Overview of the Muzika Ecosystem: Issues and Solutions
• More money inflows into music while less money is outflowing to artists: More people are paying for music, and the music industry is seeing more cashflow, but a lower percentage is going to musicians as many realize only 10~20% of the sales of their music.
• A minority of players are taking a majority of the returns: Distributors and publishers are enjoying excessive and long-lasting returns for carrying out what is in many cases a one-time, unsophisticated task; they almost always realize more profit than musicians themselves.
• Outstanding issues of piracy: Rampant copyright issues remain unresolved. Digital piracy is a chronic issue in the music industry. their conscience may not be at stake, but musicians are financially harmed as their miniscule returns from their creations shrink even further as a result of piracy.
• Listeners’ very limited roles: The majority of fans and listeners are pigeonholed as ‘consumers’ as they do not and cannot take any steps forward to get involved in the creative process of a musical product. This is another reason why labels, distributors, and platforms have been able to continue to exploit excessive returns.
Solutions
They firmly believe that the solution lies in the establishment of a self-sustaining, symbiotic music community in order to move the current power structure towards decentralization. They will create a new 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 digital music industry’s income distribution hierarchy. Fortunately, Muzika is not starting from scratch. This ecosystem is built on the backs of their existing two million active users across 150 nations, who passionately exchange their own musical ideas, share performances, compose beautiful original pieces, compete in good faith, and trade various digital forms of music. Through years of experience, They have learned the precise way in which to build a community run by loyal and incentivized individuals.
What is the Muzika coin?
The Muzika coin (“MZK”) was deliberately designed to help in the achievement of their mission to create a new, sustainable ecosystem in a multitude of ways. their team drew inspiration from the Steemit
community, which has been able to successfully substantialize the mission outlined in their whitepaper.
Steemit’s community building model, along with their own proven model of building a vibrant music
4 major functions of MZK
Community building
Means of transaction for commercial items and services
Sponsorships opportunities
Community programs
The Team Behind Muzika: MAPIACOMPANY
Founders of MAPIACOMPANY are some of the youngest founders in Korean startup history to attract sizable funding from venture capital with the CEO being 20 and founders’ average age 22.3, especially in affiliation with the two tech giants in Korea, Naver and Kakao. After receiving angel funding from Michael Cho, an outside board director of Kakao Corporation in 2016, Mapiacompany has raised seed funding from Naveraffiliated venture capital Springcamp in 2017. Mapiacompany is also the recipient of the TIPS Program (Tech Incubator Program for Startup), a Korean Government Fund supporting startups with technological superiority and specialty. October 2015 Founded by Inseo Chung, Sangmin Heo, Jangwon Lee May 2016 Angel investment by Michael Cho, an outside board director of Kakao May 2017 Seed funding from Spring camp, Affiliates of Naver December 2017 MAPIACOMPANY’s music platforms reach 2 million users across 150 nations Brief history of MAPIACOMPANY The founders are CEO Chung, a former pianist and high school dropout who founded his own company, CTO Heo, a prodigy developer, deep-learning expert, and leader of a top-notch tech team, and COO Lee, a professional pianist and business administration major who was the top graduate of both the most prestigious high school and the top-ranked university in the nation and has founded multiple organizations and startups. They are among the youngest in the blockchain industry nationally and internationally with an average age in line with that of Vitalik Buterin, now 24, when he founded Ethereum at the age of 21.
The Founders
Inseo Chung - Chief Executive Officer and Co-Founder
A once aspiring pianist and a 2nd place winner of the National Student Music Competition, Inseo Chung changed his course of life when he found his zeal to be more towards business. After dropping out of high school, he decided against going to college, and instead went on to become an entrepreneur, building an e-commerce startup and a prominent social media marketing agency. Mapiacompany is his third venture and an epitome of his experience as both a young but seasoned entrepreneur and a once-aspirant musician. He came across the blockchain in 2015 and studied various aspects of its business applications since, while directly taking part in the industry as one of the earlier miners of Ethereum.
Sangmin Heo - Chief Technical Officer and Co-Founder
A prodigy programmer and developer who built his web game and earned a small fortune at the age of 15. A winner of multiple awards including the Korean Olympiad in Informatics(2nd), Korea Intel Science Engineering Fair(1st). A national candidate for Intel Science Fair International Competition Software Division. An academically recognized researcher of the 28th HCLT Esteemed Research Paper for research on Deep Learning and Natural Language Processing. The sole developer and owner of the famous Korean college-based social media ‘The Bamboo Network’. A young expert in both deep learning and blockchain, he is the mind and the leader of the top-notch tech team of eight. Alumni of Haiyang University, the computer science major
Jangwon Lee – Chief Operating Officer and Co-Founder
He is The top graduate of the most prestigious high school and university of the nation, Daewon Foreign Language High School and Seoul National University(business administration major), and a winner of multiple awards spanning diverse areas of academia from language studies to economics and business administration to art management. Besides his illustrious educational background, he is also a fluent speaker of English, Chinese, and Korean, a professional pianist, and an experienced leader in business development. He founded Piano Group The Serendipity, a professional piano group well-known in Korea for piano duets, co-founded YouthGlobe Korea, the Korean division of the international NGO Youth Globe which aims to enhance educational conditions in Burundi, co-founded Shadal Inc., the largest college based food delivery mobile application in Korea, and co-founded Mapiacompany – all during his college years.
Official Sites.
WEBSITE
(https://www.muzika.network/)
REDDIT
(https://www.reddit.com/r/muzikaofficial/)
WHITEPAPER
(https://www.muzika.network/assets/mzk-whitepaper-en.pdf)
TWITTER
(https://twitter.com/muzika_official)
FACEBOOK
(https://www.facebook.com/muzikanews/)
TELEGRAM
(https://t.me/muzika_english)
Author : dinubult
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