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Blockchain Startup Muzika Backed by South Korean Tech Giants Kakao and Naver to Revolutionize Music Industry

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Blockchain Startup Muzika Backed by South Korean Tech Giants Kakao and Naver to Revolutionize Music Industry

PR Newswire

SEOUL, South Korea, Aug. 6, 2018 /PRNewswire/ -- 3 South Korean entrepreneurs with a track record of successful tech startups have announced their second venture: Muzika. Muzika is the continuation of a successful collaboration among Co-founders Inseo Chung, Sangmin Heo, and Jangwon Lee who launched music tech platform Mapiacompany. Muzika 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 Founders on Forbes 30 under 30 Asia 2018, CTO Sangmin Heo, CEO Inseo Chung, COO Jangwon Lee (from left to right)

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 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 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. Make sure to follow the Muzika website at https://www.muzika.network and the Muzika Telegram group at https://t.me/muzika_english to stay updated on this promising venture.

About Muzika (MZK) (https://www.muzika.network)

Muzika is the 2nd generation of music blockchain that brings together artists and fans to build a Token Economy for Music. The collaborative platform will allow users to sponsor and directly pay their favorite artists for their music. Users will be awarded for community activities including voting, comments, posting and sharing songs through loyalty points that will regularly be converted to the Muzika utility token MZK. Users can then purchase products and service, or sponsor their favorite artists with MZK, who can use the token for production of music released on the platform. The dAPP for desktop will be available for download on the website by September with an initial service launch. Upon its launch Muzika will be available in over 150 nations including Korea and the US.

Contact:
Alyssa Tsai, alyssa@panony.com, +86-18516611950

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SOURCE Muzika Network

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