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*Embargo: April 21, 2020 (Tuesday) Korea Standard Time.
Cumulative Prize Video Contest “Korea Mobile Fest” Kicks Off
Asia’s first cumulative cash prize system-based online video contest platform integrating short-form contests to create synergy effect for contest organizers.
April 21, 2020 (SEOUL) – Korea’s renowned startup accelerator D.Camp, media company Herald Corp. and content industry social job board IT startup Aroundus announced today that they jointly launched Asia’s first online video contest platform “Korea Mobile Fest (KMF)” based on a Cumulative Prize System.
The three entities signed an MOU on April 14th, marking the beginning of the joint venture.
KMF is an online video contest platform adopting a cumulative cash prize system for the first time in Asia, integrating all short-form online and mobile video contests into a single channel.
The sole requirement for contest entry is that the content submitted to the contests must either be fully or partially shot with smartphones or other designated mobile devices.
Through such key differentiators, KMF can offer an extensive synergy effect for both individual video contest organizers and advertisers, according to the co-organizers. The platform will also offer an unprecedented marketing and online distribution tools, according to D.Camp.
“KMF is an online video contest platform to be nurtured together by not only the organizers and advertisers, but also the applicants,” said D.Camp President Kim Hong-il.
“We plan to foster KMF into an event that represents Korea, and eventually to represent the Asia-Pacific region to help industry discover creative video creators, and to help startups and all small and big advertisers maximize the effect of their online advertising and marketing campaigns by leveraging the power of collective intelligence collected through the contests,” Kim added.
- Cumulative Prize System to Invite Higher Quality Video Content
KMF consists of two tiers; individual video contests where contestants can submit short videos either fully or partially taken by smartphones, and the KMF Awards (KMF2020) – the annual Grand Prix award where the winners of the KMF-affiliated individual contests will be decided by video-related professionals.
Winners of the individual contests automatically become candidates for the KMF2020 annual awards.
KMF was established with an aim to help individual video contest organizers with low budgets improve lackluster contest participation and to secure quality video contents in bigger quantity.
The lotto-like cumulative cash prize system distinguishes KMF from existing online video contests in Korea and abroad, helping contest organizers overcome the shortcomings arising from insufficient cash prize. By raising the stakes, KMF will be able to help individual contests attract a much larger and upgraded pool of higher quality videos and creative talents, according to Aroundus, one of the co-organizers and provider of the platform.
- Total Cash Prizes Starting from KRW42M (USD 34,500)
The combined cash rewards of the individual contests and KMF2020 prizes starts at 42 million won (USD34,500), including 22 million won from two contests sponsored by Herald and D.Camp, respectively, and another 20 million won from the KMF Organizing Committee. Part of the cash rewards from the affiliated individual contests will be accumulated to the KMF2020, making the annual awards a snowballing jackpot.
On top of the cash prizes put up by the committee and organizers of individual contests, applicants’ participation fee will be added to the annual cumulative cash prizes. Applicants will have a choice between signing up for free and paying a USD10 entrance fee. Paying contestants are eligible for the entirety of the cumulative prize money, while those applying for free can win 70%.
The prize money accumulated from both individual contests and applicants to those contests closing after September will be set aside for KMF2021.
The KMF is also expected to serve as an effective tool for advertisers that invest in online and mobile advertising videos by providing them with a new method for collecting a huge volume of branded video content and executing A/B testing of selected videos either through a public vote tool provided by the committee or by executing small budget online ads to check out the public response by video content.
- KMF kicks off with two contests… Awards ceremony to take place at IF2020
In sync with the launch of the KMF Awards Program, the organizing committee has kicked off two video contests.
D.Camp offers 10 million won cash prize for its “Home Alone Mobile Fest” where contestants can enter with short videos on how they are spending time at home during the lockdown due to the coronavirus. Herald also offers 10 million won prize for its “True Hero Mobile Fest”, where it will pick the best videos cheering on individuals, such as medical staffs and other people dedicating to fight and contain the COVID-19 virus.
The committee said the finalists of the annual KMF Awards will be selected among the winners of individual contests and be announced by September 2020. The KMF2020 awards ceremony will take place at the IF (Imagine Future) Festival, the country’s largest street startup festival hosted by D.Camp scheduled between Oct. 9th and 11th. The prize-winning videos will be shown at the festival. 90,000 crowd visited IF2019 last year, according to D.Camp.
The committee plans to secure sponsors and partners to continue expand the cumulative cash prizes and bolster its marketing activities both in and out of Korea. The snowballing cumulative cash prizes is expected to draw handsome number of affiliated partners and participation from not only amateurs and non-celebrities, but also video professionals and celebrities.
Aroundus has filed patent for the relevant technology for the KMF in Korea and plans to file the patent internationally.
Details on KMF can be found at http://koreamobilefest.com/en.
*D.Camp, a non-profit Korean startup accelerating foundation established by the Banks Foundation for Young Entrepreneurs in March 2013, with a total funding of 845 billion won, is the most popular startup accelerator in Korea.
*Aroundus, Inc., a D.Camp family startup founded in August 2016, is a Korea-based IT startup providing LinkedIn-like social job board and online audition services for freelance and non-permanently employed talents in media entertainment industries.
D.Camp, Herald Corp., and Aroundus entered signed an MOU to jointly launch Korea Mobile Fest (KMF) at the D.Camp headquarters in Gangnam, Seoul, Korea, on April 14th, 2020. (From left) Aroundus, Inc. CEO Kim Daniel Sung-jin, Herald New Business Development Department Head Kim Ji-hyun, and D.Camp President Kim Hong-il pose for a photo after the signing ceremony.