Generator startup Mereo receives strategic investment from blockchain innovator Aptos
Aptos Labs, a leader in blockchain innovation, has made a strategic investment in Mereo a startup by Tommy So, Monash University alumnus and 2024 Monash Generator’s Accelerator Program participant.
Mereo is a social and engagement platform that recognises and rewards fans while providing powerful data insights into fan behaviours for artists and IPs.
“Having Aptos invest in our platform is an exciting opportunity for Mereo. Our focus is to tackle the growing issue of IP-related asset scalping in the music and entertainment industries and provide a measurement of actual fan engagement,” added Mr So, COO at Mereo.
“This partnership means we can showcase Mereo’s potential on the global stages, starting with conferences across Korea, Japan, and Singapore. We’ve also just been selected as one of the first 5 companies in its inaugural OKX Ventures and Aptos Labs joint accelerator. The program includes an investment and a 1 month all expenses paid coworking in New York for the team. So, we are really well supported with access to expertise and opportunity,” he said.
Right now, music fans around the world are streaming, purchasing merchandise, attending live events for their favourite artists. At this stage, ticket sales provide artists only one dimension to the engagement profile of their fans.
From a marketing perspective, knowing the customer creates opportunities to deepen their engagement with casual fans. It is a significant challenge for the industry, which often relies on disparate data from multiple platforms to build fan communities.
The Mereo platform is currently used by the music industry to identify, recognise and reward fans for their loyalty. Data is collected from various sources such as social media activity, ticket purchases, and merchandise buying history. This data is then anonymised to protect user privacy and stored on as a decentralised and immutable ledger. This ensures that the data cannot be tampered with or altered, providing a secure and transparent way to verify fan loyalty.
The use of blockchain ensures that the reward distribution is fair and transparent
“Based on the verified data, Mereo can identify the most loyal fans and distribute rewards accordingly. This could include priority access to tickets, exclusive merchandise, meet-and-greet opportunities, backstage passes, or personalised messages from their favourite artists. The use of blockchain ensures that the reward distribution is fair and transparent,” explained Mr So.
“We then use a gamified user experience so fans can earn points or rewards based on their activities, such as attending events or purchasing merchandise. These activities are recorded on the blockchain, ensuring that the rewards are based on genuine engagement,” he added.
Over the past year, Tommy So and the dedicated team have grown Mereo to be live and trading within the music industry, with plans to expand into other sectors with ticketing and merchandise sales, such as professional sports. With its innovative use of blockchain technology and a proven track record in the music industry, Mereo is poised for significant growth.
Tommy and his team are currently mid-way through the Accelerator Program at Monash University’s The Generator.
“Monash has a strong history of commercialisation which was really appealing when we were considering next steps. We chose to apply for the Monash Generator as it is the only program in Australia that has successfully incubated another platform in the fan economy,
“The program so far has been really interesting and helpful. The most valuable aspect is the industry mentorship and personalised feedback about our specific roadblocks, saving me a lot of trial and error,” he said.