Karaoke for musical instruments. A mobile app where you can search for a song and turn off any instruments to play on your real guitar or piano (or any) along with the song just in two taps.
We've finished our prototype and invited dozens of beta-testers.
Our target audience is amateur musicians who want to feel like they are playing with a band.
We did some research and found that the capacity of the B2C backing tracks market is about $600M per year
- 30% of U.S. adults have taken a music class at some stage during their lifetime
- About 10% of Americans played a musical instrument within the last year
- 40M children are now learning to play piano in China (which is 3% of population of China)
Problem or Opportunity
While singers have a lot of karaoke-sites and apps for singing, there is no easy way to find good-quality backing tracks for musical instruments.
We do believe that anyone who spends money on tabs or piano sheets is our potential customer. But now the #1 site for guitar tabs has 50 times more visits than the #1 site for backing tracks. This is because the latter doesn’t have good-quality content, a mobile app, any advertising and the list goes on and on.
Solution (product or service)
A mobile app where you can search for a song and exclude any instruments to play on your real guitar or piano (or any) along with the song just in two taps
1. Karaoke-version.com - with about 50 000 backtracks for all instruments this is the largest site in this category. Prices range: from $1.99 per backtrack and $2.99 per custom multitrack. 1M visits per month. Tracks come without chords and notes. No mobile app. <10% of the songs are of good quality. 2. Rock Band & Guitar Hero - popular video games with guitar controllers. Good quality backing tracks. Make close to 3M sales units and over $200M revenue per year. Just video games, but some people use them to play on real guitar. In this use case scenario, they do not have many tracks.
Advantages or differentiators
1. Best user cases: mobile app to download and playback, web version to upload and manage
2. Musicians use tabs according to the original song, not the simplified version
3. Marketplace as a solution for filling library with high-quality content
4. Many track variations are possible. This enables continuous set improvement
We are going to achieve $50M ARR in 2019
We are going to use combined in-app purchase and subscription model, like Amazon Audible
Money will be spent on
Obtaining the rights and initial multitracks library
Offer for investor
Convertible Note or SAFE
1. A chicken-and-egg problem, which is common for marketplaces. We know how to avoid it.
2. Behavior of competitors.