MyMusicTaste, a live event demand platform driven by fans, has announced it raising $10 million in Series A round of funding led by Softbank Ventures along with Samsung Ventures, Formation 8, Golden Gate Ventures, Timewise Investment, Partners Investment, Bokwang Ventures and DT Capital.
Founded in 2013, the Seoul-based startup MyMusicTaste offers an online platform that allows users to request, plan and promote concerts by their favorite artists. On the platform, the fans can request a concert, purchase tickets and connect with other fans online. It majorly attempts to bridge the gap between artists, promoters and fans. When the concrete number of amount of fans who are ready to pay are known much ahead, it reduces the risk of promoters when producing a concert. Till date, it has 500,000 users with 90% outside Korea.
With the fresh funds raised, MyMusicTaste plans to accelerate serious expansion across countries. It also plans to add more artists from labels in the U.S, Japan and Thailand.
The music-based startup makes money by selling tickets and taking a commission and promoting concerts organized through its platform. From being able to attract a moderate number around 200 to 300 in its initial concerts, it has grown to have audience sizes up to 15,000. The company differentiates itself from its major competitor Live Nation by working with up-and-coming artists in addition to those that are more established. It plans to remain focused on helping concert organizers rather than branching out into artist and event management like Live Nation.