MyMusicTaste is a Seoul-based startup with plans to expand throughout Asia after landing a Series A. Softbank Ventures Korea led the round, with Samsung Ventures Investment, Formation 8, Golden Gate Ventures, Timewise Investment, Partners Investment, Bokwang Ventures Investment, and DT Capital also participating.
The startup offers an online platform that enables users to request, plan and promote concerts by their favorite artists. As part of the involved experience, users can request a specific concert, purchase tickets and connect with other fans. Since MyMusicTaste launched in 2013, it has reportedly organized 80 concerts in 32 cities and currently claims 500,000 users.
90 percent of those are users are based outside of Korea, which begs for a broader global push.
MyMusicTaste collates concrete data on the number of fans and the amounts they are willing to pay for a concert. This information not only lowers the risk for promoters of a concert, but also empowers fans to drive concert appearances.
To collate this data, MyMusicTaste asks people to go on “social missions.” This may be in the form of a short survey, for example. Questions may include how much money users are willing to spend on tickets in certain cities. Or, users may be required to share video clips from artists on social media sites like Facebook, Instagram, or Twitter.
MyMusicTaste generates revenue by selling tickets and taking a commission, as well as promoting concerts organized through its platform. When it first launched, most concerts organized through MyMusicTaste had audience sizes of roughly 200-300, but the company has seen significant growth with audience sizes increasing up to 15,000 a gig.