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Dunamu acquires digital sheet music platform
Seen are digital sheet music platforms, including MyMusicSheet, center, operated by MPAG. Courtesy of Dunamu
By Jun Ji-hye
Dunamu, a blockchain and fintech company, has acquired MPAG, which operates digital sheet music platforms, the firm said Monday.
Through this move, the operator of Korea’s largest cryptocurrency exchange, Upbit, aims to expand its business into the content sector while leveraging MPAG’s technology and global network to strengthen its leadership in the digital sheet music and music education market.
The firm said it acquired MPAG through an equity purchase in November last year and integrated it as a subsidiary.
MPAG operates three digital sheet music platforms, including MyMusicSheet, in which music creators, composers and musicians can directly upload and sell sheet music across various genres, including the latest pop songs and original compositions.
MPAG retains over 10,000 music creators and more than 4 million members worldwide.
Last year, it recorded annual sales of 4.7 billion won ($3.3 million) and an operating profit of 600 million won.
Around 70 percent of its sales come from overseas platforms, demonstrating its global competitiveness, according to Dunamu.
Chung In-seo, founder and CEO of MPAG, studied physics at the Korea Advanced Institute of Science & Technology.
Meanwhile, Dunamu’s other subsidiaries include Viver, which operates a luxury watch transaction platform, and Lambda256, a blockchain specialist firm.