4. Market Overview
Last updated
Last updated
Major music services in Korea include YouTube, Melon, Genie, Flo, and Bugs, and the ranking of music content services is as follows.
Most music services major information architecture (IA) can be viewed as new music, genre music, period music, station, etc. More than 500 new music are released a day, and the network rules and content flow are managed by a centralized organization on the platform, and each service company posts new music centered on idols or discussed or affiliated agencies. Unfortunately, non-mainstream music is left as digital data without even having the opportunity to expose or experience before being evaluated by the user. In the case of stations, internal operators randomly select and provide a narrow and unfair service.
Relatively, YouTube constructs a service screen by developing a recommendation algorithm based on the usage and listening data of many users. The main reason why users use YouTube and YouTube Music is because they recommend music that suits me well. (Content Trend Report 2021, Open Survey) It is important to note that YouTube has creators who share music streaming stations in one video by selecting music according to the theme and taste.
Until recently, music service companies have paid copyrights (neighborhood rights, copyrights, performance rights) for streaming or download sales, but do not provide adequate compensation to the individual who provided the station. Music service providers have generated significant revenue from the communities and content creators that generate traffic on the platform, and much of the revenue has so far been focused on the centralized organization that manages the system. In other words, from the perspective of creators, the system of creating stations and receiving compensation is insufficient. Individual creators are not motivated to actively create and work on content within the platform, so voluntary creation is not achieved.
Fortunately, there is a service that is introducing a system that rewards content creators, and YouTube and TikTok are representative. They are the world's largest video platform and number one music streaming service, respectively. On platforms such as YouTube and TikTok, hundreds of millions of users gather to interact and create, share, and consume content. As appropriate rewards are provided to video creators, new content is constantly emerging and many users stream it. The MetaBrox Project not only refers to active service cases, but also introduces an active reward system based on METABX to build a sustainable token economy and aim for a platform world that satisfies both content creators and content consumers.
As the importance of communication-type communities is emphasized in the music entertainment industry, the so-called "fandustry. · Pandemic-based industry" is also growing. In particular, the media and entertainment industry is in an atmosphere of revitalizing community construction by fully utilizing secondary content creation activities that are created around fandom.
Fandom is already a mainstream medium of the content industry.In the industry of original content ip worried about the possibility of more content in the second due to the creation of the circle while fans can have positive effects, including strategically encourages it to.
Major entertainment companies in Korea continue to communicate and cooperate with their fandom by establishing a fandom community platform to create a place for communication between artists and fans, and designing a value compensation system for various contents produced by fans' participation.
The contents and activities produced by the voluntary participation of the fans are as follows.
• Production of corrected GIFs
• Fan Pick, Creating Fan Art
• Exhibitions, video conferences, etc.
• Member photos, close-up camera shoot (home mom)
• Update various information
• Making our own goods
• Fundraising to achieve performance indicators
In the past, from the perspective of fandom content creators, they voluntarily produced content and contributed greatly to the growth of the artist's fandom, but no economic rewards were shared. In the end, for creators, the continuity of creative activities is inevitably reduced, which affects the supply of derived content. Currently, entertainment officials understand the importance of fandom reproduced content and the culture of panda trees is developing in a way that promotes the utility of both content creators and consumers.
In fact, Metaverse was in the spotlight more than 20 years ago. Second Life in the U.S. and Cyworld in Korea, which were in the spotlight in the early 2000s, grew into a space where people communicate online, but after the advent of smartphones, users moved from existing PCs to smartphones that improved convenience. Interest in metaverse has been dampened since the first generation of metaverse in the early 2000s, but as public interest in metaverse has risen again, early metaverse services such as Cyworld have been refurbished as Cyworld Z and reopened in 2022. The background of the resurgence of the metaverse can be found in the complex factors of social, cultural, and technological factors. As the non-face-to-face culture such as remote work and remote classes has become commonplace due to COVID-19, social members' technical acceptance of virtual environments such as metaverse has increased. In addition, the rise of the MZ (Millennial Z) generation, which is familiar with metaverse, and technological advances such as 5G, VR, and AR (Virtual Reality and Augmented Reality) are also supporting the growth of the metaverse market.
This is the trend of 'Metaverse' search in Google trend, and it shows a relative change by setting the maximum search volume to 100 based on the number of times the 'Metaverse' search word was searched in Google search.
Platforms with multiple stakeholders, such as Metaverse, require a clear biz model that guarantees sufficient profit from the enterprise or participants, and the economic flow is based on it. The metaverse business model appears in four forms: 'Content Creation and Sales', 'Media Brokerage Fee', 'Marketing Fee' and 'Subscription Fee'.
Among them, "content production and sales" is a form in which service users have the right to produce, sell, and distribute content directly, and the business operator takes fees for in-game content transactions. Users are already producing and selling mini-games as well as in-game avatar skin (SKIN), and the fact that sales revenue can be cashed is a factor that expands user participation. In other words, metaverse has a positive effect on the emergence of prosumer.
If you look at the user's production software environment, you need authoring tools (game engine SW) to create content in a form that implements virtual space as CG and projects real space well into the virtual world. Recently, the engine for game production is changing to integrate various functions such as design and rendering as well as computer graphics (CG), and software authoring tools with unique areas for each industry are being replaced by game engines.
The global blockchain market is growing rapidly, and its size is expected to grow 67.3% annually between 2018 and 2024, exceeding $23.5 billion. (Source MarketsandMarkets)
The emergence of NFT using blockchain technology is also receiving a lot of attention, and the global NFT market size reached 17.7 billion won in 2021, when the transaction amount was 24 million dollars in 2019. (Source Nonfungible)
The reason why the NFT market is in the spotlight is that despite the advent of the digital era, intangible contents such as digital art, music, and photography have been copied and used without permission, and their value has not been properly evaluated. NFT has opportunities in that artists and creators can be fairly compensated and take more of their sales profits while they are creative. The NFT original owner can earn a portion of the sales amount as a fee each time the primary buyer sells to the secondary buyer and the secondary buyer sells to the Nth buyer, as well as the revenue from the first sale by setting the desired royalty rate. In other words, creators can make continuous profits if their works are popular and actively traded. Using these blockchain technologies and the characteristics of NFT, it has announced that it is posting and selling new characteristics of content, or NFT, in games such as The Sandbox, and will also post NFT content on social platforms such as Instagram.
In the world's growing music, metaverse, and blockchain industries, Fandomland builds an ecosystem where users can create, own, share, and monetize content under the theme of music and fandom. By applying blockchain and NFT technology to mainstream platform services, we create a system that guarantees digital ownership of producers, manages, and monetizes them safely. METABX is the currency of the metaverse platform to design all transactions, including P2P transactions, to be more efficient.
Blockchain technology allows the fandom community platform to have the following benefits:
inDJ provides revenue from advertising and licensing sales to radio station creators as an ERC-20-based METABX. We want to create a shared culture and music ecosystem that is more active by paying for our efforts to create radio stations.
InDJ proposes a solution by utilizing token economies to provide transparent and fair rewards to content creators who have been alienated from profits. The basic principle is to clearly disclose revenue, to make the rules of distribution transparent, and to ensure that the creation is safely rewarded based on blockchain technology.
METABX is responsible for the rewards and payments of the economic systems to be implemented on a cryptocurrency basis. To create a foundation for cryptocurrency to circulate smoothly in this environment, METABX is used as a major payment tool among economic participants.
METABX's Ecosystem Value Creation is designed based on the following principles:
• Transparent disclosure of economic benefits and platform quantitative values that were concentrated on central platforms and copyright holders, and return them to participants who organize and activate the ecosystem.
• Smart Contract technology effectively reduces the time it takes to make payments and settlements by minimizing the repetitive costs incurred by each service provider's overlapping operations and interlock.
• Give users and advertisers the choice of which currency used for payment.
Economic participants will be centered on "Listener" consuming content and "DJ" generating content, and in DJ will analyze streaming, consumer reactions, and advertising revenue data to build a token economy that allows the value of platforms and creations to be distributed transparently and easily.
