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.
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.
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
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
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"
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!)
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.
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
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
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...)
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
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
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
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...
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
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
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?
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
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
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?
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
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
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.
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
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
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
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
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
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
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
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.