Kpop is bigger than ever and it is not just big in Korea, but also all across Asia. The Seoul based startup MyMusicTaste which uses the Kpop fanbase to plan concerts is looking to expand all across Asia.
MyMusicTaste is very simple. Fans sign up and write their taste and favorite Kpop star or group. Then select the city and country that you want to see them perform at. Then press Make and the user becomes a “Tastemaker” for that concert. Now they need to spread the word to their friends and get people on board. The more people come on board the better and soon their will be a concert by your favorite Kpop band near your home! The Artists go where you are and the Tastemakers themselves get special benefits and discounts. If you ever wanted to have Big Bang come to your small city in Japan, now it is possible.
Live concerts can be very risky, the main problem being ticket sales. This solves the problem since a concert won’t officially launch unless they have a certain level of commitment from the fans. Currently the site has over half a million users and have conducted over 80 concerts. However shockingly 90% of those have been outside of Korea. This goes to show just how big Kpop has gotten globally.
MyMusicTaste is looking to expand to China and even have plans to set up an office there. Getting into the Chinese market will be huge and offer a lot of potential for sales. The concert industry is a 25 billion dollar industry.
So how does MyMusicTaste make money? They take a small commission from the tickets as well as for their promotions through their platform.
Early this year MyMusicTaste got investments from SoftBank Ventures Korea, Samsung Ventures Investment, Golden Gate Ventures, Partners Investment, Formation 8, Bokwang Ventures Investment, Timewise Investment, and DT Capital, all totaling $10 million.