AI Generated Business Plan
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Virtual Music Event Platform
- Industry
- entertainment
- Product Type
- service
- Problem
- Current events require physical attendance, leading to overflow capacity and difficult scalability for increasing audience though limited venue space, as well as expensive tickets.
- Market Size & User Personas
- Millenials as well as Gen Z audiences, estimated at 80 million people in the US and 150 million globally, who are comfortable with virtual alternatives.
- Solution
- A platform that allows for the virtual hosting of live music events.
- MVP Features
- Live streaming, video chat, ticked pricing, song voting, profile pages, artist and fan interactions.
- Implementation Details
- Use Open Source software to develop UX/UI interface and a live streaming system.
- Value Proposition
- Provide the experience of attending a live music event without the physical presence or the often expensive tickets.
- Pain Points to Solve
- Constraints of physical venues, increased scalability, and expensive tickets.
- Sales & Marketing Channels
- Promotions through music streaming services, radio, television, and social media.
- Revenue Stream Sources
- Paid subscription services for artists, ticket sales, platform advertisements, and in-app purchases.
- Cost Structures
- Development costs, operational costs for streaming, and personnel costs for marketing and customer service.
- Key Activities
- UX/UI development, live streaming integration, customer support, marketing, and sales.
- Key Resources
- Hardware, software, personnel, and financial capital.
- Key Partners
- Artists, streaming services, radio stations, television networks, production companies, and venues.
- Competition Landscape
- Other virtual event platforms and physical event organizers.
- Competition Advantage
- Focus on music-specific features, enabling rich fan-to-artist interactions, ease of access, and affordability.
- Idea Validation Steps
- Mock platform to experience the platform, user surveys, monetization strategy testing.
- Potential Business Challenges
- Negotiation process with streaming services and customer service challenges that may arise from customer interactions.