Spotify and Apple Music`s recommendation system is outdated.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
We have a design prototype now and are working on development, which should take around 3 weeks.
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.
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.
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.
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
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.
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.