Soribada embarks on developing blockchain music platform
Soribada, the country’s first peer-to-peer file-sharing service, announced that it will develop a music-streaming platform built using blockchain technology. Despite the announcement, its share price tumbled 6.2 percent to close at 860 won Monday due to market headwinds that affected the junior Kosdaq bourse. What is Soribada? Launched in 2000, Soribada is a music-sharing service. At one point it had a majority of the paid-music streaming market, but it has suffered operating losses over the past six years. With the rising cost of content and cutthroat competition, the number of users has been on the steady decline. Soribada set up Soribada Ventures, a unit devoted to exploring new businesses, including the development of an artificial intelligence speaker. Soribada Ventures recently raised 20 billion won of capital and sponsored Miss Trot, a popular reality TV show, which enhanced its corporate reputation. Music market and blockchain Soribada plans to incorporate blockchain into the music platform, an adoption that could prevent chart manipulation. Still, specific plans have yet to be announced. Brock Pierce’s coming? According to the company, Brock Pierce, chairman of the Bitcoin Foundation, visited the office of Soribada to discuss the new platform. The cryptocurrency guru shared a wide range of know-how, but no official contract has been made. Jess’ note With the announcement, Soribada’s plan to diversify its business is taking shape. The company added the development of a blockchain-based digital currency brokerage platform to its list of business objectives. The file-sharing firm is expected to issue cryptocurrency to be used for payment.