Acoustic instrument manufacturer Wikiwiki (CEO: Go Jong Ee) launched the Musician Market, the first online marketplace for used and refurbished musical instruments.
Musician Market is an e-commerce platform that addressed the shortcomings of existing selling sites and serves as both a customer-to-customer (C2C) and business-to-customer (B2C) market. Individual consumers can sell and buy used musical instruments and manufacturing companies can sell refurbished musical instruments to customers.
On Musician Market, musicians can conveniently buy and sell used musical instruments (including guitars, drums, piano, amplifiers, and woodwind instruments) as well as purchase refurbished musical instruments at a discounted price from various manufacturers.
About 8% of musical instruments are deemed to be refurbished due to the complexity of handmade manufacturing process. However, there has not been an effective distribution channel for refurbished musical instruments. Musician Market provides an online platform for well-known musical instrument manufacturing companies to dispose refurbished musical instruments at a discounted price.
Musician Market was also selected as the recipient of “2017 Startup Takeoff Package”, a government-sponsored program hosted by the Small Business Administration, and is now building a mobile-friendly application.
Wikiwiki has been effective in building a community for musicians. Its content reaches about 4 million people every week and has over 450,000 followers on social media.
According to Wikiwiki project manager Jin Hee Han, the company could succeed because “Wikiwiki is an IT company specializing in not only manufacturing and distribution of musical instruments but also in services such as Repair Hub and Musician Market.” She also added, “We also create and distribute the most optimized contents for the current era of mobile and social media.”
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