News

 

Toronto entrepreneur ditches banking for music, makes Forbes' 30 under 30

Derrick Fung is founder of Tunezy

A 26-year-old Toronto entrepreneur, who quit his investment banking job to pursue his dreams, has made Forbes magazine's "30 under 30" list for music, alongside industry heavyweights like Drake and Lady Gaga.

Derrick Fung is the mind behind Tunezy, a website that allows fans to pay for unique music experiences, including backstage passes, meet and greets with their favourite artists, or private online chats.

Fung says the idea for Tunezy came from consumption trends in music.

"We knew that the music industry was in trouble," he said in a recent interview from New York. "We saw that more and more artists were not making their money in selling their actual music."

Fung says up-and-coming artists have most to gain from Tunezy. They can use the site to promote themselves, and give back to their fans.

Two years after starting the company, Tunezy was bought for a seven-figure sum by American electronic dance music promoter SFX Entertainment in November, but Fung remains CEO.

Fung, who graduated from University of Toronto in 2009 with a bachelor's degree in business administration, started his career in the finance industry working on the trading floor for CIBC.

A turning point in Fung's life was when his boss offered him funding for Tunezy under the condition that he quit his job and follow his dream.

For Fung, the shift to the music industry was a natural choice.

"I've always been passionate about the music industry. When I was young I owned and operated the largest sheet music community on the Internet and I play music myself," he said.

"If you're a young person and you have dreams and ambition, there's nothing stopping you from creating the next Google or the next Facebook. That's what drives me."

Leave a comment:

showing all comments · Subscribe to comments
  1. Karl Burgin posted on 02/03/2014 11:24 AM
    Man....wish I had a boss like that.
    1. dama posted on 02/04/2014 02:32 PM
      @Karl Burgin I bet you will have funding from your boss if you have a solid committed business plan..do you?

      It is always nice to read a success story and then your head starts to
      2nd guess yourself lol
showing all comments

Your GTA

Sign Up For Breaking News Alerts

Becoming a member only takes 60 seconds! Members get access to exclusive information and products that non-members do not, including concert ticket presales, trips, advance notice on upcoming entertainment events, movie screening passes, music giveaways and more!

Login with Facebook

Stay connected 24/7! Receive breaking news and programming alerts right to your inbox. CLICK HERE to sign-up.

Today's Poll

In light of the attacks that happened in Ottawa, do you feel safe in your city?

Voting is restricted to one vote every 24 hour(s) VoteResults

Top Stories

Facebook

Twitter