Chapter 113: The Person Eating the Spicy Pork Rice Bowl
Chapter 113: The Person Eating the Spicy Pork Rice Bowl
Downtown Los Angeles.
It was a district dense with government agencies, art museums, newspaper headquarters, concert halls, and banks.
“This should be a decent enough headquarters for Earth Resource, don’t you think?”
The building Lee Jong-yeop had found was a massive 35-story skyscraper erected next to a waterfront plaza.
Even the building in Gangnam’s Teheran-ro that housed Arcor’s main office wasn’t this large.
“The asking price is 1.2 billion dollars.”
“For one building?”
“Yes. They say it’s already more than 30% off because of the pandemic.”
It was over budget, but I liked the building and didn’t want to let it go.
“The floor space is so vast, we could move Earth Channel’s entire broadcasting and film divisions here.”
“We could even house a few film studios. And think of all the companies you’ll acquire—they could all gather in this building, couldn’t they?”
“Me, acquire companies?”
“Coming from you, who built a foundation like this in just one year, I’d say it’s more than possible.”
Had Lee Jong-yeop been watching too many of those patriotic videos uploaded to Earth Channel lately?
*If I can maintain this year’s level of success, it might just be possible.*
Even if I didn’t fill the building with my own companies, I could always lease out the space.
Seeing the massive structure made my heart flutter for some reason.
Looking back, I had lived my entire life without a dream.
“I want to be a scientist.”
“My future dream is to be a firefighter!”
“I’m going to be a celebrity. An idol singer!”
Elementary school.
While my classmates talked about their dreams, I sat quietly, my fists clenched on my knees.
When my turn came, the words I barely managed to utter were:
“I want to be a civil servant.”
I had no desire to do anything in particular.
Just a simple belief that the state would provide a stable salary, so I wouldn't have to worry about making a living.
My teacher moved on without asking for a detailed reason, but looking back as an adult, I think she might have known.
That it’s hard for a child neglected by their parents to have a dream.
A cozy home.
Food to eat when you’re hungry.
A mother’s nagging to study.
It’s the accumulation of these small things that helps a child grow.
In my twenties, I took a liking to making life plans.
I’d think it over while working part-time jobs, even while sitting on the toilet.
*If I get a job at a company that pays over 30 million won a year, I should be able to save 20 million won annually.*
My goal was to save and scrimp to gather 100 million won in five years.
I thought that once I had 100 million, hope would somehow blossom, and it would be the start of my escape from this wretched poverty.
*100 million by thirty-two. 200 million by thirty-seven. If I keep saving like that, I’ll live comfortably in my old age.*
I had no thoughts of doing anything other than saving money.
I ended up at Arcor because it paid well.
Life happened—I got married, then divorced, and just when I thought I was penniless, I became incredibly wealthy through crypto.
Since starting my business last year, I’ve had many experiences that made me think.
Maybe you don’t need a dream. Maybe you can just live by doing what you want, when you want to.
After finalizing the contract through my lawyers, I sent a text to Jo Soo-ah.
―Kim Shin: I bought a building.
―Jo Soo-ah: A building?
―Kim Shin: A big one in Los Angeles. It’s even bigger than Arcor’s headquarters.
I sent a picture, too.
Even as I thought it was childish, I wanted to show off to her.
I had a lot of time to myself in Laguna Beach, and during those moments, Jo Soo-ah would often come to mind.
―Jo Soo-ah: That’s a really cool building. Must be nice to be rich.
―Kim Shin: Yeah. It’s great having a lot of money.
―Jo Soo-ah: …….
―Kim Shin: How’s work?
―Jo Soo-ah: I’m working hard. A lot of employees have applied for leave.
―Kim Shin: Have you eaten?
―Jo Soo-ah: I have. A spicy pork rice bowl.
―Kim Shin: I used to eat that all the time in Korea. I try to make something similar here in the States, but it’s just not the same.
―Jo Soo-ah: Do you remember the diner you used to go to in front of the office? You like their spicy pork rice bowl, pork cutlet, spicy squid rice bowl, bulgogi set, and kimchi stew.
―Kim Shin: I do. My mouth is watering just hearing the menu.
I felt a flutter, a feeling of romance.
More so than on the phone or in person, texting seemed to make it easier to approach my honest feelings.
―Kim Shin: You know that guy you met on the blind date a while back?
―Jo Soo-ah: The one I met in Busan?
―Kim Shin: Yeah. You said his family was rich, right? That they owned several buildings in Haeundae.
―Jo Soo-ah: I think his parents mentioned something like that.
―Kim Shin: Not that I’m particularly concerned about it.
―Kim Shin: It just suddenly came to mind. My building is probably way bigger.
―Jo Soo-ah: ???
* * *
Kim Shin’s fame had spread beyond California, reaching across the entire United States.
Was there any other investor or entrepreneur who had amassed such a colossal fortune in a single year?
“This is absurd.”
“Earth Channel’s momentum is just too strong right now. It’s better to wait until they quiet down.”
Warner Bros. had jumped aggressively into the OTT business by creating HBO Max.
There was Disney with its Marvel series, and MGM, which had been acquired by Amazon in May.
Universal, famous for series like *E.T.*, *Jurassic Park*, *The Mummy*, *Fast & Furious*, and *Jason Bourne*, also had its own OTT platform.
Though not widely known to the public, the OTT space was a jungle just before the real battle began.
*Everyone was just focused on chasing Netflix. Who could have predicted the sudden appearance of a carnivorous dinosaur like Earth Channel?*
A cheap $5 subscription plan.
And a lineup of famous movies and drama series that were the talk of America.
“Certainly, some of Earth Channel’s productions are entertaining. But for the general public to enjoy them, the absolute volume of content is crucial.”
“There’s also the matter of taste. Their subscriber count will continue to grow, but once it peaks, it will start to decline.”
Competitors were hoping Earth Channel would peak and collapse soon.
<Octopus Game Surpasses 100 Million Viewers Worldwide>
<BBC: “The K-Drama Craze Sweeps the Globe.”>
<Dalgona, Halloween Costume Sales Skyrocket>
<The Attack of the K-Zombies, Another Highly Anticipated Release Teased>
<Next Up, a Zombie Movie. Viewers Go Wild for the Trailer>
Earth Channel’s content was gaining popularity with viewers by the second.
They thought that if left alone, it would eventually crumble, but a basic principle of management was to seize the opponent’s strengths.
“We should buy some Korean dramas and movies, too.”
“Compared to the tens of millions of dollars per episode it costs to produce in the US, it’s only 10% of the cost. Secure Korean content. Commission them to produce for us.”
The competitors sent employees to Seoul to secure Korean films and dramas.
After assessing the situation from various angles, the employees could only feel bewildered.
“What kind of company is Dream Art Rainbow?”
“It seems they’re involved in most of the decent movies and dramas.”
“They have numerous outstanding production teams and invest right from the script discovery stage. Are you saying they plan to sweep up everything?”
Dream Art Rainbow wasn’t just a deeply rooted, giant tree.
It was more like the landowner who owned the very soil of the Korean content market.
The content production environment, once divided among film distributors, broadcast networks, and cable channels, had been reshaped with Dream Art Rainbow at its center.
“The owner of Dream Art Rainbow is Kim Shin.”
“Kim Shin invested and swept everything away.”
The reports from the employees sent to Korea left Hollywood executives dumbfounded.
“So we’re just supposed to wait for Earth Channel’s hype to die down?”
“They say dozens of dramas and even more movies are in production in Korea. But the American public will surely get tired of the formula of Korean content. It’s just a matter of time.”
“It’s not easy to wait when my job is on the line. Not easy at all.”
While Earth Channel’s OTT business was grabbing the attention of the media and competitors, its live streaming division was also steadily attracting users.
When famous Korean celebrities streamed, hundreds of thousands of viewers tuned in.
As the number of Asian subscribers grew, groups like Black Red and Earth Girls secured over a million viewers for each broadcast.
They boasted a level of popularity that was astonishing to the American entertainment industry.
“What about the video channel?”
“That’s our one ray of hope. With such a powerful competitor, it won’t be easy for them to enter the market.”
The online video platform space.
The market was dominated by the reigning king, YouTube, with Facebook, Yahoo, and TikTok holding most of the remaining share.
Until now, Earth Channel had focused on broadcasting, movies, and game content.
Although they had announced plans to enter the video platform market, they had yet to challenge this massive ecosystem.
* * *
It was my third visit to a hamburger joint in Laguna Beach.
A male part-timer in his early twenties tilted his head and asked.
“Are you, by any chance, Kim Shin?”
“Pardon?”
“You just have a similar vibe.”
In Laguna Beach, I wore sunglasses from morning to night.
I often wore a hat, and a mask was mandatory, but people still recognized me occasionally.
“Yes. I am Kim Shin.”
“Really? Could I possibly get an autograph?”
I signed an autograph for the delighted part-timer.
*I guess I’ve really become famous.*
As I walked along Laguna Beach after eating my hamburger, a lot of thoughts crossed my mind.
Channel 7.
That was the number Earth Channel had allocated for its entry into the video platform market.
*Last year, YouTube’s ad revenue was over 15 billion dollars.*
It was a 36% increase from the previous year.
The OTT business was getting all the attention due to the pandemic, but video platforms wielded far greater power.
Anyone could freely upload videos, attracting advertisements from countless companies.
*People create and enjoy the content. We just provide the space for it.*
We had been making technical preparations, but the traffic Earth Channel generated right from the start was overwhelming.
We had temporarily opened only up to Channel 5, putting Channel 7 on hold for the time being.
*If I delay the opening for too long, Earth Channel will just become an OTT service.*
Once people’s perception solidified, it would be difficult to try anything different.
I needed to expand into more areas while users were still craving new things, while their interest and curiosity were high.
*The soaring price of Source Coin is also a problem….*
Source Coin was showing signs of surpassing $20.
Considering the extreme volatility of the crypto market, it wouldn’t be strange if it hit $20 today.
It wasn’t hurting Earth Resource’s business, but it was dangerous for Source Coin’s price to rise uncontrollably.
The amount the company guaranteed was $1.
If the price were to fall sharply, the shock would be that much greater.
<Bitcoin Surges, Reaches $25,000 in One Week>
<Bitcoin Hits New All-Time High>
<Virtual Currency Speculation Reignites. Investors Flock to the Market>
<JPMorgan Predicts a Battle for Dominance in the Digital Currency Market Among Bitcoin, Ethereum, and Source Coin>
Investor frenzy.
Led by Bitcoin, the prices of virtual currencies were skyrocketing.
―Source Coin breaks $23!
―Wow… It’s rising! It just keeps rising!
―I put my entire fortune into Source Coin. I’m praying. I’m praying. I’m praying to you, Kim Shin.
Since founding Earth Resource, I’d felt like I was being pushed along, dragged forward because it was my first time in business.
But now, I could see what needed to be done.
*Let’s just go for it.*