Photo - SongTap
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SongTap

Rapid Music Discovery, With Friends

Russia, Moscow region
Market: Internet and IT, Entertainment
Stage of the project: Prototype or product is ready

Date of last change: 24.12.2020
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Idea

Spotify and Apple Music`s recommendation system is outdated. They dont gather enough data. We can fix this and in 3 months gather as much data as they gathered in 7 years

Current Status

We have a design prototype now and are working on development, which should take around 3 weeks.

Market

Customer: 16-30 y.o
Location: All world
Only spotify has almost 300 million monthly listeners and half (!) of them are paying subscribers. People are ready to pay for good music recommendations, and if you add a social networking aspect to it, it gets even better

Problem or Opportunity

We strive to make the best possible Recommendation Systems, for all Entertainment and other fields

Solution (product or service)

We will solve problems with quickly finding new music (and potentially movies, youtube videos, books, dating) you like.

Competitors

There was a competitor with a similar idea that launched and got 100,000 app store downloads in one week (was top 5 music app in app store) and was banned for music copyright. Right now this problem doesn't exist as we play music from Apple Music`s player, and not use the music in any way. We have talked to music copyright lawyers about this, and can explain it in detail.

Advantages or differentiators

We will have much more data on our users than our competitors, so if we grow fast enough and get a good share of the market, we cannot be copied. At first, we don`t want to position ourselves as Apple music or Spotify competitors, we are just an "addon" to their service. This is much easier as we don`t need to obtain copyright to music and buy a lot of space for storage.

Finance

Premium Subscription (no ads, better recommendations) 9.99$ a month, first month free as we need to gather data and "hook" the user.
Other revenue streams are available, which will be shown to investors.

Business model

We need to test our recommendation engine on at least 1000 people to see if it works, and improve it.
It may seem that there is a chicken and egg problem, where we cant give recommendations if we don`t have enough users, but we found a solution to that as well

Money will be spent on

Development
Viral Marketing
A/B and Customer Tests

Offer for investor

We are offering up to 30% stake for the investor, depending on the valuation.
We invested money ourselves into the project and it is not being developed, so it will be finished no matter what. We are looking for someone as passionate as we are in music/movies that can understand the idea and help us with advice if needed
Product video with details will be sent after NDA signing.

Team or Management

Risks

There is a risk that our recommendation system will not work well, but this risk is low and we will still have a lot of data, which we can use to build a better recommendation system, using different hypothesis.
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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
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Product Video