Sound Funding
Disrupting the concert industry by giving the power to fans
About Product
Sound Funding is a crowdfunding platform that helps music fans to bring artists to their hometowns. It's that easy - invite bands to the city you live in, participate in pre-booking campaigns and enjoy live music right where you are.

The problem is quit clear - there are many fans who can't go to their favourite artists live concerts because their city isn't part of the tour.

Why does it happen? Well, there are a lot of reasons, but usually the main one is that the promoter was not sure there was enough demand in the city to book the concert.
Timeline
Jan 2015 - Aug 2016
Jan 2015
Jan 2015
The idea for concert crowdfunding arose from my previous event management experience
It was the starting point for a big journey. With about 3 years of different experience in concert organisation it was a point when the wish to work with foreign artists became stronger that fear of loosing money
Feb - Apr 2015
Feb - Apr 2015
Business model and roadmap was developed with the help of HSE {Inc}
This great startup incubator https://inc.hse.ru/ had an educational course for beginners on how to start a business so I took this chance and started to build my very first IT startup
May - Aug 2015
May - Aug 2015
Team formation and prototype development
With no idea of how to do start a startup, I had to do something to keep it all moving. I created the first UI/UX designs, found a partner and formed a development team. The only thing that matters - there were totally resources to do that.
Sep - Dec 2015
Sep - Dec 2015
Everything being completely different
These the times of big changes - I had to break up with the co-founder, get rid of unreliable tech partners, find new developers with zero budget and learn the basics of lean startups. During these crazy times we launched our platform in only 2 months, and thousands of music fans started to use us to invite their favourite artists to their cities.
All thanks to https://inc.hse.ru/ incubation program, by the way.
Jan - Jul 2016
Jan - Jul 2016
Hockey stick growth and stagnation
Still having to budget despite a lot of investors around us, we managed to acquire 30,000 users and partner with major booking agencies and venues.
Another pivot point took place while participating in acceleration program in https://iidf.vc/
Aug 2016
Aug 2016
Closing party
Still having very little revenue at that time, we had a lot of questions for our business model. Eventually we closed the startup to pursue a new profitable idea in the market
Some results
Users
About 40,000 users in total with 50% CR to artist invites
Churn Rate
Almost 0% while any artist project was going on and almost 90% when it ended
LTV
$0 because there was no revenue from end users
CAC
$0 simply because we had no budgets
Revenue
$0 for main business model, small amounts from pivots and side projects
Costs
Almost $0. The team was driven by enthusiasm with the platform operating on a $10,000 grant from AWS.
What about current status?
The project is currently closed. Website is no longer available, the same for any communities on social media. In a few words - these kind of crowdsourced ticket sales don't really suit supply chain needs.

There's a big article about the reasons why I decided to stop doing this, so if you are interested, feel free to read my Medium blog
Read full story
Want to talk about this?
Nick
Pruduct & Value Creator
E-mail: n@naumov.ru.com