[News] Possibility of an Official Korean Music Chart?

Recently Billboard that runs the music charts in America is coming to Korea and has already signed a joint venture with two local companies. Billboard will teamed up with ViewLife and the Korean Entertainment Producer's Association to create a Korean music and a Korean language version of the Billboard magazine.

Will Billboard be able to put up an Korean music chart? There are already several TV Stations that have their own music charts (KBS K-Chart, SBS Take 7, M-Net M-Countdown) but there were so many controversy related to how they compiled their figures that most of the charts were disbanded for several years (MBC Music Core).With the increase of digital music sales, where media and portal websites have offered many online charts themselves, but all are disorganised that none really offers a genuine accurate overview of Koreans music taste.

For years, the Music Industry Association of Korea used to keep track of album sales. But with the greatly declining album sales in Korea, their participation in the industry seems fruitless now. Other associations such as the Korean Association of Phonogram Producers and Korean Music Content Industry Association both tried to measure the online and physical sales but failed to do so. I wonder if any of the associations will be able to create a working music chart before all the good names are gone.

I don't really know if Billboards involvement will solve this problem instantly. With the Internet and its digital downloads, from file sharing, background music, blogs, how will we be able to measure the top songs. Label companies seem to be losing power, so do music charts really matter now?