The evolution of the music sector in recent years has caused revenues from sales of digital albums or albums to decline. This fact has also polarized the sector, with a small group of musicians who make millionaire income through the consumption of streaming music, and a large number of musicians who do not get enough income to make a living from it. This has meant that, until 2019, the main source of income for the vast majority of musicians was live performances. In 2020, due to COVID, this source of income has also been decimated. In Catalonia, COVID has caused an 80% reduction in concerts in 2020, 94% of spectators and 87% of turnover.
There is, therefore, a clear need in the music sector for a solution that allows musicians to reconnect with their audience, and generate a source of income for them.
The IZI application provides a simple answer to some of the challenges of the contemporary music industry, and specifically, of live music. The main attraction is that it allows users to easily obtain a souvenir of a concert in the form of a Premium video that combines great video and audio quality with personalization, It also allows music fans and major music brands support your favorite musicians.
This is possible thanks to the technological innovation that IZI brings to the market:
1. Deep Learning techniques for the automatic analysis of video scenes (computer vision) together with a proprietary system based on machine learning (deep learning) used to provide an automatic video editing system. The automated video editing system AVE (Automated Video Edition) is based on LSTM (Long Short Term Memory) architectures. The AVE system selects which of a set of synchronized video takes should be selected, to create a video of a predefined duration that combines the contributions of different takes.
The system combines automated classification techniques (first self-supervised, then semi-supervised) for the analysis of video scenes together with conditioning learning techniques (Reinforcement Learning) to individually personalize the videos based on feedback. that gives the user to the system proposals.
2. An audio analysis service that combines an event detection system based on deep learning systems (CNNs). This allows the detection and location (auto-tagging) in time of the most relevant sound events, which informs both the synchronization and the automatic editing of videos. Likewise, an audio source separation module allows not only segmenting sound sources but also extracting the acoustics of the event (i.e. the reverb), thereby achieving a high-quality audio mix.
3. Innovative strategies for adaptive streaming techniques and video source synchronization protocols
4. A very careful design of experience (UX)
To understand our business strategy well, it is important to distinguish the benefits of the different players:
• The user is the audience attending the concert. You get:
A. A high quality video that combines the videos provided by the musician together with the recordings that the user and his friends have made during the concert
B. A unique video, personalized for him
C. High-quality audio in your videos, provided by the musician
• The ambassador of the application is the musician. We want them to be our main promoters. Because IZI is the first APP that was born to support live music. The musician gets:
A. All media content generated by him and by users
B. A substantial part of the turnover (51%).
• The client is the user (B2C model) or the sponsor of the event (B2B model). In the B2C model the user pays for
A. To be able to keep the videos that he has generated and share them on his social networks (and
B. Support his favorite musicians.
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• In the B2B model, the sponsor pays for
A. an advertising space in the videos that users generate and share for free through their social networks (multiplicative effect of sponsorship)
B. Your association with a service to support your favorite artists and a memorable experience
C. Accurate metrics on the digital impact on social media
Importantly, this solution also allows musicians to earn income from online concerts. For this, both musicians and users are recorded with the IZI application, and this allows you to very easily create Premium videos that combine both in a lasting memory of an online event. The income associated with these videos is distributed in a majority (51%) to the musician who organizes the concert.
We have currently completed the design of the application, the branding and the commercial strategy. We are working intensively to complete the Minimum Viable Product and begin pilot testing in the first months of 2021.
The grant provided by Startup Capital will contribute substantially to the growth phase (€ 75K of the € 156K planned).
Specifically, it will allow us to accelerate the sales process, which will allow us to scale to a sufficient size to close our first sponsorships in the B2B model. The impact of this grant will translate into:
– Accelerate our B2B model, closing 10 agreements with sponsors (2 per month thanks to commercial action) and thus ensuring the presence in a total of at least 10 musical events.
– A campaign valued at € 500,000 (1 impact in 500,000 people – each video is seen on the Social Networks of each individual with an average of 500 followers).
– Increase the notoriety of the brand in the user to increase the download ratio in concerts from 20% to 80%.
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