The case for SYNSPO: Why & How
During this semester, AD&PRLAB’s #StartUpLab had the honor of collaborating once again with Antenna Music. Mrs Betty Tsakarestou alongside Domnika Skreta and her wonderful partners from Antenna Music presented the audio-innovation challenge. The challenge was to come up with innovative startup ideas regarding the field of music, audio, radio, etc. At the end of the semester, all of the teams had to pitch their ideas before the “digital” eyes of the Antenna Music’s team, taking into account the tools, tips, skills, and knowledge we accumulated during the #StartUpLab sessions, and -frankly- during the whole year of #AD&PRLAB sessions.
Locating the problem we want to solve
After being introduced to the audio-innovation challenge, our team, T35, started thinking about the problems we have stumbled upon in the music industry. All of us knew very well that the music industry is constantly growing, especially during the covid19 pandemic, when people turned to music to cope with their anxiety. After some research, we confirmed that “the global music sales grew for the sixth consecutive year in 2020, with total revenues rising 7.4% to $21.6 billion on the back of an 18.5% rise in streaming subscription revenues, which totaled $9.9 billion last year” according to the International Federation of the Phonographic Industry’s (IFPI) “Global Music Report “.
The insight that sparked the start of our business was the fact that even though the music industry is constantly growing, “the rates of the successful musicians, singers and songwriters are incredible low: The truth is, only about 0.000002% of musicians become “successful”. This is the main reason why musicians who possess an insane amount of skill and talent don’t become “successful” according to JJ Ong Falling Feathers (TSMC Lecturer, Musician, Digital Communications Specialist).
The research we conducted
Taking into account all of the above, we noticed that there are not that many new music artists who have become known by the public. To us, the reason why that happens is the lack of networking. To verify that assumption, we proceeded to conduct quantitative and qualitative research. The questionnaire conclusions that stood out were the following:
· 57% haven’t been able to compose a full-length song.
· 43% think that the hardest part about composing an original song is networking with other musicians.
· 43% think that the hardest part is the lack of knowledge of music composition software.
· 60% think that the hardest part regarding the songwriting of the song is the lack of inspiration, while 35% say that it’s to find the rhymes, the lack of song-writing knowledge, and the context of the lyrics.
· When answering what prevented them from creating a song, 70% voted for the fear of failure, 90% the lack of knowledge, 60% lack of networking, and 40% lack of inspiration.
The importance of networking was also highlighted in the interview we had with an underground rap artist:
How did you start your career and what made or makes it more difficult for you?
-In general, I had rudimentary networking. That’s how I got into the industry.[…]one or two acquaintances who had access to a studio…
So, for you networking is essential?
-Yes, yes, it’s very crucial. Not so much for the creative part and getting started but for the “behind the scenes” part. […]
Why do you think you don’t have a bigger audience?
-Clearly for networking reasons. […] there are a lot of young people with talent but what will make you stand out is exposure to an audience. It’s getting people to know you.
To be sure that our startup will meet the requirements of the users, we created 3 empathy maps for three possible users: a street musician, a young amateur singer, and a 4- year-old songwriter.
But … why now?
A lot would ask, WHY NOW? Why do we need this app now? After some research, we found out that during the recent global pandemic the live-music industry suffered maybe the worst recess in modern history, as concerts or other live music events were and are restricted to this day. This absence of the “concert experience” has created two major trends in the industry.
•The technological response to safer, realistic, remote concerts (use of 5G or special places where concerts can be conducted, abiding by safety instructions).
•The creation of an unquenched consumer need for the discovery of new music content and artists.
Platforms such as Spotify, have not only increased their subscriber numbers during the pandemic but also their content libraries as more and more artists hop on the wave of streaming apps to gain popularity and passive income during these hard times. Spotify’s “daily mix” and “discover radio” are the most popular tools of the app among users, further confirming the need of the market for new and unique content.
SYNSPO
And just like that, SYNSPO was born. Synspo is an app that promotes co-creation and networking between amateur and professional music artists. Synspo’s name was inspired by the English word for inspiration, or else, “inspo”, in combination with the Greek preposition “συν”, expressing completeness, simultaneity, and synergy.
Synspo is going to have a free and a premium version. The free version of the app will include the following assets:
· IF YOU ARE AN AMATEUR SONG-WRITER: Songwriters can upload lyrics and seek for musicians to set music and singers to sing the outcome
· IF YOU ARE AN AMATEUR MUSICIANS: Musicians can upload their music and seek for song-writers to add lyrics and singers to sing the outcome
· IF YOU ARE AN AMATEUR SINGER: Amateur singers can upload their cover to seek partnerships to make their record.
· RHYME-TRACKING TOOL: Songwriters can finish their lyrics with the help of our rhyme tracking tool.
The Premium version of the app will include the following assets:
· WORKING WITH PROFESSIONALS: Signing up for the PREMIUM version can help you connect with professionals that seek partnerships.
· VOICE COACHING: If you need some help with your singing, PREMIUM got you too! Famous voice coach Alex Panagi is here to help you!
· ACCESS TO OUR SONG-WRITING ALGORITHM: If you are an amateur songwriter and you need some help, the PREMIUM got you!
Synspo will be targeted towards people of all ages who want to dive into the music industry, being amateur or professional musicians, songwriters, or singers. We aspire to offer to our target audience networking, chances, creativity, the possibility of production, and knowledge.
The Business Model Canvas
As our idea was really starting to materialize, the next step was creating a sustainable Business Model Canvas. After careful planning and discussion, we managed to create an exoskeleton of the canvas. The main points from each section are as following:
· Key Partners
The key partners of Synspo will be the directly interested brands that profit from music streaming, such as Spotify, Apple Music, YouTube, etc., digital marketplaces where the app will be available such as Play Store and App Store, as well as an IT and a Legal Team that is needed.
· Key Activities
In this section, the basic functions of Synspo are included such as activities related to song creation, patenting, and customer support.
· Key Resources
Here we included all the practical stuff that will be needed for the implementation of Synspo. Hardware, software, facilities, and marketing are placed here.
· Value Proposition
This section is where all the importance of our idea is located. Synspo will not only be an app that helps the user express themselves but also create complete, marketable songs through networking and scouting.
· Customer Relationships
In this part, we describe how we are going to assist our clients. Representatives, online support, and reviews are the main ways with which we will communicate with our clientele.
· Customer Segments
Also a very important segment, here we mention our target groups. Amateur musicians, professional musicians, artists looking for networking, etc.
· Channels
The channels that will host the message of Synspo range from digital ads to music schools, competitions, and many more.
· Cost Structure
In this part, we describe where our budget will be spent. Taxes and other fixed expenses, building the app, marketing campaign, and partnerships will be our major spenders.
· Revenue Streams
Last but not least, our sources of income. Synspo will generate profit mainly from premium subscriptions, however high on the list is also the income that the copyrighted songs of the users will bring. Other sources include partnerships and content creation as well.
Competitor Analysis
During the market mapping procedure for our audio innovation idea, we discovered lots of apps and programs that specialize in facilitating the creation of songs. However, all these applications fall under four different categories:
• Composition (digital studios and mixers)
• Songwriting (tools that assist in the creation of lyrics)
• Theory (exercises and theory of music to comprehend correct composition rules)
• Miscellaneous (apps that help artists in different, unique ways that do not have anything to do with the creation of a song)
In conclusion, all the apps in the market tend to specialize in one of the aforementioned sections rather than try to accommodate all the different steps and needs that an artist has during song creation.
Marketing campaign
Synspo is going to be promoted on Social Media with influencer collaborations, as well as on TV, radio, YouTube, websites, and other apps through advertisements. Of course, for the purpose of the campaign, we created a metro station poster.
To approach more people, we will organize TED Talk speeches about inspiration, creativity, and music, music festivals in collaboration with music schools, and music competition nights which will be hosted in some famous bars of Athens.
Prototyping SYNSPO
Our team decided to create SYNSPO with the help of proto.io… So let’s navigate!
Conclusions
All in all, developing the idea of Synspo was, not only an opportunity to learn new things but, also, an interesting challenge that turned out great. We worked as a team to flesh it out and we hope that this project will become the seed to something greater. This is only the beginning.
Huge thanks to Mrs. Betty Tsakarestou & Domnika Skretafor the knowledge they shared with us and for their valuable feedback!
Our team, T35, consists of Danae Zouli, Margarita Maze, @Emmanouil Pantoleon, Maria Perou, and Panayiotis Polyzos
