How to build a Startup in the Music Industry? Maybe an Accelerator will help
Suppose you are an entrepreneur and want to bring innovations in the music industry with your technology, or you are an artist that is looking to immerse himself in the industry? What would you do? Traditionally you would find a music stakeholder and introduce him with what you have to offer. But today, the big music labels are more concerned about taking care of their legacy and making commercial products without being interested in any new technology.
Plus, if you work for other labels sooner or later you will realize that you have not been making the proper use of the tools you had for yourself, rather you were just helping someone else to make ton of money. This is where the accelerators come into play.
For many years the music industry was afraid of technology and people kept themselves stuck to the traditional techniques. But now in this era and with the rise and dawn of accelerators, these accelerators are proving be great in infusing technology in music.
Accelerators help startups to have communication access with many music veterans, plus they also guide them about financial complexities and what they can do to grow their set up. It is important for the entrepreneurs to work on genuine problems faced by music professionals if they really want to immerse innovation.
This is another point where these accelerators have their importance in the spotlight: helping start up understand the competitive complexities of the industry and launching and their product accordingly. Following are some best music startup accelerators in the world.
It’s been three years since Techstars Music Accelerator came into being and this year in 2019 it has announced a new grade of music-based startups. This is one of the best music accelerators you are going to find in the world which aims to bring forth and develop the most effective and innovative music startups. Every year after a worldwide research, Techstars selects and gives a chance to nine lucky startups to work in a mentorship driven environment.
By getting into their incubation program you get to work and learn from Techstars partners which include some music giants like Sony, Concord, Warner Music Group, Bill Silve Entertainment, Silva Artist Management, Royalty Exchange, Q Prime Management and many more. These partners offer capital and help to run this program, from business development to mentoring.
Techstars alumni’s startups have proven that they have availed the great opportunity to the fullest and have depicted the message that if you are a new music-based startup and looking for proper mentorship and direction, then Techstar is there to help you achieve your goals. You will find some interesting startup this year including a new application based on AI, AR, music-assisted learning and online music creation.
More than 38$ millions dollars were made by the startup of class 2017 and 2018 which has shown that there is a lot of potential and a lot of money to be made and the total value of Techstars Music Accelerator is now more than a staggering $290 which has urged many people to take step into revolutionizing the music industry.
The startups will not only have the support and mentorship of the partner companies, but there are more than 300 independent mentors working with the member companies that are always ready to support and give mentorship to the startups. Some of these mentors come from Instagram, Google, Universal, Microsoft and many more.
The Techstar Music Accelerator Artists-In-Residence program includes many great artists like LINKIN PARK, Jillionaire, DAWN, BOSCO, MAJOR LAZER, and by incubating here you will get the opportunity to work with all them very closely.
Just a small disclaimer here, I was dreaming of becoming a Techstar member one day a decade ago when I was running my first startup.
The Project Music is a 14-weeks music accelerator for startups which is run by Nashville Entrepreneur Center. This program aims at supporting the innovation within the music industry by means of startup curriculum and by getting involved in the music business. For this purpose, it takes in many music-entrepreneurs with unique ideas who are looking forward to build music centric businesses.
To help them achieve this, Project Music brings together music, tech and business leaders to help these startups who are wishful to increase the revenue of the music industry. The project provides the startup with $47k in seed money to experiment and implement their ideas in order to bring innovation to any aspect of music industry, from new music discovery to Live concert experience.
One of the crispiest perks of being a part of The Project Music is that it gives you an opportunity to take a deep dive in the music business as you will be able to directly connect with many stakeholders, customers and investors which is exactly what a startup looks for.
Located at a short drive from at the heart of Nashville’s country music industry, provides the startups an easy access to the representative of major record labels, artists, songwriters, and major publishers. Startups can learn and achieve a lot from the lectures, networking events and mentorship given by the industry directly.
This 14-week program will introduce the music eager entrepreneurs into Nashville’s $11.5 billion-plus music industry, which will help them to connect to the entrepreneurial ecosystem along with many investors which will definitely help the startups to grow.
Abbey Road Red
With the music industry evolving so rapidly in the past decade, Abbey Road Studios decided to take a big step to blend with the fast pace. In 2015 after having many meetings with startups and getting in discussions with the academia to comprehend how they can get involved, they came up with Abbey Road Red. Red is a music-based startup accelerator which is thoroughly designed to support entrepreneurs, researchers and developers of music technology.
Red is proud to be the first music tech-specific accelerator in Europe. Being part of Red program has many benefit the most important of which is the direct access to artist and investors as Abbey Road and their owner Universal music theirself are giants of music industry and have many connections around the globe. The name and history of Abbey Road itself is enough to put forth excitement as it is the place where Beatles recorded more than 100 of their songs and it is the birthplace of stereo sound mix.
Since its launch, it has incubated 13 business and have raised more than $24 million and has a collective valuation of over $100 million which makes it one of the most successful accelerators of music-based startups.
More Startups to monitor in 2019
In musically they made an amazing job pinpointing several important startups to monitor in 2018. Looking around I found out that they are still hot and no-one else has made a better job in identifying those.
Obviously my team and I are also an amazing startup to keep an eye on, but I didn’t wanna mention us first!