Chances are many of you saw Coldplay perform during halftime of Super 50 a couple of weeks ago, right? Regardless of whether you are a Coldplay fan or not, there is no question that the British rock band has millions of devoted followers around the globe. One such Coldplay fanatic is 31-year-old Ethan Jaeseok Lee, a Korean entrepreneur who left his job as a developer at an online company in order to launch an innovative startup centered around bringing bands like Coldplay to Korea, China, Singapore, and other often-forgotten markets. It may seem a little drastic to many, but Jaeseok Lee – who has been listening to Coldplay for as long as he can remember – realized something had to be done if music fans in Korea and elsewhere were ever going to get to see their favorite music groups in person. Enter: MyMusicTaste, Jaeseok’s Seoul-based crowd-sourcing platform aimed at disrupting the $26 billion concert industry.
The Purpose of MyMusicTaste
According to Jaeseok, the main reason that bands like Coldplay have never held a concert in Korea, China, or Singapore is because of how unstable the concert promotion business is in these countries. Because it can be difficult for promoters to determine just how many ticket will sell and how many fans are willing to pay, most concert promoters shy away from even trying to bring huge bands to venues in these areas. Recognizing this gap, Jaeseok decided to take matters into his own hands, coming up with MyMusicTaste. The intention of his innovative startup is to get fans to express their interest in bands by communicating directly with their favorite music acts. MyMusicTaste allows fans to reveal how much they are willing to spend on a ticket and, with the help of a few surveys, gives bands and their network a little insight into which markets may just work for them. The bottom line? The site allows artists to market themselves and their music and see where they have strong audience markets.
Through the power of the internet and social media, Jaeseok has had huge success with MyMusictTaste, and so have artists. The website makes money by selling tickets and taking commission and promoting concerts, but the major takeaway from Jaeseok’s story is that all it takes is a little ambition and a hole in the market to find success in today’s technology-driven society. Without the assistance of the internet and our global attraction to sharing and seeking information, Jaeseok would most likely not have had the resources necessary to capitalize on this idea.
The Power of Digital Marketing
These days, everything is digital. While traditional forms of marketing are still relevant and necessary to grow a wide audience, the most important player is the internet and the way in which brands use it in order to market themselves. As we saw with Jaeseok’s MyMusicTaste, the internet is extremely powerful and places a lot of control in the hands of everyone from simple music fans to big brand advertisers. Over the years, we have seen what an integral role the internet and digital marketing tactics have had for companies of all different shapes and sizes. In order to find success in today’s society with whatever venture you have in mind, social media and digital marketing efforts are a must. As Frisco’s leading digital marketing agency, we understand this better than anyone. So whether you have an innovative idea that you want to launch or need help growing your business through social media and other digital efforts, we can help.