The wave of blockchain technology has swept the world, and the music industry that is contending is also advancing with the times. According to the 2018 report of the International Federation of the Phonographic Industry, South Korea ranks sixth in the global music industry. At present, Korean companies are actively promoting changes in production and user relations, further empowering artists and strengthening the fan economy.
Muzika from South Korea is a leading digital music communication and collaboration platform, affiliated with Mapiacompany, a shared music platform, and has been invested by Naver, the largest Internet company in Korea, and an important person in Kakao and Samsung. Inkyu Choi from Naver Wind Investment, Michael Cho, outside director of Kakao, Joon Kee Hong, outside director of Kakao Bank, and Yoonwoo Lee, former CEO and vice president of Samsung Electronics, are optimistic about the blockchain's contribution to the music market and will make full use of their efforts. Support for this project.
In the case of Inkyu Choi, a Naver venture capitalist, the music industry is always one of the first to try and embrace the emerging technology industry. The application of blockchain will further advance the changes brought by Napster and Spotify. Muzika has a million users, the team has been cultivating music for many years, and the consultants from the head of the industry have been blessed. In this wave of innovation, Muzika is the best leader.
One of South Korea's most well-known angel investors, Kakao's foreign director Michael Cho said, “To fundamentally change an industry structure requires the best team, the strongest execution and outstanding technical capabilities, and a strong Resource support. The Muzika team combines all the elements of success and will subvert the world's perception of digital music."
Kakao can be called the Korean version of "WeChat", Tencent and Alibaba have invested in it; Naver is an Internet company based on search engines (like Baidu in China) and the parent company of Korea's well-known social platform Line. . In addition, the team received a seed fund from the Korean government's start-up technology incubator project and worked with the Korean Music Copyright Association.
In fact, South Korea's largest Internet companies such as Kakao and Naver have already begun to develop blockchain applications to ensure they are at the forefront of blockchain development. Kakao has a market penetration rate of 90% in Korea. Kakao is in the living areas of chat, taxi, music, mobile payment, etc. Outside of these areas of life, Kakao is actively deploying blockchain and cryptocurrency markets, not long ago. It also reported that it was considering raising funds for the blockchain subsidiary Ground X.
There are many places in the music industry to upgrade and optimize. This is the opportunity of blockchain technology. It uses technology to change the existing incentives in the industry, thereby reshaping the entire music industry and ultimately forming a more fair and transparent music industry. The system allows all participants, including users, to make a profit.
At present, most of the blockchain projects on the market face the “bottleneck” challenge of lack of application scenarios, and lack of practical evidence, and Muzika will bring real change. Muzika founder Inseo Chung envisioned a platform that would revolutionize the production, distribution and consumption cycle of the digital music industry: "We will build a new distributed digital music ecosystem that will transform the profit distribution system of the traditional music industry. , to complete and automate the upgrade of music products in the cycle of production, distribution and consumption, to promote Muzika's outstanding contribution in the global digital music industry."
It is understood that Muzika aims to connect artists and fans directly through its innovative integrated music platform to increase the artist's profit and charge consumers a lower price. Musicians can get the highest percentage of dividends in Muzika, and fans can get rewards by directly participating in the production of music, distribution and consumption.