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    Date submitted
  • 17-Jan-2017

Artistree

Abstract

Artistree is a multi-faceted platform that centers on the concept of being monetarily rewarded for predicting an artist's success. A fan will browse through a database of artists ranging from extremely successful to those still seeking to solidify a fan base. Once the user finds an artist they believe will be successful, they can invest in the artist through our platform.

We measure the artist's success by the number of streams accounted for over on the four most popular streaming services: Spotify, Pandora, Apple Music, and Soundcloud. Based on whether the artist’s streams go up or down on a week-to-week basis from the time of investment, the user either makes a gain or loss on their investment. The stream count percentage change is directly correlated to the monetary returns of the user. If a user invests in an artists and the artist stream count goes up by 12%, the user has a 12% return on the day.

The user can develop a portfolio of artists to invest in. This portfolio would allow for a social component, in which users could "follow" other users and track their investment profiles and thus compete with friends or mimic their investments. Artists themselves would also be encouraged to have profiles, which allows users to connect with the artists they are invested in on a more personal level, as they can see the artists that they are invested in.

The artist benefits from our platform by having users monetarily invested in their work, which motivates fans to promote and stream their content. Just as well, artists being able to see that they have people who believe in the success of their music makes them more likely to put out more music for their fans. Artistree encourages promotion from the fans, and gives them a chance to monetarily benefit from correctly finding "the next big thing", whereas currently their only benefit is their ability bragging rights with their friends.

The underlying concept that drives the app's participation is direct performance correlation, where a user's success is directly tied to the performance of the individual they are invested in. This concept currently only exists in entertainment industry in the form of fantasy sports, which has thrived utilizing similar concepts. We hope to bring direct performance correlation to the music industry, and allow both the artists and users to benefit.

Video

Additional Questions

Who is your customer?

Our target customer is between 18-35 years old, a casual music fan, and social media savvy. Our target customer is someone who pays for a streaming service, like Apple music, Spotify and Pandora. They are already directly invested in music and are most passionate about discovering new artists. This target market includes over 50 million potential customers.

What problem does this idea/product solve or what market need does it serve?

The landscape of music fandom is missing one major aspect: being able to invest in artists one "discovers" and monetize their fandom, especially as it relates to being rewarded for discovering artists before others. As of September 2016, there were 40 million paid subscribers out of Spotify's 100 million subscribers worldwide. A major reason for being a subscriber is the enhancement of the "Discover Weekly" feature, which creates a playlist of new music for users based upon their preferences. This feature has become increasingly popular as one of the main joys of music fandom is discovering new songs, artists, and sounds and sharing them in a social manner. Being able to monetize the "discovery" is a clear problem with this model, and Artistree attempts to solve that problem. Up and coming musical acts often struggle to gain a following, Artistree provides a platform for promotion, as fans who are financially invested in up and coming artists are more likely to promote them.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

Artistree will be successful because all parties benefit from its engagement. The artists benefit because they gain the free promotion from casual music fans sharing their music because they have a monetary incentive to each artists organic growth. The customers benefit because they have an opportunity to monetize their discovery of musicians and are able to directly invest in music. The record companies benefit because the data of which customer is investing in which musicians, provides not only the target market for each musician's music to be marketed to, but also who are the most successful people at discovering what is the next big sound. As each party benefits they are more inclined to be active participants in Artistree. The already successful concept of direct performance correlation, which correlates each artists success to a users score for a common user who "picks" them, is already implemented in the popular form of fantasy sports.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

While we plan to utilize traditional startup marketing tactics such as brand ambassadorship on college campuses and advertisements at festivals and music-related events. We also plan to have a "Launch week", which will feature concerts around the country with local acts marketing themselves for investments on the app. We plan to also partner with different streaming services to where when listening to an artist on a streaming service you simply click an invest tab on that artist which link the customer to Artistree's platform. This will increase Artistree's exposure and customer base.