New Paradigm Investment makes Series A investment in Sound Republica

New Paradigm Investment, a startup-focused accelerator, announced on the 1st that it had made the first investment in the Series A round for global music distributor Sound Republica.

Founded in 2018, Sound Republica has built one of Korea’s largest overseas distribution networks. It distributes digital music through more than 120 streaming services in over 180 countries, including domestic platforms such as Melon, Bugs, and Genie Music, as well as Apple Music, iTunes, and Spotify.

Sound Republica co-CEO Noh Geon-sik is a music industry expert with 17 years of experience and a global network. He has served as head of the Korean subsidiary of European music production company Metropolis Music Group, as the official Korean partner of Abbey Road Studios in the UK, and as a consultant to major Korean labels on overseas expansion.

Co-CEO Kim Tae-yoon, formerly E-Land Group’s youngest executive, has 20 years of experience, including as a music business director at CJ Media and at Bain & Company. He brings expertise from executive roles overseeing global strategy and new overseas businesses.

Sound Republica is Korea’s only global music distributor to incorporate the latest IT technologies, and is working to transform music distribution. Its IT-powered systems build trust in its services through “Transparent Data Analysis System,” which provides accurate, transparent data analysis, and “Easy Upload System,” which streamlines automation.

In particular, the company has filed a domestic patent application for its Crowd Promotion System, a global music distribution system that combines online music distribution technology with crowdfunding through a consumer-participation promotion platform.

Sound Republica CEO Noh Geon-sik said, “We give artists around the world, from independent to major musicians, the opportunity to distribute their music on streaming services across different countries, along with a range of promotions. By applying advanced, differentiated IT technologies to provide fast and accurate music usage data, we will bring innovation to the music distribution industry as a whole.”

New Paradigm Investment CEO Park Je-hyun said, “The global digital music distribution market is estimated to be worth 21.7 trillion won in 2021. We decided to invest in the disruptive innovation of a global music distributor, including a music distribution system integrated with IT. We expect the company to grow into the world’s fourth-largest distributor, after Universal, Sony, and Warner.”