So when PhD John Wolanin, musician and serial-founder Jonathan Lane and developer Joe Landon launched LuckyPennie, a social music smartphone App that provides songs and concert listings based on local and trusted tastemakers, they knew they were up against some sizable competition.
Social platform brands enjoy a slice of an industry worth $24 billion world-wide – and the mobile App industry is expected to swell to a gob-smacking $27 billion by 2015. According to PwC, blue-chip auditor, live music will expand at a 7 per cent compound annual from $8.7 billion in 2011 to $12.2 billion in 2016.
But LuckyPennie has spotted a gap in the market; they believe the most reliable form of music discovery comes from word-of-mouth, and from people you trust. The start-up is unique in that it is based on social reputation – “cred” – that lets its’ users build a crew of trusted friends so they can stay informed by people who matter the most to them.
It is a cross between a social platform and also concert promotion. It is for those that love live music as much as MP3s – and the concert promotion market is worth over $700 million.
There is clearly room to grow, and LuckyPennie’s founders have ambitious plans to challenge the industry leaders. The team have over 30 years’ experience between them in the music business – on both the artist and business sides.
If you love music, and you like Apps, this is an SME you need to hear about.
What is the company’s size?
The company has three employees.
Which sector does it operate in?
The company is involved in the music and social networking sector.
What does the business do and what are your core/flagship products?
LuckyPennie is a social music App that provides relevant songs and concert listings from local and trusted tastemakers. Although services such as Spotify, iTunes and Songkick have amassed enormous libraries of music and concert info, the most reliable form of discovery is still word of mouth from people you trust.
Users are rewarded and gain influence with “cred” for posting unique content. The LuckyPennie platform lets users build a crew of trusted friends so they can stay informed by the people who matter most.
LuckyPennie is marrying two markets together: Social platforms and concert promotion, and music-streaming services – which have annual revenues of $24B and $767M respectively.
Which regions are covered?
All regions are covered.
How was the company founded?
The three founders have been involved with the music industry for over 30 years on both the artist and business side. However, even though they are based in Los Angeles, they still have difficulty finding new songs and events to attend.
The founders built LuckyPennie to fulfil this need.
There are a huge amount of Apps out there already - what makes LuckyPennie unique?
In contrast to competitors, LuckyPennie's focus is on discovering music based on the people you trust. It also has a reputation-based system within the App, and puts more of an emphasis on design and discovering playlists through people.
Also, with an easy-to-use interface that allows individuals to discover music from tastemakers and more, individuals now have a central location for the music scene.
The music industry is dominated by huge service providers (iTunes, Spotify) – what makes you think users will connect via word-of-mouth?
With LuckyPennie, there are additional value propositions that larger companies do not offer – such as connecting with the local music scene.
RECAPTHA :
67
a1
48
a9
