QUESTIONS & ANSWERS
What does your company do?
We are a streaming solution for music event organisers where you can crowdfund your event and provide an interactive streaming experience for guests and artists.
What problem do you solve?
We are fixing engagement at live streams. Most people drop out from live stream event's because it is not engaging for the audience.
How do you solve this problem?
We are providing gaming mechanics to allow people to interact, engage and connect at the event. Creating a better digital environment for a human to human interactions.
How does your product or service work?
We have a main stage where the artist is performing and the audience, where people can interact with one another by clicking the avatars, sending gifts and tokens.
What is the development stage of your product and how do you plan to develop it further?
We are in the alpha testing stage, prior to MVP. We are planning to roll out the MVP in the late august and start beta testing.
What is the key innovation?
Interaction between the guests and the artist. Our uniqueness lies in the interface of the venue. We allow people to interact with each other in a way that is as similar as possible to a real live event.
What is your target market and its size?
The global online events industry is valued at $94 billion today and is estimated to double by 2027.
Why now is a good timing for your business?
We are ready to hold interactive events and invite artists in anticipation of the next wave of blackouts who will be without sources of income in the fall. We will have a tool they can use to engage and entertain their audiences.
Who are your main competitors and why are you better?
There are some big competitors that have online events like conferences and networking events that do a brilliant job of turning into a business tool. Like Hopin and hubilo.
Whereas we have an alternative set of features to engage and interact in a playful way.
On the other hand, there are streaming platforms that cater to the music business, but they also lack the interactive/social aspect. Like onjam and eventcube
What is your marketing and sales strategy?
We plan to have 4 major events in 2021-22 with A-list artists, 10 medium-sized events with less than 1,000 attendees, and 100 smaller sponsored events with free admission. With a total budget of $30,000, we plan to attract 114 event organizers with up to 20,000 attendees. We hope to achieve an attendance conversion rate of 2%, which in turn will lead to an audience conversion rate of 400 to event organisers.
Suppose they each host an event for 100 people. We will create a networking effect with 40K viewers who will repeat the round and turn into organisers themselves.
So in the second year, we get a total of 160,000 guests and 16K+ event organizers.
To that end, we have a network of friendly artists and communities that are willing to use our platform:
Burning Man, a creative community of DJs and artists from around the world.
Sebastian Yatra - Colombian singer with more than 16 million subscribers on YouTube.
Baltic Events - Over 10 years of experience hosting offline events for A&B list celebrities in Russia/Baltics and 10M monthly shows on FB and Instagram.
What is your business and revenue model?
We charge event organizers a flat fee of $65 and take 15% of ticket sales. We also sell tokens for interaction on the platform, which users can spend on gifts and donations. To redeem all the tokens received during the streaming event, you must convert your account to an artist account and host the event.
What traction have you achieved so far?
We have tested our prototype with a total of 2K users who donated up to a 1K USD on streams and confirmed success of the interactive streaming solution with low drop out rates and conversions to event hosts.
What are your next milestones?
We're about to start beta testing, and we need to get a preliminary seed round to fund salaries and operations.
What are the risks of the business?
We are threatened by a serious economic depression because entertainment is one of the first things that is cut out of people's budgets when money is tight. However, in the face of global isolation, we are critical to mental health and can be financed from national reserves.
Second, we can be replaced by the growing gaming industry and VR technology. However, there is a steep learning curve, which is a barrier to entry. Whereas we have a simple and intuitive interface that can be understood by anyone with the lowest technical knowledge.
A third threat is a large number of streaming video services that are working on features such as super chat and super sticker on YouTube and emoji on Facebook to increase interaction. But their interface isn't flexible enough to adapt to new demands.
An internal threat is the speed of development. If our team is slow in releasing updates and responding to changes in the environment, we won't be able to compete with existing solutions.
Product relevance to the market will become an issue if artists refuse to stream using our platform. If artists' level of understanding is not commensurate with the complexity of the platform. If the bandwidth of the artist's channel is insufficient to stream their sets in 4K.
Thus, there may be several obstacles along the way. But we are supported by the 300+ developers at Quantum Soft and its co-founder, who is our angel and advisor. As well as a united team of two user experience/product design experts and a tech lead. If need be we will be capable of pivoting and adapting to the new reality.
How did you meet your co-founders?
We have three co-founders. Alisher and Lex met at Burning Man when they were building part of the camp. Both of them were DJs, event organizers and technical professionals, they became close during the construction of the festival, during the event and after.
Diana met Alisher in Riga when he was running a co-working space for creative people. I joined his venture to help recruit and organize the co-working space. Later, when the first wave of pandemic lockdowns, Alisher and I organized charity marathons to support local artists as they lost many jobs, concerts and needed a solution. We held weekly 10-hour marathons with a new DJ set every hour. We collected donations and tested ideas on how to make a better streaming solution for both the audience and the artists.
When the prototype was created, we brought in Lex to create the backend for the prototype. After a month of testing, we pitched the idea to our partner at Quantum Soft, who provided the resources to build the Stream Dream platform. Now we are 3 co-founders, 2 team members and an angel investor.