days Of Being Wild>, which dominated the 90s, drawing attention.

The biggest reason why these products and services were launched is the request of the ‘consumer’. As a new word referring to this, there is “Voisumer”, which is a composite word of ‘voice’ and ‘consumer’. The MZ generation actively uses SNS and is good at expressing their opinions. They ask companies what they want and provide feedback through SNS. Through this, companies can quickly check their responses to their products and check consumers’ needs. Companies have identified the high demand of consumers for their “Newtro” products, so the risk of failure is low and consumers can buy and enjoy them. This is a win-win for both companies and consumers.

In addition, LP was in fashion, and unlike MZ generation, who was familiar with digital music listening, listening to music comfortably on their smartphones, more and more people consumed it because they could feel the novelty and analog charm of listening to music by playing turntables. In addition, there is also a MONAMI Store Seongsu branch, which is an experience store with the theme of MONAMI Factory. The interior with the motif of the MONAMI Seongsu-dong factory in the 1960s is equipped with an experience of making existing stationery products and my own fountain pen ink, and imprinting service, so about 1,000 people visited on the opening day.

In recent years, the consumption trend is experienced. Thanks to the free retro culture and social media such as Instagram, it has resulted in the retro craze. For the older generation, retro, which gives us a new experience, makes us feel a sense of homogeneity and bond, not a trend for a moment, and satisfies many generations. Retro, which creates an atmosphere that considers new rather than looking at other cultures from an exclusive perspective, makes it possible to understand other generations well.

However, the spread of retro culture does not have only a positive influence. As remade products and remastered contents of the past are successful one after another, the supply of new and original creations is decreasing. Some point out that the trend of retro culture is also the result of the era of “no future.” It means that people lose the will to change and grow in the face of a dark future and find stability in a definite past. We should observe, understand, and selectively accept these cultural phenomena analytically.

K-UNIV

ASIA JOURNAL

Metaverse is a combination of “Universe,” which means the real world, and “Meta,” which means “processing, abstract,” and means a three-dimensional virtual world. As Untact culture is popular due to COVID-19, the Metaverse, which can gather a large number of unspecified people in a virtual space at once, and can perform activities without time and space restrictions, is attracting more attention. The most famous Metaverse platforms include Naver Z’s avatar service, ZEPETO, and SK Telecom’s Efriend. ZEPETO creates 3D avatars to communicate with other users and provides services that allow them to experience various virtual reality experiences. It contains AR contents, games, and SNS functions, so it is very popular among young people. In a situation where offline events are not possible due to the COVID-19 crisis, Metaverse sometimes takes the place of concert halls. In addition, the Metaverse is being used in various fields, such as workshops, events, and university welcome parties for freshmen. When you act as a new character or character that is not your usual self, you are called a “Alter ego”. Alter ego was originally used as a game term, but is now one of the most frequently used terms in Metaverse. The Millennials and Gen Z who are trying to find pleasure by creating a second ego in the virtual world away from the harsh reality is gaining great popularity. It has become the so-called ‘golden age of Alter ego’. As such, the metaverse has had many changes and influences not only on our culture but also on our daily life. Let’s take a closer look at these changes and their impacts.

As it became impossible to talk face-to-face or host events due to the COVID-19, people began to find a way to replace this situation. One such method to solve this problems is the ‘Metabus’. Metabus has the advantage of being able to gather an unspecified number of people at once in a virtual space such as the Internet, and it can be engage in activities without restrictions on time and space.

The first platform that brought the Metabus craze to Korea is ‘Zepeto’, developed by Naver Jet. Launched in 2018, the platform has gained great popularity, especially among the MZ generation in their teens and 20s. The fact that anyone can design another character within the platform and communicate with others through the character can be seen as a good target for the MZ generation, which values individuality. In particular, in combination with the recent concept of ‘boo-character’, Geppetto users find another possibility that is different from reality through their characters. This craze of ‘Zepeto’ is clearly different from other platforms in various ways, with JYP, YG, and SM actually carrying out comeback promotions for each group within the platform.

There is a platform that has become a topic of conversation as the scope of metabuses has expanded since COVID-19. It’s “Gather.town.” Launched in May 2020, Gethertown is still sensational as it allows people to hold events online that inevitably gather a lot of people in the Corona era. This advantage of Gethertown has allowed companies and government local governments as well as the private sector to host events using Gethertown. In fact, Gumi Health Center provides online counseling services using Gethertown to citizens, and large companies such as GS Retail also hold job briefings and fairs through this platform. Events using the Metabus platform continue until now when distancing has been lifted, and as the use of such metabus space increases, various companies are entering the Metabus increases. In fact, as the Metabus business expands, the stock price will rise 88 percent from the current level, and the newly inaugurated Yoon government promised to visit IT events and fully support ICT innovation projects including Metabus.

Another area where Metabus has begun to be directly introduced into real life these days is “education.” As futurist Roger James Hamilton, who predicted that 2024 would spend more time in the 3D virtual world than in the 2D Internet world, interest in the use of metabuses in education is increasing today. As you get used to non-face-to-face life due to COVID-19, you can look at various educational sites using Metabus. Yeungnam University held the entrance ceremony for freshmen in 2022 in a metabus space. At Janggi Elementary School in Siheung-si, Gyeonggi-do, Metabus is now applied to the concept of real space beyond simple space reproduction, so expectations for a metabus that creates an effective and better educational environment are increasing. Infinite space and educational materials based on Metabus can provide an educational environment beyond time and space, which is expected to be of great help to improve students’ creativity. It is expected that many institutional levels of support will be introduced in the field of compulsory elementary, middle and high school education so that the educational environment in Metabus can be actively created.

However, Metaverse, which has grown suddenly, has threats that require adequate laws and regulations. Paradoxically, the Metaverse is a free space, but without laws and regulations, it becomes a space where freedom cannot be enjoyed due to all kinds of threats. The philosopher Hobbes described the state of a society without laws and regulations as “The war of all against all.” Metaverse will also be in the state of “The war of all against all” where cybercrime and many other threats are prevalent unless suitable laws and regulations are in place. Therefore, in order to minimize expected threats and effectively utilize the Metaverse, it is necessary to correctly predict and prepare for its future. Metaverse has not yet become common enough, so appropriate laws have not been prepared, but they can gradually melt into everyday life, so we need to prepare for this. It is most urgent to prevent various cybercrimes that may occur in Metaverse. Crimes in Metaverse, such as “Avatar Sex Offences,” are already occurring, and it is difficult to punish them properly. When order is established in the Metaverse society, the advantages of it will be further highlighted and it will be utilized in more diverse fields.

K-UNIV

Asia Journal 

Metaverse is a combination of “Universe,” which means the real world, and “Meta,” which means “processing, abstract,” and means a three-dimensional virtual world. As Untact culture is popular due to COVID-19, the Metaverse, which can gather a large number of unspecified people in a virtual space at once, and can perform activities without time and space restrictions, is attracting more attention. The most famous Metaverse platforms include Naver Z’s avatar service, ZEPETO, and SK Telecom’s Efriend. ZEPETO creates 3D avatars to communicate with other users and provides services that allow them to experience various virtual reality experiences. It contains AR contents, games, and SNS functions, so it is very popular among young people. In a situation where offline events are not possible due to the COVID-19 crisis, Metaverse sometimes takes the place of concert halls. In addition, the Metaverse is being used in various fields, such as workshops, events, and university welcome parties for freshmen. When you act as a new character or character that is not your usual self, you are called a “Alter ego”. Alter ego was originally used as a game term, but is now one of the most frequently used terms in Metaverse. The Millennials and Gen Z who are trying to find pleasure by creating a second ego in the virtual world away from the harsh reality is gaining great popularity. It has become the so-called ‘golden age of Alter ego’. As such, the metaverse has had many changes and influences not only on our culture but also on our daily life. Let’s take a closer look at these changes and their impacts.

As it became impossible to talk face-to-face or host events due to the COVID-19, people began to find a way to replace this situation. One such method to solve this problems is the ‘Metabus’. Metabus has the advantage of being able to gather an unspecified number of people at once in a virtual space such as the Internet, and it can be engage in activities without restrictions on time and space.

The first platform that brought the Metabus craze to Korea is ‘Zepeto’, developed by Naver Jet. Launched in 2018, the platform has gained great popularity, especially among the MZ generation in their teens and 20s. The fact that anyone can design another character within the platform and communicate with others through the character can be seen as a good target for the MZ generation, which values individuality. In particular, in combination with the recent concept of ‘boo-character’, Geppetto users find another possibility that is different from reality through their characters. This craze of ‘Zepeto’ is clearly different from other platforms in various ways, with JYP, YG, and SM actually carrying out comeback promotions for each group within the platform.

There is a platform that has become a topic of conversation as the scope of metabuses has expanded since COVID-19. It’s “Gather.town.” Launched in May 2020, Gethertown is still sensational as it allows people to hold events online that inevitably gather a lot of people in the Corona era. This advantage of Gethertown has allowed companies and government local governments as well as the private sector to host events using Gethertown. In fact, Gumi Health Center provides online counseling services using Gethertown to citizens, and large companies such as GS Retail also hold job briefings and fairs through this platform. Events using the Metabus platform continue until now when distancing has been lifted, and as the use of such metabus space increases, various companies are entering the Metabus increases. In fact, as the Metabus business expands, the stock price will rise 88 percent from the current level, and the newly inaugurated Yoon government promised to visit IT events and fully support ICT innovation projects including Metabus.

Another area where Metabus has begun to be directly introduced into real life these days is “education.” As futurist Roger James Hamilton, who predicted that 2024 would spend more time in the 3D virtual world than in the 2D Internet world, interest in the use of metabuses in education is increasing today. As you get used to non-face-to-face life due to COVID-19, you can look at various educational sites using Metabus. Yeungnam University held the entrance ceremony for freshmen in 2022 in a metabus space. At Janggi Elementary School in Siheung-si, Gyeonggi-do, Metabus is now applied to the concept of real space beyond simple space reproduction, so expectations for a metabus that creates an effective and better educational environment are increasing. Infinite space and educational materials based on Metabus can provide an educational environment beyond time and space, which is expected to be of great help to improve students’ creativity. It is expected that many institutional levels of support will be introduced in the field of compulsory elementary, middle and high school education so that the educational environment in Metabus can be actively created.

However, Metaverse, which has grown suddenly, has threats that require adequate laws and regulations. Paradoxically, the Metaverse is a free space, but without laws and regulations, it becomes a space where freedom cannot be enjoyed due to all kinds of threats. The philosopher Hobbes described the state of a society without laws and regulations as “The war of all against all.” Metaverse will also be in the state of “The war of all against all” where cybercrime and many other threats are prevalent unless suitable laws and regulations are in place. Therefore, in order to minimize expected threats and effectively utilize the Metaverse, it is necessary to correctly predict and prepare for its future. Metaverse has not yet become common enough, so appropriate laws have not been prepared, but they can gradually melt into everyday life, so we need to prepare for this. It is most urgent to prevent various cybercrimes that may occur in Metaverse. Crimes in Metaverse, such as “Avatar Sex Offences,” are already occurring, and it is difficult to punish them properly. When order is established in the Metaverse society, the advantages of it will be further highlighted and it will be utilized in more diverse fields.

K-UNIV

ASIA JOURNAL

The MZ generation, which had been spending ostentatiously to meet their current needs until just recently, is now studying finance to reduce consumption and accumulate assets for the future. Why is the MZ generation so enthusiastic about financial technology?

The first reason is the economic recession caused by COVID-19. Due to the recession in the labor market, inflation, and soaring real estate, it is difficult for the MZ generation to live a rich life only with earned income. If the previous generation was able to save their salaries and buy a house, it is no longer possible for MZ generation to buy their own house with the salary of office workers only. As such, the MZ generation is anxious about preparing for their own homes and preparing for their retirement, so they want to earn additional income through investment technology in addition to their salaries.

The second reason is the increase of the ‘FIRE’. ‘FIRE’ is short for ‘financial independence retire early’ and refers to people who want early retirement after achieving economic independence at a young age. Just as the ‘FIRE’ spread around the United States during the 2008 financial crisis, the emergence of FIRE is in contact with an uncertain economic situation. The perception of the MZ generation that there is no longer a “lifetime job” seems to have boosted the emergence of the ‘FIRE’ in Korea. In addition, distrust in the social safety net that pensions will not be able to prepare for retirement also affected the increase in the number of ‘FIRE’.

Recently, the MZ generation is engaged in financial technology activities through various investment methods. This is because their financial technology methods are more volatile than stable methods such as deposits and installment savings, but they are attractive in that they can expect more returns. Their financial method is as follows. Typical examples are stock and coin. It is actively used among the younger generation, who have a relatively strong aggressive investment tendency.

Virtual currencies like coin are usually obtained from mining or purchased by paying cash, but in order to mine virtual currencies, the price has risen due to increased demand for memory semiconductors such as graphics processing units (GPU) and DRAMs. Representative virtual currencies include Bitcoin, Ethereum, Dodge Coin, and Ripple, which have the No. 1 market capitalization.

However, in the case of virtual currency, unlike stocks, there is a risk of major damage because the market price continues to change in real time, and carbon dioxide emissions increase rapidly due to increased demand for large amounts of electricity and high-performance computers to mine, causing serious environmental pollution. For the environment, many countries are considering mining bans.

In addition, new financial methods such as “Resell-tech” “Music-tech,” “Art-Tech,” and “NFT” are emerging. Currently, there are two main trends in financial technology in the MZ generation: partial investment and reselltech. Both methods are characterized by low entry barriers and low initial investment costs that can produce fast and high returns. First, partial investment is an technique in which several investors invest together in one asset and share profits. This was developed from a “decimal point investment” that allows one share to be split and traded, and is now used in various fields such as art, real estate, music copyright, and luxury bags. In the case of digital images, videos, and music files, there was a problem that it was difficult to identify the original because it could be copied in large quantities, but with the emergence of a blockchain technology called NFT, it became possible to invest in pieces of music copyright or art.

Representative partial investment platforms of Korea are Tessa, Musicow, and Bancow. Tessa is an art partial investment platform that allows users to invest in works of famous artists from 1,000 won. This investment method using art is also called ‘Art-Tech’, which is a method of making profits by reselling art works. Investors can purchase 1/n of artworks, and they cannot own the real thing of the work, but the risk is also low as the investment cost is small.

‘Musicow’ which is a music copyright sharing platform is also gaining popularity among investors in Korea. After purchasing a stake in the music source, ‘Musicow’ gives investors the authority to buy partial stake. Once a stake transaction has been made, music sources can be bought and sold like stocks, and if the music becomes popular, investors can earn big profits. Even if you don’t buy and sell shares of music, you can earn regular profits through copyright fees. Currently, the cumulative number of members of ‘Musicow’ has exceeded 1 million, drawing attention from the MZ generation.

The Korean beef partial investment platform ‘Bancow’ is also gaining popularity among the MZ generation due to the possibility of stable investment. The investment is used for raising Korean beef, and if cattle are sold through an auction, they can receive investment and profits as much as their shares. The existing Korean beef investment market was exclusive to high-value wealthy people and institutional investors, but ‘Bancow’ lowered the minimum investment to 40,000 won, making it easy for beginners and students to invest in Korean beef. As the number of partial investors increased due to the lowered entry barriers, farmers who relied on loans could borrow breeding costs without interest. The partial investment market is gradually growing as demand from the MZ generation, which wants to find new investment destinations with small amounts, and fintech companies, which want to pioneer new markets, match.

ResellTech is a combination of Resell and investment techniques and is to purchase rare-value products such as limited-edition shoes and watches and then resell them at high prices.The most famous of Resell Tech is Nike Draw, which is a limited edition sneaker lottery system for Nike. If you enter Nike or Draw site, apply, and win, you can buy shoes at the regular price. The editor also had Nike Mid Jum Red and Dunkrow products, which were available for 120,000 won at the time of winning and went up to 400,000 won, and now they are formed at around 270,000 won. Draw is not everything, and even if you don’t win the draw, you can participate in this investment technology. We can buy shoes as if they are investing in blue-chip stocks for products that already have extra money but are likely to rise further in the future.

In the case of sculpture investment mentioned above, it can be an attractive investment means in that it can be invested in a small amount, but it should be aware of the risks. Prices of artworks and copyrights are volatile in that it is difficult to objectively evaluate the value and that trading volume is not large.

Although the partial investment and resell market are growing, there are many concerns. Since most of the companies that operate the platform are startups, investor protection systems may be insufficient. In the case of some partial investments, it is difficult to distinguish them from P2P and the investment is not guaranteed, so there is a concern that individual investors will take great risks. In addition, since the operator of the partial investment company has only promised to distribute profits by operating assets, there is virtually no official consumer protection system such as the disclosure obligation. Therefore, it is difficult to provide information related to the management method or risk of investment, and investors are likely to misunderstand that it is a safe asset. Also, since the recently emerging partial investment platform often does not own the asset directly, investors could inevitably suffer damage if the company goes bankrupt or the service is suspended.

Now that various financial technology methods have emerged, we, who invest, should not only be buried in financial technology, but also value the income and value earned from work. Investors should take wise financial measures by carefully checking investment product information and being wary of overheating investment.

K-UNIV

Asia Journal 

Generation Z (hereafterGFrom ‘you are perfect the way you are’ to ‘treat yourself’ messages, the ‘love yourself’ mantra has dominated the mainstream discourse lately. This generation has witnessed an influx of self-love, self-efficacy, and self-confidence marketings pouring out from left and right, and with social media providing a forum for these self-loving individuals to flaunt their ego, the ‘self’ has gained unprecedented importance. So why is this the case? Is this generation simply composed of helpless narcissists? Has technology taken them too far? Let’s find out.

Meconomy (me+economy) marketing

Meconomy marketing dominates the market as a new form of consumption trend in which consumers spend on goods and services that support their lifestyle. Consumers actively purchase products that yield self-satisfaction, showing enthusiasm for goods that make them feel like themselves and give the sensation of ‘treating’ themselves. Adidas’s ‘Be yourself’ advertisement, The Body Shop’s ‘Self love and body acceptance’ campaign, and Musinsa’s ‘Everyone is a celeb with self-love’ slogans are only some of the examples of the now ubiquitous self-love messages.

Why?: The background of the ‘self-love’ culture

Self-love has its roots in the individualism culture. The Western culture was conditioned to adopt individualism as their best mode of survival since the ancient Greeks. The terrain of ancient Greece, being sparsely located on rocky islands, generated an individualistic culture that illuminated the importance of the ‘self’. The greatest virtue was a man’s talent, their genius, an element that rose from within one, not those that emphasized collaborations and cooperations with others. This individualism culture later evolved into liberalism and ripened to the neo-liberalism of our generation. We are now in an era of hyper-individualism, where our interest in 12psychology and the concept of ‘self’ have never before gained spotlight.

This individualism culture later evolved into liberalism and ripened to the neo-liberalism of our generation. We are now in an era of hyper-individualism, where our interest in psychology and the concept of ‘self’ have never before gained spotlight.

Further, combined with the ruthless capitalism, the individualism culture has been utilized by profit-hungry businesses. Thousands of advertisements with messages on self-esteem penetrate our unconsciousness. Thus, we get the feeling that ‘I am okay the way I am’ or ‘I am the most important person there is, and I don’t need to change who I am for others’. Moreover, with social media allowing us to exhibit ourselves to a worldwide audience, we expose even our personal lives online and sometimes flaunt our ego wide to the public.

Hence, the seemingly narcissistic generation has come to age. But social media is not to be confused as the origin of ego. It certainly hosts copious amounts of narcissists glistening with attention and undoubtedly perpetuates the egocentric mainstream discourse. Nonetheless, social media is merely an arena to show off our already narcissistic self.

What to do?: Some takeaways

Of course, this is not to say that self-love messages are bad in themselves. The neo-liberal society’s constant push for success, profit-oriented mentality, intense competition, and perfectionism are all draining. They take a toll on mental health. Naturally, we are attracted to these messages that allow us to relax, enjoy our lives, and fall in love with no other but ourselves. In an era of self-hate where pushing one to their very edge is a virtue, the self-love ideology is a much needed concept.

However, we must be conscious of this self-love discourse. Chase it to a certain extent, but don’t drown in the message. Specifically, beware of the marketing schemes that sell these messages. Yes, self-care is important. But should it really cost you an arm and a leg for that skin-care regimen? Treating yourself is important, but do you really need to spend half of your paycheck on those new clothes, nails, and shoes to feel ‘you’?

Consumers should be mindful. It is almost as if we are walking in a field full of traps. Companies lure us with sweet cheese that offers self-esteem and self-love. But let us not be simple rats who fall under those traps. Let us be sly foxes who veer past those because we don’t need the aid of products to find self-love. We are more than capable of making smart consumer choices and developing our ego in a healthier way.

K-UNIV Reporter

Zieun Ka

Social media communication is becoming more active. As contact-free life continues due to COVID-19 which lasted for a long time, interactions through social media become more active. These days, hiding behind the anonymity of social media, a new type of scam called romance scams is on the rise. Romance Scam is a fraudulent crime in which a person who pretends to be the foreign soldiers or wealthy people on social media approach the opposite sex and defraud money in various purposes. According to the U.S. Federal Trade Commission (FTC), the number of damages to the Romance Scam increased from 21,400 in 2018 to 32,800 in 2020. The number of damages surged 53 percent in two years.

Romance scams, also called romance phishing, occurred in English-speaking countries such as the UK and the United States in the beginning, but are also occurring in Europe and Asia because of the development of translation apps. The number of people who have been hit by romance scams around the world is gradually increasing. According to data from the National Intelligence Service (NIS) of Korea, the number of reports to the 111 call center from the number of reports to the January 2018 to November 2021 was 174. 111 call center is a place where reports are mainly received in relation to international crimes, spies, and cybersecurity threats. In addition, the amount of damages reported in 2021 increased more than five times compared to last year. The prolonged COVID-19 seems to be one of the reasons for the surge of romance scam. Since there are fewer opportunities for people to meet in person, they are likely to interact with people through cyberspace such as dating apps and socal media. Korea was not the only country suffering from romance scams. In addition, many countries are said to have suffered considerable damage from romance scams.

Meanwhile, how does the romance scam go? The techniques of romance scams are gradually diversifying. Due to the development of virtual currency, there are representative fraud methods such as false virtual asset investment, Internet banking proxy remittance, and cyber money exchange fraud. They steal other people’s photos, deceiving themselves as UN soldiers in overseas conflict areas, asking them to send money for treatment or various vacation expenses through social media. When their goal has been achieved, they disappear.

Listening to the victim’s story, the scammers were very meticulous and organized. When professionals tracked their location through their IP addresses, most locations they have lived in were African countries. Africans have committed crimes by deploying major organizations in Africa and sub organizations where people play a role in drawing cash in Korea. Major organizations in Africa are where overall work is done such as creating fake websites. They are continuously contacting people around the world by creating multiple accounts with the same name and picture. They even sent their pictures in military uniforms or video calls to pretend to be real soldiers. Therefore, they can give conviction. They continued to keep in touch for as long as five years to obtain the other person’s heart.

Romance scams can be said to be a very high-quality fraud that deceives a lonely and true heart. Unlike Voice phishing, romance scam has long-term contact. So most people are not able to doubt their intentions. Alao, Romance scams are said to be difficult to punish for fraud. Unlike Voice phishing, romance scams are difficult to rescue. Voice phishing can immediately suspend the account by reporting to the police and financial companies. However, since romance scams are mainly traded in virtual currency, account tracking is impossible. In addition, the level of punishment is much weaker than that of voice phishing. Since romance scams are usually punished for fraudulent crimes, the criteria for sentencing are lower than voice phishing, which is regulated by the Electronic Financial Transacions Act. Therefore, prevention is even more improrant. If you get a call from an unknown person on social media, you need to doubt it first.

These days, with the development of artifical intelligence, deepfake-like crimes are emerging as a fraudulent method of romance scams. Deepfake is a compound word of deep learning and fake. Deepfakers deceive people much more reliably by synthesizing photos or modulating voices. We should be more careful because it doesn’t have any signs of synthesis. The damaged areas of romance scams are spreading around the world. Many countries are aware of the seriousness of romance scams and are paying attention to them as international crimes. Therefore, a legal system should be established to punish it internally and externally.

K-UNIV Reporter

Soo Kyeong Kim

The term “subscription” means purchasing and reading books, newspapers, magazines, etc. These subscription services have recently expanded to include various types of groceries and household goods, as well as clothing and content. Here, the subscription service refers to a business model that regularly provides products or services to convert consumers into subscribers. One of the factors behind the recent rapid growth of the subscription economy is the “COVID-19 epidemic.” As the demand for non-face-to-face consumption increased due to concerns over the spread of the virus, the demand for subscription services also increased. Aside from these situational factors, the subscription economy is growing rapidly, centering on the MZ generation. Then, why is the MZ generation so enthusiastic about subscription services?

First, this is because one can reveal one’s values and beliefs through subscription behavior. One can reveal one’s values and beliefs through subscription behavior. If existing consumers set the standard of consumption at the quality or price of the product, MZ generation consumers set the standard in accordance with values and beliefs. Second, subscription services are consistent with the consumption tendency of the MZ generation, which values experience rather than ownership. The MZ generation is a generation that considers diverse and exotic experiences as competitiveness. In the past showing off the ownership of expensive products such as cars and luxury bags through SNS was common, but the MZ generation has recently used SNS as a means to display their hobbies and careers which is their experiences. Then, what are the subscription services used by the MZ generation?

Dividing representative subscription services into material consumption and experience consumption, material consumption subscription services include luxury rental services, early morning delivery services, vehicle subscription services, and personalized life-related services. Luxury rental service is a service that allows consumers who are burdened with high prices to use luxury bags at the price of a cup of coffee a day. In addition, early morning delivery services are mainly fresh food, and similar to luxury rental services, there are many people who subscribe to rental services for domestic travel and camping and car camping rather than car purchases. Personalized life-related services are services that provide products that suit consumers’ tastes and bodies, such as salads, nutritional supplements, cosmetics, and underwear.

Next, the experience consumption subscription service is characterized by the fact that it can provide and consume products without restriction in the online service market compared to limited real materials, attracting many consumers. There are OTT online video streaming services, news and magazines in various fields, as well as current events, essay subscription services, e-book subscription services, and educational services and platform services. Recently, SK Broadband launched an all-in-one Playbox PLAYZ product targeting MZ generation of consumers who mainly use OTT. In addition, the education industry also launched subscription services, unlike the existing education operating system, it launched a subscription service that provides one-week delivery, one-on-one mentoring service, and a total of 12 weeks of completed subscriptions for 10,000 won per month. Messenger programs and subscription services are also eye-catching. There is a subscription service called Emoticon Plus by Kakao Talk, the No. 1 messenger user in Korea, which offers unlimited use of existing emoticons and emoticon plus limited emoticons for 4,900 won per month.
What are the advantages and disadvantages of such subscription services? Considering the advantages, it is too convenient for consumers. Modern people’s days are too busy and it is cumbersome to find and do the services they need every time. I can spend my life well and increase the efficiency of my work through subscription service. Also, it is an economic benefit. “Subscribe” means that consumers and businesses promise to continue a long-term relationship. Therefore, consumers can use the goods and services they want at a relatively low price. Companies can also secure customers who continue to use their services, ensuring stable profits.

However, there is a limitation in that subscription services make users who receive them passive. Users will accept products or information as selected and planned by the company providing the service. In the case of OTT services, AI provides various images based on user information. It seems like an advantage on the surface, but paradoxically, it makes users who watch recommended content in this way passive viewers. In addition, users may unintentionally accept indiscriminate and distorted information as it is. In particular, in the case of subscription services such as ‘newsletter’ based on information provision, the inspection of the information is very important. On the other hand, rental services are not privately owned by consumers, so there is a risk of compensation, and food subscription services have been controversial overpackaging and hygiene.
Currently, many platform companies are launching various subscription services targeting the MZ generation. Of course, it is also good for companies to launch subscription services using new items, but in order to prevent the leaving existing subscribers using the services, subscription services must be constantly developed to suit the tastes of subscribers. In addition, as individual values and tastes that are different from others are important, subscription services and custom DIY subscription services that can more delicately match individual tastes should be released. It may also be a unlikely story, but I hope that various companies will collaborate to launch a new subscription service that integrates subscription services from the same stock. For example, I think the launch of an integrated subscription service that combines ‘Netflix’ and ‘Watcha’, which are leading in the domestic market share of otte service, will reduce the burden on consumers who have to pay for multiple services every month.
We live in a world of subscriptions. Beyond milk, newspapers, and magazine subscriptions, the range of subscriptions has expanded beyond physical products to virtual worlds, from regular subscriptions to automobiles, mobile phones and Metaveres. Our daily lives and subscriptions are closely related, and we cannot go back to before experiencing subscription services. However, I am worried that I could pass all the work of thinking about what would be a better product for me and which movie could resonate greatly with me to the subscription service. Why don’t you take the time to find out what I really want sometimes?

K-UNIV

Asia Journal

As telecommuting and so-called ‘Stay-at-Home’ increased worldwide due to COVID-19, the number of OTT users also increased. According to The Export-Import Bank of Korea, the scale of worldwide OTT markets jumped 15 percent as of the last year, especially the domestic OTT market which has grown at an annual average rate of 28% since 2012. Also the Korea Communications Commission estimated that OTT market size would be about 1 trillion won. This can be seen as the opening of the so-called “OTT heyday” by many companies entering the OTT market.

In the midst of this, OTT, which has firmly maintained its No. 1 position in the number of users even before the outbreak of COVID-19, is Netflix. Netflix is a video streaming platform that first launched in the United States in 1998, and it currently dominates the global OTT market. According to Netflix’s official website, Netflix is a streaming service that can be viewed on thousands of devices which can connect to the Internet. With a monthly plan, you can watch the contents as much as you want at any time without any advertisements, and Netflix offers new series and movies are provided every week. Netflix has a total of three licenses, divided into Basic, Standard, and Premium, and each rate system shows a difference in the number of simultaneous users and image quality along with the price.

Netflix is a leader in the OTT industry, which has been in the spotlight around the world for various original contents that have been directly organized and accumulated for a long time. Unlike traditional media outlets, Netflix Original releases all episodes at once on a season-by-season basis, which contributes greatly to Netflix’s popularity and makes many people crave curiosity and waiting. It can be seen that Netflix’s Korean work, Squid Game, was so popular that few people have not seen it, and Netflix’s domestic demand and interest have increased significantly. Netflix contents have a wide variety of genres and videos to watch, and as they are riding the flow of global media, future contents are highly expected. However, in the increasingly popular OTT industry market, emerging OTT powerhouses that threaten Netflix’s position are also appearing one after another, and they are attracting consumers to use content more cheaply for the price of use. However, Netflix has its own principles and has already created subscribers with several popular content series.

Dinosaur IT companies such as Apple and Amazon are also jumping into the OTT market. It generates fixed sales every month with OTT and serves as a stepping stone to expand to various service platforms such as shopping and game information search. Among them, Apple entered the OTT market with ‘Apple TV Plus’. The subscription fee is $4.99 per month, which is the cheapest among major OTTs. Apple TV Plus plans to produce an original series and provide contents from leading cable channels such as HBO and Showtime.

Korean companies have also launched various OTT services. Watcha is an OTT that has various movies and dramas, and has feed and comment functions and tag-based recommendation functions. Watcha started off as an OTT that specializes in movies and expanded its contents to dramas, entertainment shows, and educational programs from 2015. WAVVE is an Internet-based OTT service which is a collaboration of SK Telecom and four Korean terrestrial broadcasting systems (KBS, SBS, MBC, and EBS). TVING is a CJ-affiliated OTT established in 2020, providing various categories of dedicated hall services, and has a video sharing function through SNS linkage. Recently, the contents of “TVING Original,” which are its self-produced contents, went viral. TVING has the advantage of being significantly lower in price compared to Netflix while providing services similar to Netflix.

Netflix, which actually monopolizes the OTT market, raised subscription fees by up to 17% last year. The fact that other OTT services are steadily evolving to compensate for shortcomings, and that more OTT services are expected to be released is enough to change the landscape of the OTT market. To prepare for these changes, Netflix should listen to consumers’ needs. Netflix should not raise subscription fees any more to reduce the price burden, which is the biggest complaint of consumers. Also, as the price has already been raised, it should provide more diverse and high-quality contents than before. In addition to making more efforts to produce its original contents, which are its flagship products, it will also have to provide differentiated contents, thereby responding to the rapidly changing trend of the OTT market.

Netflix responded to the ongoing increase in subscription fees by saying, “Netflix membership fees may change as we continue to add more TV shows and movies and introduce new product features. It may also change to accommodate changes in the local market, such as changes in local taxes and inflation. ” Currently, as inflation continues in the global market, it appears to be an option made to reduce the ongoing tax burden. On the other hand, there are opinions that the price of Netflix, which offers movies and dramas in various countries and fields, is reasonable due to the increase in cultural living expenses such as movies. The greatest advantage for consumers is that they can freely watch at any time and place they want. However, consumers continue to express dissatisfaction with Netflix’s increased subscription fees and restrictions on account sharing.

Is this Netflix’s best option for responding to a changing market? As the saying goes, ‘Those who want to wear the crown, bear the weight’, Netflix needs that much effort to keep its No. 1 position in OTT market share. As it occupies the first place in OTT market share, Netflix will have to find other practical ways to satisfy consumers’ tastes in order to maintain the number of subscribers at this point and continue to lead in the OTT market, which is becoming more diverse as time goes by.

K-UNIV

Asia Journal

The term ‘new media’ refers to media that are computational and rely on computers for redistribution. As the technology of mobile devices and telecommunication advances, video content is being optimized for the mobile environment. This led to a fall of legacy media such as TV, and the emergence of various platforms that can broadcast creative content. Among them, in Korea, a lot of entertainment show programs have been successful on YouTube and other mobile platforms. The MZ generation, those who are born after 1980, is especially an active consumer of this new type of video content.

YouTube-based entertainment shows have a shorter video length than TV shows. This is related to the change in the place where content is consumed. Viewers now watch videos on the move or before bed rather than spending a separate time watching content. So it should not be too long. This type of video develops in a fast flow so that viewers can quickly immerse themselves.

The pandemic made people stay home, and it led to an upsurge in entertainment video content. So, now there are more YouTube shows produced in small indie studios or YouTubers. “Nego King” which means the king of negotiation, was a much loved YouTube show in 2020. Most episodes have more than 1 million views, and even some of them are close to 10 million. The companies that appeared on the show often hit the top of real-time search terms, and their websites were flooded with visitors.

The reasons that this content has succeeded come from the characteristics of the MZ generation. The MZ generation shows different characteristics from the older generation. They are more familiar with self-expression, value honesty, and consensus, and prioritize their tastes. As they tend to choose which content they will enjoy according to their values, these contents satisfy their various preferences. As for “Nego King”, the whole content is a paid ad, but the viewers never mind this. Rather, if the CEO seems to care about consumers, they actively buy the company’s products. Therefore, targeting the MZ generation can lead to increased sales and increased brand preference.

In 2019, McKinsey & Co. conducted detailed research of Generation X, Millennials, and Generation Z in six Asia-Pacific countries including Korea. According to the survey, 58 percent of millennials and 70 percent of Gen Zers said that they learned about new brands via video-based social media at least once a month while 46 percent of Gen Xers said they do so. Video influences the MZ generation not only in brand awareness but also in purchase decisions. In Korea, about 30 percent of millennials and 45 percent of Gen Zers responded that video sources are among top 3 influences for brand and product selection while only 15% of Gen Xers did.

For this reason, companies are making great efforts to fascinate the cohort. More and more companies targeting the MZ generation are expected to carry out marketing using this trend. Even the e-commerce industry and the distribution industry are also focusing on producing online shows using their products. They not only improve brand affinity by providing information and fun at the same time but also encourage the purchase of the MZ generation.

The viewers who are the cohort of the MZ generation directly communicate with other viewers or producers using the comment function. In the process of sharing their reactions, new memes or buzzwords are often created. This interactive communication makes the content more enjoyable, and viewers of Generation MZ naturally participate in the process.

Legacy media is trying to follow this new trend, too. MBC, Korea’s major broadcasting station, recently aired a survival show named “Game of Blood”. What’s special about the show is that a famous YouTuber participated in the production. Furthermore, the show was aired not only on TV (MBC) but also on YouTube and OTT platforms. This special collaboration with a YouTube celebrity fascinated those who are bored with typical TV shows.

The success of these various types of entertainment shows encourages the emergence of more creative narratives that break away from the existing narrative structure. Unlike TV shows, YouTube-based shows are less regulated by law. Also, viewers can spread the content further through sharing and reproduction. So, this change not only provides viewers with a variety of options but also guarantees content creators more opportunities to create. A ton of online-originated video shows are being released even at this moment, so Korea’s online entertainment content market is expected to expand further.

K-UNIV Reporter

Hansaem Lee

Sweden has been in a long, deep relationship with South Korea ever since the Korean War. So the friendship between these two countries is very special and strong. This naturally leads to sharing the memories, history and cultures of each other’s countries up to this date.

Sweden is one of the few countries that has a Royal Family. There is a Stockholm Palace (Kungliga Slottet), the official residence of Swedish monarch (King Carl XVI Gustaf and Queen Silvia), in the center of the city. The Northern row of the palace represents “Royal Power,” the Southern row represents “The Nation,” the Eastern row shows “The Female Qualities,” and the Queen. Lastly, the Western row represents “The Male Qualities” and the King. This palace has a lot of meaning to Sweden with its deep history and role. It actually has been in the exact same location since the 13th century and has been treated with great care since it is used for various official events with other countries. It can be said that the Royal Palace serves as not only a 3 residence but also as a center of the Swedish government.

In 2019, the president of the Republic of Korea Moon Jae-in and the first lady visited the Royal Palace. This event was to strengthen and celebrate the relations between Sweden and South Korea, which turned 60 years in 2019. The Royal Family and Korea president’s family had meetings and a dinner gala at the palace.

The history of Sweden and Korea goes way back to 1953. In 1953, the Neutral Nations Supervisory Commission (NNSC) was established following the Armistice Agreement to monitor the relations between South and North Korea. The NNSC consisted of these four countries, Sweden and Switzerland, selected by South Korea and UNC (United Nations Command). The other two were Poland and Czechoslovakia designated by North Korea and China. These four countries had several tasks such as supervising the military personnel, military weapons and vehicles. They also took care of the issues that were related to violations of the Armistice Agreement. However, even after the war ended, they didn’t end their duty right away. They kept doing what they’ve been doing and even now, Sweden’s office still remains in South Korea. Five Swedish delegates are stationed at Panmunjom, near the DMZ line.

In 1958, the Korean government requested for medical personnel to Sweden due to the catastrophic outcome from the Korean War. So the governments of Sweden, Denmark, Norway and the UN Korean Reconstruction Agency have decided to operate a National Medical Center for five years in South Korea. As a result, medical services and technology were very much taken into advance and a Nursing School was established in South Korea.

The relations between South Korea and Sweden just kept growing. It was not only limited to medical areas, but also influenced music, businesses, films and games. When President Moon visited Sweden in 2019, the King and President Moon went to talk about a partnership with Ericsson, which focuses on 5G technology. Then they went on to watch e-sports between Sweden and South Korea. E-sports is pretty famous in South Korea, since they are known to be one of the best in the world.

In regards to music, the Kpop wave also hit Sweden and the young generation became attracted. Ironically, a lot of famous Kpop music is actually composed by Swedish producers. For example, songs from Girl’s Generation and Boa are some of them. They’re one of the top singers who have opened the Kpop wave to the global society. Boa was the first generation, mostly in Asia like Japan and Girl’s Generation started to hit America and Europe before Psy threw a bomb globally. In the area of film, Sweden actually hosts an annual film festival in South Korea. This is in order to get to know each other’s culture better. In 2018, the festival commemorated the 100 years of the birth of a great film director, Ingmar Bergman and it was seen by 10,000 people in South Korea.

Korean traditional food has also become somewhat trendy among the young Swedes and now can find many Korean restaurants in Stockholm. According to the official Swedish ambassador to Korea, Jakob Hallgren, not only the restaurants, but also just by going to the nearest supermarkets nowadays, kimchi, a traditional Korean food, can be easily spotted and is enjoyed by the local people.

Due to the long history between the two countries, South Korea and Sweden, they have a lot of joint collateral areas ongoing even to this day. From a long history to the current trend and culture, the relationship between Sweden and Korea is strong and will remain firm.

K-UNIV Reporter

Yewon Shim