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For Global Music Source deal, Online Market Platform, Beatsomeone
SEOUL, KOREA, May 22, 2021 /24-7PressRelease/ -- "Did you know that the BTS song "Dynamite" was made by a non-famous songwriter from the United Kingdom?" Like this example, there are a lot of composers who have great skill but are not so well-known. "Our goal is to make these composer's songs famous worldwide. Currently, we are only doing this to Korean POP(K-POP), but our ultimate goal is to introduce the world's local music as well. Making our company into a global music content distributor."
Music is now essential to modern people. A device needed to listen to any kind of music from anywhere is a smartphone. This is the first time in history when music is located this deep into our lives. A lot of modern people are starting and finishing their daily routine with music. A few years ago, many TV shows about music are dominating broadcasting trends, too. An audition competition program like "American Idol" is giving huge influence on public media trends. As a result, an interest in "creating" music is getting higher as well.
"Beatsomeone" is a music distribution platform based on Blockchain technology. In here the 1st step creator and 2nd step creator, buy and sell their beats. It is the foundation of a song. The beat is a basic step of the instrumental. In the past, a single person was making the entire song. Nowadays, experts of each process of making music are working together to complete a song, so these kinds of platforms are highlighted.
"Beatsomeone" connects musicians all around the world with their platform. We interviewed Yong-Hwan Kim(38), CEO of Beatsomeone, located in Seoul, South Korea.
Blockchain, solution for music piracy
Before Kim establishes his own company, he worked for Korea's leading entertainment agencies, such as YG entertainment, IHQ, Cube entertainment for 12 years. His role in those companies was to discover new ways to generate profits, other than traditional media like TV, advertisement, concerts, etc. Then he went to a company named Womanstock, an online beauty shopping taking a role as Strategy Manager. With his success, he suddenly decided to build his own business about music by himself.
"I accomplished a lot, while I was working for the team. However, I always had a desire for myself that I did not do any business for myself. When I accomplished something on behalf of my company, I was not satisfied. Wondering "Can I do this by myself?", I decided to start something before it is too late to do music source business," Yong-Hwan Kim said.
Beatsomeone is an ICT platform based on Blockchain technology. Its service makes people buy and sell their music sources all around the world. People selling and buying their music sources on this platform are creators like beatmakers, composers, producers, and musicians.
People in need like rappers, musicians, artists can buy beats on this platform as well, to create another value of it.
Film producers, Game developers, Youtubers are constructing partnerships with Beatsomeone, those are all music consumers. Nowadays webtoons (internet comics) are being made into movies, and Youtube playlist exclusive songs are getting famous too, enriching Beatsomeone's target market bigger.
"Korea is not familiar with buying & selling music sources like beats, but its market is getting bigger globally, making more than $180 billion and Europe are building a solid market for music source transactions. Until 3 years ago, the United States was ranked #7 of all countries that consuming K-POPs, but now it is the second-largest market in the world, grew more than 700%. This is the reason why I thought this is the perfect time for us to make K-POP more famous worldwide by targeting the U.S. market," he said.
The music trend is rapidly changing these days, so are the composing methods. Single composers spent a lot of time by themselves to make one song playable, but now it is different. Genres like Hip-Hop, Dance, EDM artists are buying songs for themselves, edit the song/beat with their own musical inspirations to compose a new song.
"Since we distribute music according to this demand, we sell it including copyright. Of course, we offer it as a lease for members who only need it for a short period of time."
Wondering, why are they paying attention to blockchain technology? In response, he said it was an alternative to piracy that would appear when music was released online. After taking advice from various people, including current producers and musicians, he planned the platform and conducted surveys.
"The beat is not a complete music source. Therefore, it is difficult to register with the Music Copyright Association. After registering, there is a lot of paperwork left. So I thought a lot about how to solve this problem. And the solution we found is blockchain technology," he said.
To explain the principle, tokens are created in the blockchain when producers register their music sources. Therefore, all activities, distribution contents, and settlement details of the music source are stored, encrypted recorded transparently.
"Beatsomeone has the highest level of technology among Korean competitors. It does not lag behind its global competitors. Nowadays NFT(Non-Fungible Token) is getting interested, and we have blockchain technology to specialize NFT to music market aspect. Seriously communicating with co-operators."
Ultimate goal is to distribute all local music worldwide
Wondered what is his biggest concern while running his company.
"I am thinking the most about branding and market position in Korea." He said,
Since It is not easy to convert markets that remain in the existing offline distribution system online.
"I think it is important to improve awareness and persuade. Fortunately, many people think positively about Beatsomeone. So, I expect to grow a lot this year."
High growth is already proved. Beatsomeone Corp. was selected as the 11th core start-up program of Korea SMEs and Startups Agency. It was selected for the second consecutive year following the 10th program.
"I am grateful to the judges for their appreciation. Our biggest advantage is that we can start aggressive businesses using the infrastructure of our internal team members. Another strength is that there is no similar platform with a high share in Korea. This year, we received high praise for our technological advancements."
It also supports musicians. Beatsomeone held an award ceremony for beatmakers at the end of last year. Beatmakers contribute greatly to the development of public music, but have been alienated from events such as awards ceremonies. He said he plans to use the award ceremony to find and support talented beatmakers.
"Even though, a job named beatmaker has become slightly known through music programs such as 'Show me The Money', they still receive low attention. I held an award ceremony at the end of last year since I wanted to create an award ceremony for these beatmakers. Thankfully, KOCCA and NAVER OGQ supported this ceremony and awarded 20 beatmakers successfully."
Asked him about his future goals. He said he wants to go beyond K-pop and ultimately distribute local music from all over the world. Through this, his goal is to grow into a global content distribution company.
"The short-term goal is to have many members selling beats. This is because more sellers will increase the number of their music. We are preparing to distribute not only beats but also finished instrumentals. Since instrumental is a finished song, we are also preparing a system to match buyers."
Finally, he said he was in the process of partnering with companies to secure long-term demand. He also wants to enter into partnerships with companies in many countries around the world.
"Currently, we are strategically contracting with companies from various countries, including German artificial intelligence (AI) music technology company, American animation producer, and Japanese music distributor. In addition, we received seed investments last year and are focusing on attracting investors. As a result, the goal is to connect music lovers all around the world."
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Beatsomeone is only one global music source selling market platform in Korea, making possible the expansion to the world with only one music source registration.
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