Sep 28th, 2021
DigiFinex 20th AMA has just happened! This time we have hosted the AMA on our Telegram community. Are you a music lover? MiraQle is enabling global fans to actively participate in the entertainment industry through blockchain!
At this AMA, we have invited Ross Lee, the CEO of MiraQle as our special guest. He shared with us how blockchain could shake up the entertainment industry. Read on our blog recap to learn more now!
# Guest of the night
Ross, the CEO of MiraQle, is responsible for running all facets of the business. He has proven executive management through establishing the Tech+Tainment brand called MiraQle, a decentralized entertainment ecosystem that reshapes the landscapes for global fans to actively participate in the planning, producing, and consuming cycle.
#Host of the night, Kiana Shek, DigiFinex CXO
Previously working for Baidu as Assistant General Manager, Kiana has had advanced education in the financial field, also obtaining a rich background in Big data, AI, international businesses. In 2017, she founded DigiFinex as a Co-Founder, and dedicated to provide a safer, convenient, transparent digital asset exchange platform for the people. She is also responsible for promoting brand values globally on behalf of DigiFinex, and actively takes part in various Blockchain summits around the world.
Below is a highlight of our Live Session.
# About MQL
Kiana: Please introduce yourself to our audience!
Ross: I’m Hong You Lee (Ross Lee), the CEO of MiraQle. My company aims to establish a decentralized entertainment ecosystem that reshapes the landscape for global fans to actively participate in the planning, producing, and consuming cycle. It all started when I was working at an MP3 player manufacturer called iRiver and transferred to Posco to focus on developing WiBro and telecommunication networks. As a result, I gained insight into how the music industry changes drastically due to innovative technological transformations. Then, an opportunity came to me when a friend who worked in the Korean entertainment industry asked me to start a business together, and I immediately jumped at the chance.
Kiana: When and how did you come up with this idea of building the MiraQle Ecosystem?
Ross: Initially, I followed the formula of what other Korean entertainment companies were doing but failed each time which gave me a chance to try something new.
I discovered that implementing blockchain technology can empower fans to become the center of the industry and provide them mutual grounds to share and become active in the whole value chain of the music production process. There, I decided to apply a new but crucial technology that nobody was doing at the time and continued to create what I call “Tech+tainment”.
#MQL’s business model and future
Kiana: Can you please elaborate on “Tech+tainment”?
Ross: Tech+tainment is a combined term between Technology and Entertainment. It embodies what the future holds for the entertainment industry. MiraQle believes that with the implementation of blockchain technology, we can shift the dynamics of the entertainment industry to a more fan-centered environment and solve existing problems within the industry. Blockchain will help secure a safe and fair platform infrastructure that will help global fans directly engage in the music production stages.
Kiana: What are the issues in the entertainment industry that make you want to implement blockchain technology?
Ross: There are 2 major pain points in the entertainment industry that we want to transform by using
decentralized and transparent blockchain technology.
First, the centralized vertical integration in the music industry is one of the major pain points. A few major corporations dominate nearly 70% of the record music industry’s market share. As a result, these large firms have massive bargaining power over music production, distribution, consumption, and, most importantly, the trend of music and consumable content. This control ultimately affects how the end-users consume music and creates unbalanced power dynamics for consumers who demand new and original entertainment content. Also, another pain point would be market manipulation. Distortion and manipulation of fans’ decision-making is a significant barrier to overcoming the music industry’s growth. In the past years, numerous cases have been reported regarding the conglomerate music companies intentionally manipulating the fan votes made online and on TV, largely online music charts and rankings of artists on survival auditions. These manipulations for preset artists in music charts and popular audition programs resulted in fans losing their voices and trust in the system. Therefore, MiraQle aims to solve these issues.
Kiana: Why did you think blockchain technology was the solution for these problems?
Ross: Blockchain technology is immutable.It is nearly impossible to make changes without detection, thus increasing data credibility and reducing the opportunities for fraud. MiraQle is creating tech-tainment expertise to provide a fair, secure, and transparent system where fans can truly enjoy and engage within the decentralized entertainment industry.
Kiana: Can you please give an overview of your project and what the unique features are?
Ross: With MQL, MiraQle is building a MiraQle Ecosystem with multiple platforms where global fans truly become the core of the entertainment industry by actively participating in the “Planning-Production-Distribution-Consumption” process.
Fans begin with FanPICK, a voting application where fans use MQL to directly engage in the album production stage by voting their favorite artists, album concepts, MV, and other fine-detailed options. The final results reflect the DreamX project, a collaboration album produced by our sister company, 7SIX9 Entertainment. After the album release, we will create exclusive NFT artworks with the DreamX featured artists’ IPs. These exclusive NFT media artworks will be auctioned and be purchasable on our NFT marketplace. Also, limited-edition physical merchandise is distributed in our e-commerce platform ‘EnterPlus’ with special discounts for our global fans.
Kiana: Can you tell us more about DreamX and the collaboration album?
Ross: 7SIX9 Entertainment, a sister company of MiraQle, is a global music production company who works with Asian and Western Artists from all over the world to produce collaboration albums. 7SIX9 Entertainment has strong relationships with TME (Tencent Music Entertainment) and Warner Music Group. Our 7SIX9 Entertainment produced various DreamX collaboration albums since 2019 together with numerous industry-leading Western and Asian artists. We released ‘Michael Jackson’s Tribute Album’ (by Jason Durelo, EXO Lay & NCT127) and ‘EP01 : Season For Love’ (by Lenka & Silence Wang) with the company’s expertise, which drew attention. With the results from the CBT phase of FanPick, we are in production of EP02 & EP03 scheduled to be released this year, and 24K Goldn is one of the few artists working on the project, so stay tuned!
Kiana: Lastly, how would you describe MiraQle in one word?
Ross: MiraQle is Tech+tainment
Kiana: Thank you, Ross, for taking the time to do this AMA with us today. It has been a great time to learn more about MQL!
Kiana: Thank you Ross once again for joining the session today. This marks the end of our Live session! Thank you all for participating and I hope to see you in the next AMA Live, have a good day!
Thank you Ross for joining at our AMA for an amazing sharing session! MiraQle’s vision is very innovative in the entertainment industry.
We will see you at our next AMA!
The MiraQle Ecosystem of MSQPLUS PTE., LTD. reshapes the structure of the existing music industry from a one-way corporate-centered industrial structure to a fan-centered interactive structure. Thus, MiraQle Ecosystem provides a transparent and fair system for fans to participate and engage in various fan activities. The engagement activities of our platforms are; voting album production, selecting music video concepts, engaging in galvanizing community activities, purchasing goods (physical & digital), planning for advertising and marketing, staking through sponsorship per Project, and NFT auctions. Moreover, The MiraQle Token (MQL) issued by MSQPLUS PTE., LTD aims to become the standard currency used in the entertainment industry and within the MiraQle Ecosystem.
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