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Bee My Ears

The Tinder and Masterclass.com of Music

USA, California
Market: Information and media, Production, Entertainment
Stage of the project: Operating business

Date of last change: 06/24/2019
Min investment
$  35.000
Total required
$ 700.000
Rating
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Idea

Bee My Ears is a non-arbitrary community platform that empowers independent artists through crowdsourced feedback, artist development, and talent distribution.

Artists discover the commercial potential of their music based on the opinion of the public and renown music industry professionals, who also get rewarded to actively contribute to the development of the artists.

Our customized reports provide valuable insight and data, used on 1) artist development 2) talent distribution 3) trends anticipation 3) support for entertainment companies.

Current Status

- Bootstrap: US$ 15k (Founder, Advisor, Contractors)
- Delaware Incorporated / Silicon Valley Bank
- Beta test done, operational business
- 37 Early adopters
- 37 Crowdsourced feedback reports delivered. See report examples here:
https://www.beemyears.com/en/relatorio/?idrel=157
https://www.beemyears.com/en/relatorio/?idrel=191
- 600+ Signed up users (listeners and artists)
- 25+ Premium listeners (renown music industry professionals)
- 2 talent distribution partners
- 2000+ Crowdsourced feedbacks / evaluations concluded

Market

Bee My Ears first 2 markets: Independent artists from Brazil and USA.

Post-investment goal: 15,000 subscribers in 18 months in at least 5 of the top 10 music markets:
*USA, *Japan, UK, Germany, France, South Korea, *China, Australia, *Canada, *Brazil
(*) countries with possible Bee My Ears ambassadors

Global recorded music revenues totaled US$19.1 billion in 2018, a 9.7% increase on 2017 and a faster rate of growth than the previous year (+7.4%). Approximately US$ 6 billion, or 31%, is generated by independent artists.

Representation of total recorded music revenues in 2018:
58.9% - Digital (+21.1)
14% - Performance rights (+9.8)
24.7% - Physical format (-10.1)
2.3% - Synchronization (+5.2)

Brazil, the largest market in Latin America, increasing by 15.4% and recording one of the highest rates of growth in digital in the top 10 markets (38.5%).
USA posted an increase of 15.0% and maintained its position as the world’s largest music market. A predominantly digital market (74.2% of recorded music revenues), the fastest growing format in the US was paid streaming, which accounted for well over half (59.4%) of digital revenue.

Problem or Opportunity

The music industry has become a funnel controlled by a handful of people who arbitrarily curates artists, turning major record labels into the only global distribution channel.
The game has been changing with the advent of streaming and the introduction of self-management tools, allowing a new wave of independent artists who once had no space in the industry to emerge.

Achilles Tendon: Although independent artists grow three times faster than the whole industry and have access to numerous tools, they do not have enough traction; artist development and education; online and offline reach to penetrate and endure in the market. Therefore, 91% of the artist community will remain undiscovered and will never have a chance to create sustainable careers.

Solution (product or service)

Bee My Ears is a non-arbitrary platform that empowers independent artists through crowdsourced feedback, community, artist development, and talent distribution. Through the platform, every artist can have a shot and anyone can contribute to the artist development process.

We value independent artists. We also value a very important figure who is responsible for an artist’s success: The Listener.
At Bee My Ears, listeners and renown industry professionals – our Premium Listeners – get rewarded to actively contribute with artists by giving feedback about their creative content. With the collected data during the crowdsourced feedback process, reports highlighting the commercial potential of songs are generated and matched with opportunities. Big data science helps with trends anticipation, more effective global reach, assertive distribution and more.
At Bee My Ears, artists also have access to exclusive events, masterclasses, and music business content in an online training format generated by our Premium Listeners.

“It's great to have this exchange with other artists and listeners. The evaluation process is very detailed, fr om what the person feels to a brand association when listening to a song”- Bee My Ears artist

“You can evaluate artists, give feedback about their music and be rewarded for that. Amazing!” – Bee My Ears listener

“At Bee My Ears we received very honest feedback about our music from people who are not in the industry (or simple listeners) and also from specialized music wh ere we need to improve” – Bee My Ears artist

Competitors

Our only indirect competitors are in the USA: Reverberation.com ($15.8M) and Tunecore.com ($26M). They offer an array of tools for artists and both have services that are similar yet very superficial in comparison to what Bee My Ears offers and such services are not in focus on their platforms.

Just as an example, in Brazil, the largest market in Latin America and Bee My Ears’ first market, there’s no competition. The country records one of the highest rates of growth in digital in the top 10 markets (38.5%).

Advantages or differentiators

Bee My Ears Advantages
-Specialized service focused on emerging markets and without specialized direct competitors
-Community-based business model and SaaS, providing the user with access to exclusive content tied to the core of the business
-Crowdsourced feedback reports present the artist with an average of 60 indicators at a low
-Direct involvement of two very important figures in the development of the music business: the consumer (listener) and renown professionals of the music ecosystem (Premium Listeners)
-Brand development as experience marketing
-Exclusive space for users of the platform in diverse media
-Specialized service that caters to any and every business in the media and entertainment ecosystem, as well as artists - B2M
-Uniqueness: 1) anyone can be a Bee My Ears listener and get paid to give feedback; 2) industry professionals are the ones generating exclusive content for artists (similar to masterclass.com).

Indirect Competition Negatives
-Limited presence: USA and a small presence in Europe
-Websites that offer dozens of different services and that creates an overwhelming and confusing ‘in store’ experience, having a superficial crowdsourced feedback service on the back burner and without prominence in the general media
-Competitors crowdsourced feedback service ends when the reports are delivery to the artist
-Surveys and reports delivered have an average of 20 indicators
-Business model (B2C) limited to the sale of reports as a marketing tool to attract users to a music distribution service, a saturated market
-Questionable origin of listeners, usually from a database of companies like Amazon (available in the USA only), which makes it difficult to attract listeners who are interested in music, a huge potential audience for the development and dissemination of the brand. This disconnection between the listener and the platform results in several negative points: low level of commitment, superficial reviews, low conversions of followers to the artist
- Users constantly report: automated reviews and vague analysis

Finance

Membership model:
U$12/mo billed monthly (U$144)
U$8.25/mo billed annually (U$99)

Members have access to:
1) Crowdsourced feedback tools
2) Top music industry professionals
3) Exclusive music business content (online academy model)
4) Deals with music service providers
5) Work opportunities
6) Exclusive events

Post-investment goal: 15,000 members in 18 months from 5 of the top 10 music markets:
*USA, *Japan, UK, Germany, *France, South Korea, China, Australia, *Canada, *Brazil
(*) countries with possible Bee My Ears ambassadors

Expected annual revenue in 5 years: $4.5M

Money will be spent on

1) Tech
2) Product
3) Community building / outreach
4) Content

Offer for investor

To be discussed during meetings

Team or Management

Risks

Timing and technology.
With that in mind, investment would be used to improve the product with agility, and build a strong community and outreach.

Incubation/Acceleration programs accomplishment

N/A

Won the competition and other awards

Innovation Awards LATAM Semi-Finalist (Latin America)
Alpha Startup at Collision (Toronto, Canada)
#1 Investors Choice & People’s Choice at SIM (São Paulo, Brazil)
#1 Investors Choice at HackTown Pitch Sessions (São Paulo, Brazil)

Invention/Patent

INPI (Brazil) Process number: 512018001230-2

Photos

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address