Blockchain Startup Muzika has announced that it will incorporate blockchain technology to the existing Mapiacompany foundation to build a music sharing platform that aims to reshape the digital music industry.
Muzika envisions a revolutionary token economy for music that allows fans to engage directly in the production, distribution, and consumption of music.
Muzika is backed by 3 South Korean entrepreneurs with a track record of successful tech startups. Muzika is the continuation of a successful collaboration among co-founders Inseo Chung, Sangmin Heo, and Jangwon Lee who launched music tech platform Mapiacompany.
The founders of Muzika — whose average age is 22 years old — have been featured in “Forbes 30 under 30 Asia 2018” for their work at the intersection of music and technology.
Since the team's inception in 2015, their projects have been backed by South Korean tech giants Kakao and Naver.
The team has also secured seed funding by the Tech Incubator Program for Startups by the Korean Government as well as a partnership with the Korean Music Copyright Association. In just under 3 years, the company has attracted over 2 million users and artists from over 150 nations and established its position as a key player globally among platforms for instrumental music.
By incorporating blockchain technology, Muzika aims not only to link artists and fans directly but also to increase shares for artists by introducing a fair distribution structure for musical creations.
Muzika founder Inseo Chung imagines a platform that will revolutionize the status quo in the digital music industry:
“We will create a new, decentralized digital music ecosystem that can autonomously achieve repeated cycles of production and distribution, and allow for the consumption of musical creations, as well as reform the profit distribution hierarchy. Muzika will be the redemption of the global digital music industry.”
Muzika is currently undergoing its first two private sale rounds. Disclosure of Muzika backers and announcements for listing to date will be released shortly. The Muzika team is currently working on finalizing the details of a bounty program, and the program will be announced shortly on Muzika channels.