WEBVTT

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Media and Entertainment's Special ESG

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Relationship Between ESG and Reputation

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Hello this is Sunghoo Moon

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Today, I will tell you about media and entertainment's

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special ESG

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ESG has started from investors' demand

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for a firm's achievement and according responsibility

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and has settled as a business value and strategy

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Then what relationship does ESG and reputation have?

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Reputation is a social memory

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that people have

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At the same time, it's also a mental picture

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But this reputation

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controls or catalyzes the economic activities between individuals and firms

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and an economic structure happens where it decides the added value in the trade chain

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I called this economic structure

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reputation economy

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Now is the era of reputation economy

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There are three reasons as to why reputation became important

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First is development of social media

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Second is activism

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Third is the emergence of gen Z

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Let's take a look one by one

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Social media has had a explosive growth

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Social media is an eye that can

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see every part of one's life

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SNS written in Korean keyboard

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becomes 눈, Korean for eye

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Now, social media has become

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an important tool for people

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to share opinions, thoughts, experiences, and perspective

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Social media has developed rapidly for the past few decades

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and as a result, firms are facing a society

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where they are exposed as they are

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Now in social media

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not who said it

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but what was said

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started to spread in light speed

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According to one global firm's research

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a bad news about a firm

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was spread to 25% of the whole world within two hours and a half

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and to the remaining 75% in the next 24 hours

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This is not wrong

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and we can see that from the fast spreading digital news

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This rapid development of social media

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was the first element that brought reputation importance

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and second is activism catalyzed by social media

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Social media made expressions of activists

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very easy

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Some activists claim boycotting

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in their social media account

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or claim buycott

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and spread anti-boycott activities

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Activists write petitions

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and share links, and construct public opinions

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Also activism spread awareness of topics

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like environmental protection, gender equality

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and sexual minority

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Next is the emergence of gen Z

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Gen Z is called digital native

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They also say that babies were born with smartphones in their mouths

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Especially, gen Z are more interested than the older generation

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in changing the world

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and they are also very participatory which makes them prefer fair firms

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and ask for responsibility to those that lack it

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and act together

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These three, development of social media, emergence of activism

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and gen Z, reputation has become very important

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and this became an important reason

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that accelerated firms' ESG responsibility

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Reputation effect of ESG

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was also mentioned in the report

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Who Cares Wins from 2004, the report

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where the word ESG was first used

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Moreover, these issues

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can have a strong impact on reputation

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and brands, an increasingly important part

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of company value, it claims

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ESG reputation has great influence

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in firm values

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and also in brand image

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This also leads some firms

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to green wash

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Green washing refers to when firms exaggerate their

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ESG or make up their ESG

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There are many inhibition measures

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to green washing

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and regulations as well

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ESG and innovation

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In the sustainable development goals, there is an important word

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innovation

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ESG value has emerged newly

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and ESG business era has just

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started a few years ago

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so many first are thinking of how to increase

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profit and revenue while performing ESG business

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The way to perform ESG business well

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is innovation in the SDG

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We are always thinking of ways

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to manage carbon and plastic waste

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We are in an era where carbon and plastic waste

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must be managed innovatively to protect the environment

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There are three ways with the letter R

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First is replace

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Replace fossil fuel energy

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and replace plastic waste

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with other products and packaging

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But it's not easy

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Renewable energy are not as available

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as fossil fuel energy

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and plastic as well, it is hard to find a replacement

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since it is sturdy but light

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and also convenient to use

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Second is reduce

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Reduce carbon and plastic waste

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We are working hard, but again, it's not easy

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Third is reuse or recycle

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Recycle carbon, and plastic as well

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Other waste too

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We are looking for ways to recycle

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There is a music band that

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performed this three Rs

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It is Coldplay

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Coldplay claimed a sustainable low carbon tour

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Let's think about it

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A world class band going on world tour

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What is their ESG issue?

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First, they move a lot

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so they will emit a lot of carbon

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Second, they use electricity in their concerts

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so they will burn fossil fuel

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Third, during or after their performances

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there will be waste

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But Coldplay, to solve these three issues

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adopted three innovative solutions

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First was sustainable transportation

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which was using sustainable jet fuel

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This sustainable jet fuel is know to be

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more expensive than normal jet fuel

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but has lower carbon emission

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This sustainable jet fuel is made with renewable waste

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Second, electricity use

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Coldplay did renewable energy concerts

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which they generated energy

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with solar panels in the stage floors or center halls

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and electric dance floor and cycles

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that fans could ride to generate energy

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to generate the electricity needed for their concerts

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Third is waste

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and they are cutting waste through recycling

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First, the LED bracelets used during concerts

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are made with plant based ingredients that are 100% compostable

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Second, show props

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are retrieved and sanitized

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to use in next tours

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Confetti used in concerts

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are also made with 100% biodegradable material

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ESG is a very important value

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But to perform ESG

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innovative methods are needed

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and innovation isn't just made from capital

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and effort

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As you can see in Coldplay's case

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solving small ESG issues that I'm causing

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is also a great ESG business and activity

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ESG and entertainment

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There is a reason why entertainment industry

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talks about sustainable development

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Let's see the four main reasons why

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the entertainment industry talks about

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sustainable development and values it

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First is environment protection

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The entertainment and media industry

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is actively developing

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environment friendly production methods

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like energy saving, use of renewable resources

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and cutting waste and carbon emission

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This is not just about environment protection

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but also an essential strategy for the sustainability of the industry

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For example, in the process of film production or game development

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reducing electricity use

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or using recyclable materials is one

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Next is social influence

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Entertainment industry can bring

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positive social change by contents

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that touch on important social issues

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like climate change and human rights and spread awareness

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It can help people understand environmental issues

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through documentaries, films, or games

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and for human rights issues as well

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These content aren't simply for entertainment

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but an important tool

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for positive social influence

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Third is for economic sustainability

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By adopting business model that considers sustainability

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media industry can use resources efficiently

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and maintain a fair economic structure

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For example, cutting costs by environment friendly production method

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or fulfilling consumers' demand

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for sustainable goods and services

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can provide a new opportunity for profit

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Lastly, firm's reputation management

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Firms can perform social responsibility

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through sustainability related activities

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and through this, improve firm reputation

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Today, consumers pay more attention

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to firms' effort for sustainability

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and this greatly affects brand image

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Therefore, a firm adopting environment friendly policies

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and putting effort into performing social values

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to gain better reputation

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is an essential business strategy

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Then let's see how content, entertainment, and media firms

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are performing ESG business

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through a few case examples

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First is Disney

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Disney has set a goal that they'll achieve net-zero emission

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For this, they are working on various environment friendly policies

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and energy saving efforts

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Disney also adopted policies

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that strengthen diversity, equity, and inclusiveness

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to form an environment where all employees have fair opportunities

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and people of diverse backgrounds are respected

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Next is Netflix

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Netflix, along their effort to cut electricity use

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has adopted green sets

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to minimize the environmental effect in the production process

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Also Netflix is constantly producing documentaries and films

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dealing with social issues around the world

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to spread awareness and promote positive change

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Through this, they are taking social responsibility

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and spreading social messages through content

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Sony, as a part of their ESG management

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has established 'Sony Environment Vision' that strengthened renewable energy use

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Through this plan they are putting effort into cutting greenhouse gas emission

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and building sustainable environment

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Also Sony, for better media access

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for social minority

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are investing in various technological development

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Through this, they are expanding access so that everyone can enjoy

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Sony's content

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Lastly, Warner Bros

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Warner Bros are using energy efficient equipment

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and promote electric vehicle use

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as an effort to protect the environment

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Not only that, they are running diversity and inclusiveness strengthening programs

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that respect racial, gender, and cultural backgrounds

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to form an environment

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where all employees can be respected and have equal opportunities

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Like this, entertainment, media, and content firms

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are contributing to a better future by performing

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ESG management, environment protection, and social responsibility

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This effort plays an important role in

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realizing firms' sustainable development and social values

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beyond being just business management strategies

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Then what change will ESG activity

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bring to the content market in the future?

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Let me explain how ESG activity influences content production

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and consumption in five main topics

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First is increase of environment friendly production

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Using cloud based digital solution

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energy use in data storage and management are reduced

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Through this, the need for physical servers are decreased

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and electricity consumption is minimized

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Environment friendly approaches are playing

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an important role in cutting cost

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and forming sustainable production environment

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Next is the increase of content with diversity and inclusiveness

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Recently, demand for content dealing social issues is increasing

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and storytelling with ESG values included are also strengthening

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This is beyond simple entertainment

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but means that content that

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deliver social message and promote

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positive change is increasing

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Documentaries or movies dealing

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human rights, climate change, or gender equality are an example

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Third is that support for ESG content firm

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is increasing

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Brand loyalty of consumers to firms that are

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environment friendly and socially responsible are increasing

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Through this, firms performing ESG

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can gain a better reputation compared to their competing counterpart

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and this also contributes to long-term development of the firm

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Fourth is strengthened investment to ESG friendly content

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Content, entertainment, and media firms

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are securing more investment opportunities

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as they achieve ESG goals

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Investors are more interested in firms with

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sustainable business model

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and this brings a positive influence

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in firms' capital procurement and expansion

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Last is content industry's innovation and enhanced competition

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To create a sustainable production environment

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virtual production technology, cloud based workflow

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and AI based editing systems and such are being adopted

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These technologies enhance production efficiency

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and contribute to cutting carbon emission

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Also, use of cutting edge technology

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increases content quality

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and cuts cost at the same time

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In conclusion, ESG activity in content industry

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is not just a trend

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but brings a structural transformation across the whole industry

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Environment friendly production methods, increase of inclusive content

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and transition to sustainable business model

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will lighten the future of the content market

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I ask you, as digital content creator

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to also think about your role for ESG

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Thank you

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Relationship between ESG and reputation

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Why Reputation became Important
Social media: A platform where you can glimpse into people's daily lives

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Activism facilitated by social media
The emergence of Gen Z, often referred to as digital natives

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Relationship of ESG and Reputation
Reputation is a key driver in accelerating a company's ESG responsibilities

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ESG and Innovation

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ESG Innovation
Innovation is a way to perform ESG management well

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3Rs: Replace, Reduce, Reuse & Recycle

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Directly addressing the issues you create is also a part of ESG management and activities

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ESG Examples in Entertainment

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Disney: Aims to achieve carbon neutrality across all operations by 2030

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Adopts policies strengthening diversity, equity, inclusiveness

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Netflix
Reduce electricity use, adopt green sets

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Constantly produce documentaries or films dealing social issues

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Sony
Establish Sony environment vision strengthening renewable energy use

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Invest in technology development for better media access of social minority

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Warner Bros
Promote energy efficient equipment and electric vehicle use

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Run diversity and inclusiveness strengthening programs that respect racial, gender, and cultural backgrounds