AudioFav – Give Voice to Your Memories AudioFav Give Voice to Your Memories “Visual images are more distinctive when matched with a second sense” Michael Lindstrom “A Sense of Wonder” “Our mood will increase by up to 65% if we are exposed to a positive sound” The BRAND sense research study“Tell me and I’ll forget. Show me and I might remember. Involve me and I’ll understand” Benjamin Franklin Quadsquad Prepared for Venture Lab, August 2012
01 ‐ AudioFavAudioFav is a mobile app that allows you to attach a second sensory dimension, sound,to your images. Problem: Photos and captions fail to capture the ‘Experience’ of a moment and video is too much of a production and cannot capture a spontaneous moment. Solution: AudioFav allows a user to easily capture and save an ‘Experience’ with sounds and images. Multiple images with sound can convey the same experience as a video over a longer period of time while using less resources. experience as a video over a longer period of time while using less resourcesAudioFav is the initial product; our group will release a series of multi‐sensory basedapplications over time. Our goal is to give users the tools to build emotional andexpressive content from multi‐sensory channels.
02 – The AudioFav TeamOur team met during the Venture Lab course and have developed a close workingrelationship. With varied expertise and interest across many industries and disciplines,the team is ready to take on the challenge of launching AudioFav. Dennis Chandler – Chief Executive Officer Experience with matching data to human actions and tendencies from work with airline crash investigations and military flight test. Expertise in statistics and data analysis. Currently improving skill set Expertise in statistics and data analysis Currently improving skill set by adding ability to code in Octave, R, and Python. Jaya Polumuru – Chief Technology Officer Experience with developing and deploying web software for over p p g p y g 8 years. Expertise in backend development and a recent foray into mobile app/web development. Have been instrumental in product development, launch, and post‐launch support roles.
03 – The Product VisionA first time user enters AudioFav and can immediately start experiencing ‘Favsthrough the discovery screen. Once a user registers, they can immediately startcreating emotional images and share them across multiple platforms. App Economics Component Price Point Supplier Design Status Main App Free ($1.99 Ad Free) AudioFav Beta Basic Free Aviary & Pre‐Alpha Filters/Effects AudioFav Advanced Filters $1.00 / Six Pack Various Pre‐Alpha Ringtone $0.99 per Ringtone $0 99 per Ringtone Various Pre‐Alpha Generator Development Servers Business (1 yr Timeframe) Development $3750 / Month $375 / Month $500 / Month
04 – The Market: Large and Growing Primary User Base Segments (Discovered via Surveys and Interviews) • Mothers w/ Young Children • Note Dictation Users • Language Educators • Language Learners Customer Acquisition (Get Content on Sites and Noticed) Customer Acquisition (Get Content on Sites and Noticed) 1. Using AudioFav’s to Comment in Prominent Blogs/News Sites when Content Matched the Benefits of AudioFav. 2. Posting AudioFav’s by Identifying and Recruiting Individuals to Create Content with Early Versions of the App.
05 – Market Characteristics 1600+ Survey in the US and Europe on Photo Trends • 73% take photos to share experiences with family and friends • Just 25% of photos taken are enhanced (filters, effects, etc…) • 83% Enhance on Computers • 11% Enhanced on Smartphones #1 Reason for sharing More: Easier and More Convenient Now with Technology #1 Reason for Sharing Less: Less Time Available to Share Users want to Share the Experience U t t Sh th E i Multiple Sensory Inputs Better Express the Experience • Users currently using multiple photos and/or captions, but that takes time… y g p p p • Video can capture multiple sensory inputs, but hard to capture real‐time without preparation…Source: The 2012 Accenture Consumer Electronics Products and Services Usage Report
06 – The Market – Opportunity and CompetitionCompetition: Most apps have concentrated on only photos, while the new ones aretrying to break into video. Two other applications are trying to merge images with audio, but only in a limited way.audio but only in a limited way Competitive Price AudioFav Differentiation AudioFav Features Beyond Product Point Competitions Ability Picle Free Mobile Editing instead of Can Edit Days, Months, or Desktop Only Years Later Story Mark Free Ability to Merge Content Connected to Other Social from Multiple Users Networks Instead of Only ItselfOur plan: AudioFav will allow users to share and grow the experience over time. With audio comments, users can add to the photo and experience by not only gcontributing their words, but their voice and sounds.
07 – Pricing App industry survey of 475 existing photo apps reveals that 47% are primary used to enhance photos, while another 23% are used to ‘combine’. Of the 475 apps surveyed, 249 (52%) are not free. 33% of the 475 (157) have in‐app‐purchasing (iap), with an average of 3% using iap.Source: 2012 6Sight Social Imaging Survey: Photo/Video App Market Analysis
08 – 1st Year Revenue Model Target is 1,000,000 downloads • 85% Free Version • 15% Paid at $1 99 => $298 500 15% Paid at $1.99 => $298,500 3% of user base will average one $14.00 In‐App‐Purchase for $420,000 End of First Year Revenue to be ~ $720,000 App will then expand into offering T.V./Movie Quotes via Hark Ringtone generation will be on‐going due to constantly updated user content, and will become less dependent on filter/effects purchasesSource: http://www.foundersspace.com/business /in‐app‐purchasing‐on‐ios‐and‐android‐freemium‐games/
09 – RisksTalent: AudioFav team initially started with four members, but due to attritionthere are currently two members. Currently the team needs: • Mobile Platform Developer(s) • UX/UI Designer(s) UX/UI Designer(s)Financial: How do we fund the development before release and it starts generatingrevenue? We will need to spend some funds to get content creation started andfor the content to get moving on social sites.Market/Customer Acquisition: How do we get people to use AudioFav? There are over 475 photo apps out there, however only two others do anything with sound. AudioFav needs to be simple to sign up for and to use on a regular basis. Need to develop the UX/UI such that it creates a Habit.d l th UX/UI h th t it t H bit
10 – Market Response Comments from interviews and surveys based on the initial MVP (http://22.214.171.124/VCMockup/Home.html) ‘I would love an app like this. I have a 6 year (old) and it would be wonderful to ‘I ld l lik thi I h 6 ( ld) d it ld b d f lt capture the full moment.’ ‘ ‘I would use it in my classroom with my English Learner students.’ ‘I would use it to take visual/audio notes for myself while on the road. Something like a visual/audio Evernote.’ ‘If I was taking photos as part of a photography course or some more formal situation and I had to annotate what I was photographing, say in a biology study this would be useful.’ ‘Interesting.... I wont buy a voice recorder separately anymore.’ ‘A picture speaks a thousand words why not let it actually do it :D.’
11 – Contact Dennis Chandler Dennis Chandler Quadsquad email@example.com