What does Psalm 49:1 mean?

The psalmist begins by calling upon the entire world to hear what he has to say. "World" in this context means "the entire human race." The topic to be discussed in this song is relevant to all people, in all cultures, and at all times.

Christians, too, call upon the whole human race to hear what they have to say. Jesus told His disciples to go into all the world and proclaim the gospel, the good news of salvation (Matthew 28:19–20). Forty days after rising from the grave, He issued a similar command and specified where the good news should be proclaimed. He said, "But you will receive power when the Holy Spirit has come upon you, and you will be my witnesses in Jerusalem and in all Judea and Samaria, and to the end of the earth" (Acts 1:8). It is the privilege and responsibility of every Christian to share the good news. Romans 10:14 challenges: "And how are they to believe in him of whom they have never heard?"

The "choirmaster" noted here was probably an official overseeing music and singing in the temple. This fits the mention of the Sons of Korah. They were the descendants of those who survived God's judgment after the exodus, and who became known for their connection to music (Numbers 16:25–32; 26:9–11).