A seminar analyzing the factors behind the success of public goods such as the National Museum of Korea's "Bangasayusang miniature," which has sold tens of thousands since its release, and the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO)'s "money pollack," was held on the 23rd.
Goods managers from the National Museum Foundation of Korea (NMF), the National Museum of Modern and Contemporary Art Foundation, and the Seoul Design Foundation who attended said, "They must be products that embody the institution's identity and originality." They also said, "It is also necessary to make products with the element of surprise that sparks curiosity—'This institution makes this kind of product?'—and familiarity so the public can use or see them in daily life."
Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) (President Seong Chang-hun) held a seminar on the 23rd at its currency products store in Seoul under the theme, "Public goods become the center of Millennials and Gen Z!" The seminar was organized to share successful public goods cases and consumer trends and to explore future interagency cooperation.
As production of currency—its main revenue source—declined, the corporation launched a currency goods business last year under the brand "moneymade" to secure new revenue. It also aimed to upcycle about 100 tons annually of byproducts from the currency production process by using currency manufacturing technology.
The money pen, first released in Mar. last year, has sold a cumulative total of about 250,000 units to date. The money pollack magnet, released in Feb. this year, has sold 36,000 units to date. Bang Eun-young, Director General at the corporation, described the currency goods business as "the process of reinterpreting as goods the technology that used to make money and the cultural asset and memories accumulated about money."
Director General Bang said, "Currency goods have almost no marketing budget," adding, "But it seems that leveraging the irreplaceable material of 'money,' currency manufacturing technology, and upcycling methods to create practical everyday items drew a lot of attention." Bang also said, "Because of money's positive symbolism, people who want to do better formed their own fandom and spread the word."
Kim Mi-kyung, Deputy Minister at the National Museum Foundation of Korea (NMF), which offers "Myuze" (museum goods), said the reason younger generations are interested in public goods is not because of the products' functions or attributes. Kim said, "Because they are products related to Korea's treasures, there is 'public interest and meaning,' and as items available only at museums, there is 'scarcity.' At the same time, the practicality and luxurious design give them 'marketability,' which seems to attract a lot of attention."
Cho Ji-yeon, Head of Team at the National Museum of Modern and Contemporary Art, said, "People choose goods as a way to keep the experience of seeing an exhibition for a long time." When the National Museum of Modern and Contemporary Art hosted the Damien Hirst exhibition from Mar. to Jun., the best-selling goods were magnets. Cho said, "When planning goods, we consider 'what elements people first recall in relation to the exhibited works,' 'what we want visitors to experience,' and 'what products are suited to that experience.'"
Park Hang-gi, CEO of Metabranding, which has created brand names for well-known corporations such as SK's OK Cashback and SsangYong Motor's Rexton, said, "Public branding is the process of adding appeal to intangible trust," adding, "Do not copy other institutions; you need your own branding that clearly imprints the public institution's reason for being." Park said, "The three pillars for successful public goods are the institution's identity, design, and two-way communication in the marketing process."
President Seong Chang-hun said, "Public goods are not just souvenirs; they are cultural content that most accessibly deliver the nation's philosophy and brand to the public," adding, "We will foster moneymade as a K-culture brand and help build a public goods ecosystem where the public and private sectors grow together."