Financial terms will be disclosed later. Com2uS said it would combine its global network with MyMusicTaste's platform power to showcase more sophisticated and diverse performance content tailored to regional and fandom characteristics. MyMusicTaste with more than two million users worldwide has organized hundreds of concerts by focusing on user requests.
There has been a drastic cut in offline concerts due to a global COVID-19 pandemic, but MyMusicTaste has maintained high growth with online performances and commerce. The acquisition reflects Com2uS' efforts to lead the Hallyu (Korean cultural wave) market in line with the era of digital transformation.
Based on big data, Com2uS said it would discover and nurture next-generation artists. The two companies will promote new businesses such as Metaverse-oriented performance and non-fungible token (NFT) businesses. MyMusicTaste's platform and content will be linked to Com2uS' all-in-one metaverse platform so that various K-pop performances can be enjoyed through virtual reality.
NFT is a unit of data stored on a blockchain network of interlinked virtual ledgers and each NFT is certified by a blockchain as a unique digital asset. Entertainment companies have shown keen interest in NFTs to turn the intellectual property of artists into digital assets that can be displayed and exchanged in fan communities.
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