In this edition of K-Wave Business Talk, we spoke with Chong Youngsung, CEO of MeMusic, about how blockchain is reshaping the music industry. From transparency in payments to deeper fan engagement, MeMusic is leading the way in creating new opportunities for both artists and fans.
K-wave Business Talk with CEO Chong Youngsung of MeMusic
Q: Revenue transparency has always been a challenge in the music industry. How is MeMusic solving this?
Chong Youngsung: The music industry has always struggled with fair revenue distribution. Even big artists like Taylor Swift have called out platforms like Spotify for not being transparent with royalties. At MeMusic, we’re using blockchain to track every stream and payment. This ensures artists are paid fairly based on their actual contributions, not just how much they bring in for the platform.
Q: You’ve talked about music as an investment. How does MeMusic make this happen for fans and artists?
Chong Youngsung: Music can be a valuable asset, like stocks or real estate. Songs can generate income for years through royalties. For popular tracks, returns can be as high as 8-10%, which is very competitive. We’re not just looking at music as something you listen to on your commute. We want people to see its financial value and potential for creating new content.
Q: How does MeMusic support independent artists differently from traditional platforms?
Chong Youngsung: This month, we’re launching a crowdfunding platform for artists. Indie artists can offer unique experiences, but they don’t always have a way to showcase that. We’ve tested voice calls where fans can connect directly with artists, and now, through crowdfunding, indie musicians can build loyal fan communities and offer rewards like personalized albums.
Q: Fan engagement usually stops at streaming or buying music. How does MeMusic help fans connect with artists on a deeper level?
Chong Youngsung: Fans want to stand out and show their love for their favorite artists. Platforms like Weverse and Patreon focus on creators, but we’re putting fans at the center. By allowing them to engage more directly and lead conversations, we’re creating a stronger connection between artists and their biggest supporters.
Q: How does MeMusic use AI and blockchain to improve the music experience?
Chong Youngsung: Blockchain ensures transparency for artists, while AI personalizes the user experience. With artist tokens, fans can unlock exclusive content and experiences. We’re also working on a “stream-to-earn” model, where both artists and fans benefit from interacting with the platform.
Q: Where do you see MeMusic and the music industry in the next 10 years?
Chong Youngsung: In the future, we hope to lead the way in making music more transparent and fair for artists. Blockchain will help with royalty distribution and fan interactions. We aim to compete with big platforms like Spotify by building a service that’s more focused on both artists and fans. For now, we’re starting small with crowdfunding and creating stronger fan communities.
WrapUp
MeMusic is at the forefront of innovation in the music industry, using blockchain to create a fairer, more engaging platform for artists and fans alike. Stay tuned as they continue to revolutionize music streaming, investment, and fan engagement.
Watch the full recording here:
More about MeMusic: Official site, Official X
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