What is the name of the company and/or product?
What problem does this solve?
OneMusicPortal solves the problem of utilizing the Internet to make money in the music industry. Record labels are stuck in the “old business model” of trying to sell music and creating 360 deals to take a cut in every window of an artist’s revenue. This relationship has caused artists to become more independent by releasing free music & monetizing from concerts, merchandise, & endorsements. OMP allows artists to create & manage their own online press kit on a platform which fans can use to purchase for-sale items, download music, & discover new artists. OMP represents a new paradigm in the online music marketplace.
What is the full launch/release date planned?
We launched our beta on Feb. 20th, 2013.
Who is on the team?
What is the specific technology or combination of technologies that makes this run?
The technology consists of Ruby on Rails back end with an Html5 front end.
Is there a revenue model?
At beta, OneMusicPortal makes money from premium packages for both artists & fans, & concert ticket sales.
How big is the market and how will you scale?
OMP is using Hip Hop as our sample market because of the business model used by artists & the viral-ness of the genre. Hip Hop has a market of over 46 million people aging from 18-35. We seek to compete for a 10 % market share.
What is your greatest strength?
OMP’s greatest strength is our revenue model which is developed around future industry trends.
What is your biggest weakness?
Our biggest weakness is a lack of funding so we can build our infrastructure for the future.
What is one resource you could use that would take this to the next level?
We could utilize capital to hire on experienced employees and run our first marketing program.
Is there anything else you would like to add?
The last 2+ years have definitely been an adventure, but we are right on schedule & very optimistic about the future.