Narrathon final slides

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Narrathon final slides

  1. Narrathon.TVLive-stream talks with a Q&A voting systemTotal customer interviews: 114
  2. Bonnie Eisenman: BSE, Computer Bereket Abraham: BSE, MechanicalScience, 2014. The Hacker. and Aerospace Engineering, 2013. The Dude. Anne Lee: AB, Economics, 2013. The Hustler.James Chu: AB, MusicComposition, 2013. The Artist.
  3. OffBeat Lessons Music Off Beat Music Educators Lessons Students Idea: An online platform that matches music teachers and students +Provides applications such as scheduling and learning applications that makes music learning easier.
  4. OffBeat Lessons Educators and students need to be matched based on mutually compatible goals for a successful relationships to follow.Conservatory ProfessionalStudents AspirationsProfessional Activities for collegemusicians admissions M u s i c M u s i c Educators StudentsFull Time Recreational PlayingteachersPart time Parents forceteachers lessons
  5. OffBeat Lessons PotentialMarket Size•  Starting point: §  Music Teachers National Association lists 22,000 members •  http://www.mtna.org/about-mtna/ §  Conservatory students: ~40,000 students-->if 20% teach, 8000 potential teachers §  Total: 30,000 teachers o  If Narrathon has 10% market share: 3,000 teachers §  Assumptions: •  On average each teacher finds 2 students from Narrathon, avg. lesson cost: $60 and students take lessons 50 weeks / year o  Narrathon generates $18,000,000 total extra income for these teachers per year o  Assume Narrathon charges 5% commission, total revenue = $900,000 / year •  Half of them subscribe to bill pay feature and half to scheduler o  Assume each feature costs $60 / month
  6. OffBeat LessonsWhat We Did:We interviewed teachers, potential teachers, students, and parentsWhat We Learned:• Repeatedly -- teachers saying they would try to "cheat" such a system, avoid paying for student referrals• Beginning students didnt know what they needed in a teacher, didnt think premium matching was worth paying for• Experienced students have solid word-of-mouth and personal networksInsights: Small market, difficult to convince people to pay, most people think word of mouth is "good enough"
  7. PIVOT 1Decided to offer a platform for virtual lessons in addition to our in-person lesson "matching service"Reasoning:• Access to teachers outside of local area• Convenience• Access to and availability of teachers for obscure / non- canonical instruments, styles• Gives students/teachers a reason to stick with our platform! (so theyll pay us!)
  8. Off Beat LessonsVirtual music lessonsMore interviews (both potential teachers and students), insights...•  Tested online lessons -- ambivalence re: sufficient quality, latency•  Camera angle problems•  Perception issues o  Beginner students especially skeptical•  Physical presence/interactionInsights: reluctance from both students and teachers; tough sell in current environment.
  9. PIVOT 2Evolution of Web Platform: Applications: MatchingOnline Lessons Distance learningVirtual Classroom / Virtual ConferencesMasterclasses and Talks News industry Music:Virtual "Master-talks" of any orchestras, popsubject with live audience musiciansparticipation Sports Industry Healthcare
  10. Narrathon: The Vision Q&A Aggregation System: Real- time Q&A with voting system Viewers
  11. Narrathon Today
  12. 3 Directions: Where ToGo?1) Destination website: we archive all talks, host them on Narrathon.tv •  Narrathon finds speakers and audiences2) Rent out the technology as a platform for content partners •  Solves chicken-and-egg speaker/audience problem •  No need for marketing to find audience or secure speakers3) Hybrid: rent out tech, and archive talks on our site •  Syndicated embeddable Narrathons like Scribble Live -- let other sites embed our partners content for a fee
  13. Customer Discovery
  14. Customer Segments•  News Corps o  Local / NJ news outlets-no responses from 10+ different organizations•  Health and Medicine o  Health professionals in private practices, large medical groups•  Conferences and Organizations o  Business Today, Keller Center panel, Corporate Finance Club, Smart Woman Securities, Model UN•  Classical Music o  Small orchestras and large major orchestras and performing arts ensembles. I.e. Santa Fe Opera, LA Chamber Opera, NY PHIL•  Sports Organizations o  Newark Bears o  College athletics departments (Princeton, Dartmouth, Columbia...)
  15. News Corporations•  Decided not to focus on this segment o  Slow sale cycle o  Large firms can get their own tech crew o  Medium news corporations dont have manpower to devote to live-streaming topics o  Lack of response from 10+ different local/NJ (small) organizations
  16. Health and Medicine•  What we thought were applications in medicine? o  telemedicine but with live video medicine o  lead generation for surgical procedures•  Narrathon on cosmetic vein procedures with Dr. Clifford Sales
  17. Dr. Sales Talk
  18. Dr. Sales Narrathon Stats•  16 unique visitors / 28 "visits"•  36% from Facebook ads, 21% from Google ads, 39% direct traffic•  Locations: 17 New Jersey, 5 PA, 3 NY, 2 FL, 1 CA•  1 in 4 viewers was on a mobile device (iOS)•  28% stayed >10 minutes•  Low question activity•  No leads generated
  19. Lessons Learned•  Low traffic... o  Hypotheses: §  Need to publicize more in advance? §  Random doctors do not have crazed fans•  1 interview: didnt know that you could click on buttons to vote / schedule an appointment... o  Hypotheses: §  Better UI needed? §  Or maybe just a more tech-savvy audience...
  20. Conferences & Orgs•  Interviews: Business Today, Keller Center panel, Corporate Finance Club, Smart Woman Securities, Model UN Conference•  Successful Narrathon with Keller Center o  One question was asked via Narrathons live voting
  21. Keller Center Panel
  22. Keller Center NarrathonStats•  76 visits / 60 unique o  48 from facebook (!) - 46 from desktop site, 2 from mobile app o  11 mobile visitors / 49 desktop•  10% stayed for at least 10 minutes•  On narrathon livestream page: 45% bounce rate; average time on page: 3 minutes•  47 total votes
  23. Lessons Learned fromKeller Center Narrathon•  Work on pitch o  Explicitly mention ability to vote from mobile site o  The idea of a "Narrathon" needs to be better explained•  Facebook ads are pretty effective: many votes came from FB referrals. o  But, expensive•  Most people didnt stick around for entire talk -- but 10% having high engagement isnt too bad?
  24. LOCATIONOverall Traffic(past month)SOURCESReferral = Facebook traffic. VOLUME Keller Center Narrathon!
  25. Music: "Backstage Pass"Idea•  What inspired us to go to orchestras?•  What inspired the "Backstage Pass" Idea?
  26. Payment Flow Diagram:Sports & Music If orchestras/ sports teams SPONSORS dont pay Narrathon, sponsors pay directly ex. $1M sponsorship dealNARRATHON Pay Narrathon : X% of sponsorship deal for Narrathon element ORCHESTRA/ SPORTS TEAMS
  27. Music: CustomerArchetypes Music: Orchestra Managers/Directors E.g.: Kevin Flint, Santa Barbara Symphony Orchestra •  In charge of marketing, audience development •  Revenue: primarily ticket sales + patronage •  Interested if Narrathon could increase patron support
  28. Music: User Archetypes•  Patrons o  Wealthy individuals who appreciate the arts•  Regular Concertgoers o  Generally older people with disposable income•  Casual Concertgoers o  See concerts as a special event or occasional option o  Younger audience, students, etc. o  Orchestras would like to convert them to regular concert goers
  29. Music: Customer / UserFlow Diagram Concertgoers Buy tickets Watch Narrathon PatronsOrchestras Buy tickets, support orchestra Watch Narrathon Pay Narrathon -more engagement -feel more invested? Narrathon
  30. Sports: "Locker RoomPass"Overview:• Over 10+ sports organization contacted with no response.• Could have signed a contract with the Bears, but would have been after the class.Key Insights: o  College athletics -- cultivating alumni loyalty/ engagement is HUGE o  Big question: how much better is your service compared to livestream + twitter?
  31. Sports Market SizingPro-Sports Market Sizing:•  Total Games / Year (football, basketball, baseball, hockey): 51461•  Assumptions: o  About 20% of games will have Narrathons: 1030 games (Conservative estimate, Newark Bears wanted 100%) o  2 Narrathons per game: 2060 Narrathons / year o  An average of 6 Narrathons / day in the US §  Per Narrathon: Teams invite 1,000-10,000 viewers §  Up to 20,600,000 (20.6M) viewers 1. NFL.com, NHL.com, NBA.com, MLB.com
  32. Payment Flow Diagram:Sports & Music If orchestras/ sports teams SPONSORS dont pay Narrathon, sponsors pay directly ex. $1M sponsorship deal NARRATHON Pay Narrathon : X% of sponsorship deal for Narrathon element ORCHESTRA/ SPORTS TEAMS
  33. Customer ArchetypesPro sports: College sports:Sales Managers Athletics FundraisingE.g.: Luis Gouveia, Newark Bears E.g.: Alexandra Stein, Dartmouth •  In charge of tech purchases •  Wants to increase alumni, •  Current purchases: live parent engagement broadcasting for games •  Engagement -> donations! •  His ideal world? Combine •  Her ideal world? Combine Narrathon + live broadcasts Narrathon + live broadcasts into 1 service so he only into 1 service so he only has to buy once. has to buy once.
  34. User ArchetypesProfessional Segment:•  Die-hard fans and evangelists o  Season ticket holders, eager for more access•  Casual fansCollege Segment:•  Parents o  Parents are "starved" for more info•  Alumni o  Sense of connection with school, want to feel involved o  Targets for fundraising•  Local fans o  Some sports at some schools have very loyal fan bases o  Try to make every game-->might be interested as a way to catch up if they miss a game Top Photo Courtesy: Sports Networker Bottom Photo Courtesy: LW T Shirts
  35. Sports - Customer Flow(Pro) existing partnership ads / content Sponsors click on adsSports Teams provide sponsors Fans earns share of sponsor $ watch! Narrathon
  36. Sports - Customer Flow (College) College Athletics Department (viewers) Alumni -esp. team alums authorizes -annual giving Narrathon +alumni, parents, fan engagement Narrathon Sports team (viewers) provides content (viewers) Parents --"dying" for Local fans more info / more stuff about games!"Alumni would be THRILLED to present questions and get responses!"--Alexandra Stein, Dartmouth Friends of Athletic Groups Director
  37. Bringing It All Together
  38. Key ActivitiesAnalytics: •  Analyzing user activities and usage-->better target ads for our partnersSales and Marketing: •  Finding and negotiating with sponsors, partners, and customers •  Talking to customers and users and understanding how to improve our product-->relaying this to the tech teamTech: •  Continued web development •  Tech support for events: before and duringProduct Development: •  Add features to improve interactivity of our product •  Improve user-friendliness of our product based on user feedback
  39. CostsAssume we host 10 Narrathons / week, for approximately 500 Narrathons / yearLABOR (fixed): 1-Programmer contractor, 50K annually ($200 dollars/day) 1-Salesman, 50K, annually 1-Tech support, 50K, annuallyLABOR (variable): Camera crew: an average of $200 / hour Assume each Narrathon requires an average of 2 hours of camera crew --> ~1000 hours / year, 200K / yearTOTAL: 350K / yearSOFTWARE (variable): Cloud web server, $30+ / month, $360+ annually-->will estimate 1K / yearMarketing costs on partnerWork from home, so no office location, utilities, etcGRAND TOTAL: 351 K / year for 500 Narrathons, each Narrathon costs $702Breakeven or profit: if average revenue per Narrathon > $702
  40. Is this a business?Profitable? We need to further investigate, but: Experiment: need to test with a larger partner, see if we generate enough sponsor revenue + engagement -Reliant on contracts -Based on market sizing, there is a potential for an average of 6 pro-sports Narrathons / day, reaching up to 20.6M viewers even if we only reach 20% of the US market-->there is a huge market Initially...pessimistic for near future.Sustainable? Unsure. -Experiment: will fans stay engaged? Or just a 1-time novelty? -Depends on contracts with partners
  41. Is this a business?Scalable? Yes, but... -Would need good relationships with local camera crews across the US -Would need easy instructions + improved user-friendlinessBarriers to entry? Yes, if we get contracts... -Entirely dependent on exclusive contracts and customer/ partner relationships -No significant technical barriers
  42. Next Steps--Start with smaller orgs in sports and music , gain credibility, secure larger partnershipsTest: are larger organizations willing to work with us now that we are more established?--Have an archive of successful Narrathons from smaller sports and concert venues.Test: how many viewers do we have for archived events, is this an important part of our product?--Improve the tech: make the prototype website a real one, create a mobile app., improve the Q&A and comment aggregation system.--Consider a partnership with livestreaming services like Ustream: create a one-package deal (live stream + interactive Q&A feature)Test: interview and discuss partnership possibility and terms with livestream service providers--do they want to partner with us?--Consider other genres in music: pop, rock, folk, country music
  43. Is this worth furtherinvestigation?Absolutely: •  A lot of tests remaining...probably worth some further investigation. o  Didnt get to test it out with the Bears, smaller orchestras, etcNot for our entire team: o  Divergent career goals.James •  Would like to see a Narrathon appear in Young Persons Concerts with the NY PHIL.
  44. Canvases
  45. THE END.

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