This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.
Valuations of the global digital music entertainment industry are estimated to be around $45 billion USD. While Spotify and SoundCloud are dominating the US market, emerging players in Asia have made promising strides towards the mass adoption of innovative technologies in the music industry. Leading the charge among these endeavors is Muzika, a blockchain startup founded by 3 entrepreneurs who have been featured on 2018 Asia Forbes 30 under 30 for their previous entrepreneurial collaboration.
An overview of Muzika’s self-sustaining blockchain ecosystem
Muzika is a project focused on fostering the synergy between content creators (music artists) and their fans as the backbone for a self-sustaining blockchain ecosystem. Muzika is a consortium blockchain and aims to maintain both efficiency and transaction privacy while decentralizing key aspects of the traditional music industry. The platform is supported by a token economy (MZK token) where community members are rewarded in accordance with their participation in the production, consumption, and distribution of creative content.
Asian consumers are known to be early adopters of emerging technologies. According to one report by Dalia research, 1 out of 3 South Koreans either own or gets paid in cryptocurrencies. Muzika brings together an existing user base of 2 million people and a high-profile advisory board that includes former C-suite level executives from global corporates Samsung Electronics and regional powerhouses Kakao Corp.