Innovation

Profile: Derrick Fung, 2012 FuEL Award Winner

Written by Frank Condron

Derrick Fung

CEO | Tunezy

Richmond Hill, Ont.

Employees: 6 | Age: 25

Q&A from Derrick Fung

While the music industry continues to struggle with monetizing the Internet, Derrick Fung has created a way for independent musicians not only to engage fans online but make money as well.

Fung ‘s creation, Tunezy, rewards fans for attending online concerts and events with virtual currency they then can use to purchase music and other merchandise through the site. The artists, meanwhile, earn money for generating traffic on the site through a revenue-sharing program with Tunezy. The other stakeholders in Tunezy’s model, online advertisers, pay for access to the site’s users. With digital sources accounting for more than 50% of all music revenue, Fung believes Tunezy’s quest to disrupt the industry is just getting started.

Return to “The Next Generation: Canada’s Top Young Entrepreneurs, 2012”

Originally appeared on PROFITguide.com