"'Fangirling' Brings Steady Monthly Income, Time to Buy Tickets"... The Innovator Who Saw Through the Fandom Economy [Power K Woman]

Interview with Hyun Kyung Jung, Chairperson of Musicow
Purchasing the Copyrights of Beloved Songs... Expanding Music into Finance
K-pop and the Potential of the Korean Won Stablecoin
The Cycle of Fandom: Transforming Cultural Assets into the Futu

"Endowing music with new capabilities, and instilling emotions into finance."

Hyun Kyung Jung, Chairwoman of Musicow, posed for a photo before an interview with Asia Economy at the headquarters office in Jung-gu, Seoul. Photo by Huh Younghan

This is why Hyun Kyung Jung founded Musicow. Buying a song you love is not a simple act of consumption. It means becoming a co-owner of that song, receiving monthly dividends, and then reinvesting those profits into merchandise and tickets-a cycle of engagement. Here, music becomes an asset, and fandom transforms into an economy.

Korea's music album exports have already reached 423.8 billion KRW (based on 2024 Korea Customs Service statistics), and a report by the Korea Institute of Intellectual Property predicts that the music copyright market could expand to 22 trillion KRW. The world's attention is focused on K-pop copyrights, and on Seoul, where these are traded as stablecoins. Global financial institutions now point to Seoul as a digital asset hub on par with Hong Kong and Singapore.

Jung translates these massive figures into sensory experiences and stories. She gives music new capabilities and finance new emotions. It is an ecosystem where fans, creators, and investors coexist. At the intersection of culture and finance, she is writing a new narrative. We spoke with Hyun Kyung Jung, Chairwoman of Musicow.

- What inspired you to start Musicow?

▲ For a long time, culture was difficult to combine with financial infrastructure. Music was also viewed only as a consumer good. However, music that generates copyrights is, by nature, a tradable asset. Despite being a highly liquid and transferable asset, there was no platform to connect it.

I wanted to create a new market where music could be supplied as a novel asset. There needed to be a platform that provided creators with new ways to monetize, and fans with the experience of owning songs they love. That was the starting point for Musicow.

- How do you define the convergence of music and finance?

▲ Music copyrights are not just consumer goods. A song born from someone's creativity is recognized for its value in the market and transforms into an asset. That asset returns to investors as dividends, and to creators as the power to take on new challenges. We call this "endowing music with new capabilities."

If stocks and bonds move only through numbers and graphs, music enters the market carrying emotions and memories. I remember the moment during the pandemic when fans invested small amounts in their favorite songs and truly felt, "I own this song." At that time, people described it not as a simple investment, but as "fangirling/fanboying." Monthly dividends were paid, and the returns were stable. This is the new experience offered to market participants when music and finance converge.

The domestic music copyright collection amount was 324.2 billion KRW as of 2023. An analysis suggests that if this were securitized, the market size could reach up to 22 trillion KRW. Jung Hyunkyung, Chairperson of Musicow, emphasized, "The key to the Korean won stablecoin ultimately lies in cultural assets." Graphic by Oh Seongsu Photo by Oh Seongsu

- What is your outlook on the market size and growth potential?

▲ The domestic music copyright market is worth about 20 trillion KRW annually. If all of this were issued as investment securities, it would open a completely different market. Even album exports alone have surpassed 400 billion KRW. If global fandom is added, the market could grow much larger than it is now.

In particular, the cost for a single song to secure a position in the market has increased significantly. But what happens when creators see their work being monetized immediately? They realize, "If I release this song, I can earn this much," which makes them more ambitious. The age of those entering the creative field drops, and the pool of participants widens. The impact on the music ecosystem is immense.

- Why did you decide to transition to an investment brokerage license?

▲ There was no company capable of issuing these assets. We had no choice but to take the initiative ourselves. Financial institutions were interested, but ultimately decided it was "too early" to jump in.

We had to lead the market down a validated path. I see it as a conservative step forward for a larger market, and a partial retreat for stability. I believe that only by securing stability can we expand.

- What will change most in the investor experience after obtaining the license?

▲ There are three main changes. First, legal stability is guaranteed. Second, investment products will expand beyond copyrights to include a wider variety of cultural assets. Third, the foundation will be laid to connect with global investors. Ultimately, the investment experience will evolve around the three keywords: stability, diversity, and scalability.

"As Chairman Jung emphasized, 'More important than being able to use it is wanting to use it.' The future of the Korean won stablecoin is expected to open not through institutional design but at the moment fans voluntarily want to use it." Photo by Getty Images Bank

- What is the significance of introducing a Korean won stablecoin (STO)?

▲ The most common question I received was, "Is it really necessary to use a Korean won stablecoin?" As just a payment method, there is no driving force. So, what is it that people truly want to buy but currently cannot? I found the answer in K-pop copyrights. Merchandise and tickets can already be purchased. However, music copyrights have been inaccessible to fans, even if they wanted them. If the Korean won stablecoin becomes a means of payment, this barrier can be easily overcome. Once users enter through this channel, they will naturally connect to other financial assets as well.

As Professor Lee Jongseok of Seoul National University pointed out, music copyrights are cultural products that have not yet been exported. The issuance scale alone is 20 trillion KRW, and the global market potential is 200 trillion KRW. I believe the key to the Korean won stablecoin is not technology or regulation, but how naturally people want to use it. Recently, academia has also emphasized that "wanting to use" is more important than "being able to use." In my view, the key will ultimately be cultural assets.

- What differentiates your platform from existing music investment platforms?

▲ The difference is that it is not merely a financial product. Our platform embodies the emotions and identities of fans. People participate with the mindset, "I am the owner of this song." That is why they are more engaged and stay longer.

From the creator's perspective, seeing their work continuously monetized provides new motivation. I believe this is what it means to endow music with new capabilities.

Hyun Kyung Jung, Chairwoman of Musicow, is being interviewed by Asia Economy in her office at the headquarters in Jung-gu, Seoul. Photo by Hyung Han Heo

- What kind of response have you observed in the U.S. market?

▲ The core of our platform is its combination of economic value and cultural significance. If viewed only through a financial lens, it is no different from existing platforms. But Musicow is unique in that fans participate with the desire to become owners of songs. At that moment, participation becomes more than investment-it becomes a much stronger driving force.

The key difference is between simply selling and leaving, versus staying and continuing to engage with my fans here. When we released Grammy-winning producer Blaq Tuxedo's song on our U.S. platform, we clearly felt that the emotional approach in the U.S. was different from Korea. Even though the model is the same, the sentiment and approach were distinctly different.

- What are your thoughts on female leadership?

▲ Rather than being recognized for success as a woman, it is more important to be acknowledged as a business leader. I want to be evaluated based on my management philosophy and principles. In running an organization, care and flexible work arrangements are important. However, I hope that is not interpreted solely as "female leadership." I believe good leadership comes not from gender, but from the ability to create a sustainable organization.

'Black Tuxedo,' the album by Chris Brown that won a Grammy. Starting a copyright sharing project with American fans in collaboration with Musicow. Photo by Black Tuxedo Instagram

- What is the most important principle in your management decisions?

▲ It is choosing the longer, indirect path over the quick one. Immediate results may be sweet, but you must also consider the ripple effects that follow. This was the same when I chose the first song to invest in. Instead of a song that would be a short-lived hit, I chose one that would retain value over time.

I draw lessons from the contrast between the UK and France. The UK gained stability through prosperity, while France underwent revolution amid poverty. Choices that merely satisfy immediate hunger do not last. The same applies to management. You must always think several steps ahead.

- Please explain your future roadmap.

▲ The first stage was obtaining domestic licensing and entering the regulatory framework. The second is formal branching into the U.S., and the third is expansion into Asia and Europe. Our goal is to secure super IPs and establish a strong presence in the global market within the next three years. Even artists like Jay-Z in the U.S. are showing interest.

I do not see this as a simple corporate growth plan. I see it as a process in which music, as a cultural asset, establishes a new status in the financial market.

Hyun Kyung Jung, Chairwoman of Musicow, is being interviewed by Asia Economy in her office at the headquarters in Jung-gu, Seoul. Photo by Huh Younghan

- Do you have any messages for entrepreneurs and future founders?

▲ When starting a business, you often have to make decisions under pressure. However, you must consider the long-term ripple effects over immediate results. The quickest path is not always the right one. When you have a long-term perspective, you achieve more solid outcomes. Even if the road is winding now, you must make decisions that you can stand by both now and in the future. I have always been asked, "Why do you choose such a difficult path when there are easier ones?" But I believe that the difficult path is ultimately the one that endures, and only on that path does true meaning emerge.

▶Hyun Kyung Jung, Chairwoman of Musicow

Born in Seoul in 1973, she majored in business administration at the University of Southern California (USC) and earned her MBA from Sogang University Graduate School. In 2005, she completed the CEO program at Waseda Business School.
She worked at the independent advertising agency Welcomm and as a reporter for the women's magazine She's, before founding businesses in the women's portal and e-learning sectors. In 1999, she established the online education company Joongang ICS. With a diverse entrepreneurial background in her youth, she received a total of six ministerial awards from the Ministry of Information and Communication, Ministry of Commerce, Industry and Energy, Ministry of Knowledge Economy, Ministry of Education, Ministry of Science, ICT and Future Planning, and Ministry of SMEs and Startups between 2006 and 2021.
In 2016, she founded Musicow, a music copyright fractional investment platform, opening a new market that combines culture and finance. She is now pursuing global expansion based on an investment brokerage license. She also contributes to industry development as Vice President of the Korea Fintech Industry Association and as a board member of the Korea Software Industry Association.

This content was produced with the assistance of AI translation services.