Question
I want to launch a startup that would build apps and marketplace platforms for the entertainment industry. These apps / platforms would then feed data into a single CRM and be managed from a central dashboard. I want to pitch it to investors and clients as an on-demand “Artist Career Management and Marketing” CRM.
Initially target market is the independent artist in the music industry and later expand to services other categories in the entertainment industry such as movies and TV.
The problems faced in the industry:
i) There is no proper career path in the business
ii) Too many middlemen involved
iii) Piracy and changing attitudes towards music ownership
iv) Drying revenue streams
v) Outdated legal framework
Solution:
i) Create tools that would help artists make independent and informed decisions by using smart algorithms and tapping into big data (yes big data is now available for the industry).
ii) Provide artists with on-demand services so that they don’t end up getting into management contracts that can cost them a lot down the road.
iii) Help artists identify new and nontraditional revenue streams.
iv) Help artists diversify skills.
I have talked to a lot of people in the industry and many think it’s a good idea, but they are not tech savvy and do not understand how this could be executed.
What do you think?
Answer
When it comes to idea validation, get testing now. Pick a few artists from different forms of entertainment and see if you can start making them streams of revenue with your idea.
If you can, great. You now have case studies to work with. You have something robust to pitch. More importantly, you'll have validated your idea and this will give you confidence to explore how you can upscale your work.
