Q&A: Coco Apps Dishes on Monetizing K-pop
Haksong Lim, CIO of Coco Apps, spent a few minutes answering some questions about his company’s K-pop gifting platform, as well as what he has learned from DEV Korea Discovery Accelerator program thus far.
Coco Apps, one of eight Korean companies receiving investment and participating in the 2015 accelerator program in New York,
is a mobile application and an e-commerce service that allows K-pop fans and customers from different countries to purchase gifts and merchandise for celebrities. Their service includes connecting fans with their idols through a fan letter translation service and delivery service of letters, gifts, and merchandise purchased through their website and mobile application. Coco Apps and the DEV Korea Discovery Accelerator 2015 cohort will be presenting at the New York Tech Meetup Afterparty on August 4 at New York University’s Skirball Center for the Performing Arts, as well as at the DEV Korea Demo Day at the Microsoft Technology Center on August 5.
Interested in Demo Day? RSVP here.
Q: Tell us the inspiration behind your company or idea.
A: My friends from Mexico really love Korean culture and K-pop. They showed me that even as far away as in Latin America, K-pop is as popular as any kind of music. But it was really the strong bond among different K-pop fan clubs and their desire to be connected with their stars that inspired me to start such a business.
2. What are you working on for your company or product right now?
We are currently developing the user interface and the basic back-end functions for our new website. We are also building an social networking marketing channel for future PR management.
3. What sets you apart from other similar companies?
It’s the strong business model that sets us apart from other companies operating in the K-pop space. Most startups involved in the K-pop market are not strong in terms of their revenue model, but we have a strong case for future revenue.
4. What have you learned so far in New York with the DEV Korea Discovery Fund team? And what do you hope to learn or accomplish with your remaining time?
We’ve learned a lot about how to build a strong deck to present in front of investors, but other topics presented to us have also been useful, including firm law, PR management, selling skills and intellectual property.
I hope to learn some more about e-commerce and marketing with our remaining time.
5. What have you done for fun while in New York City?
We visited some of the main tourist spots in New York, such as Times Square, Wall Street and the Statue of Liberty, and we have also spent some time networking with other DEV teams.