Provided by Music Cow
[Maeil Economic Daily Star Today reporter Park Se-yeon]
Music Cow (CEO Chung Hyun-kyung and Kim Ji-soo), the world’s first music copyright trading platform, announced on the 3rd that it has completed attracting 17 billion won worth of Series C investment.
KDB Industrial Bank, LB Investment, Wizwick Studio, and Korea Growth Financial Investment Management participated in the investment. If it adds $7 billion (7 billion KRW) to bridge funding from Hanwha early this year, it has attracted $24 billion (24 billion KRW) in investment this year alone. After establishing Music Cow, amount of accumulated investment is $44 billion (34 billion KRW).
Through this investment, Music Cow plans to expand its trading of various songs and accelerate its marketing efforts to strengthen its solid market position.
Music Cow is a platform that allows anyone to make profits through purchasing and trading music copyright shares, offering investors a new stable investment alternative and music fans a new culture of music consumption.
Since the introduction of the service in July 2017, it has traded about 850 songs and has recorded rapid growth every year. Last year, Music Cow saw a 438% increase in the number of users and a 368% increase in the volume of transactions compared to the previous year, and the average return on copyright fees for users was 8.7% per year last year.
KDB Industrial Bank, which led the investment round, recently paid attention to the expansion of IP financing by utilizing the global recognition of K-Culture and investment trends of MZ generations. “Music Cow has created a new paradigm called cultural finance by discovering the value of music copyright for the first time in the world,” said an official at the KDB Korea Development Bank. “We expect a significant example of a platform representing global IP finance based on fast-growing K-pop.”
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