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Beatik

Music sheet viewer with audio performance analysis.

Spain
Market: Culture, art, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 12.10.2019
Min investment
$  50.000
Total required
$ 150.000
Rating
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Idea

Three Beatik cofounders developed a robust music tracking algorithm at University of Jaen. Thus, music can be followed and analysed whatever rhythm the musician plays. Then this has been used to develop a unique score viewer which offers musicians the opportunity of playing music while obtaining their performance metrics and without the need of manually page turning. Beatik listens to the music and tracks any pdf scores with only a recording as a reference.

Current Status

Product has been tested by early adopters and their feedback has been analysed. Taking this into account the product has been modified and it has been launched on 15th October with a marketing campaign which includes an international violinist as brand image, press event with live concert demonstration, social media, specialised media ads and specialised forum demonstrations. Metrics of the user acquisition process are being tracked.

Market

Every musician uses music scores, so it's not a gender segmented market. Regarding age, younger users are most likely to use Beatik. However, we've seen that medium age musicians are being digitalised quickly. As music, Beatik has no borders. Despite that, classical music culture has most of their hotspots in Europe (Germany, France, UK and Spain), USA and some Asian countries.

Music scores market generated 1006M€ in 2017, at the same time, it was estimated that music lessons generated most than 1000M€ during 2017.

Problem or Opportunity

Musicians spend a lot of time and money in practicing along their career. They spend a lot of hours practicing and being prepared, they are like elite sportsmen or sportswomen. They spend money mainly in music sheets and classes. Besides, that have to carry out and store a lot of paper music sheets, spend a lot of time ordering them before rehearsals and concerts and they also have to turn pages manually while playing. Younger musicians are naturally digitalised, and most of current professional musicians are being digitalised now.

Solution (product or service)

Beatik allows musicians to manage their scores easily, to obtain them immediately and what's make Beatik unique: our technology allows to obtain performance analysis, compare their progress each other and they don't have to turn pages manually. Beatik listens their performance, analyses the audio sign, obtains metrics from it and turn pages automatically. Beside that, it is very usual to play in ensembles or orchestras, a wide set of collaborative tools are specially designed for making their daily work easiest, such us: real-time annotation sharing or group score tracking sync.

Competitors

Two main competitors are Forscore, which deals well with pdf scores, but it only can turn pages manually or by using a bluetooth pedal. Musicians, mainly pianist, hate pedals because despite they don't need to use hands, their are disturbed from their performance.
Nkoda has a yearly subscription for accessing to a wide catalogue of music scores, but their viewer and their user experience for performance time hasn't been well valued by musicians.
The only competitor that show metrics of the musician performance is Tonara. However, it requires to use one of their restricted music sheet catalogue. Beatik works with any pdf file.

Advantages or differentiators

Audio analysis and automatic score following, both for full digital scores (MusicXML format) and pdf scores (which is 99% used in the market), are unique in the world. Other competitors, such us Tonara, use a score tracking system but they need full digital scores, and musicians doesn't have them.

Finance

Beatik product prices are shown in Business model section. Depending on the product, some of them have subscription, other are commissions and other are fixed yearly fees.

Regarding this prices and the progressive market landing of our product, first significative figures will be achieved in 2020 and the expected revenues in 2023 are more than 6M€.

Beatik groups for orchestras and ensembles is the product that will contribute more to this figures, while score selling will contribute with lower mantainment costs.

Business model

Our business model is mixed. It depends on Beatik marketplace item as follows:
- Beatik soloist has a Subscription of 40 €/yr for premium features.
- Beatik groups will have a yearly fee, depending on the group size: Orchestras: 12.000 €/yr. Conservatory: 5.000 €/yr. Ensembles: 500 €/yr.
- Beatik scores has payment per score for Publishers, Beatik will earn 30% commission.
- Beatik Up (Online music lessons) will have a mid lesson price of 25-70 €/masterclass. Beatik will earn 15% commission.
- Beatik listener is paid by a supplement of 12 €/ticket.

Money will be spent on

Use of Funds:
35% Sales (Direct & Partners).
20% Repertoire for Beatik Library.
20% Technology Asset.
25% Marketing (Brand awareness, Events, Sponsoring, Social Media) & Promotion.

Offer for investor

150000€ in equity for 13% of the company

Risks

R1: Orchestras limited budget won’t cover subscription fee. Contingency measure: To modify pricing strategy, lowering fee in the first year to attract new customers and increase fee later after orchestras have verified actual savings. To increase advertisement revenues from the amateur musician segment

R2: Functionalities won't be really adapted to users desires. Mitigation measure: We are continuously asking users for feedback and registering all posible changes which could improve their experience. In fact, from 5th July 2019 we've improved current functionalities and developed new ones regarding their opinion.

Incubation/Acceleration programs accomplishment

H2020 SME Instrument phase II - from September 2018 to March 2020. 700 K€.

Won the competition and other awards

SEPTEMBER 2016
Score following technology obtains the record on precision in MIREX competition, 97,43% accuracy without beating until today.

SEPTEMBER 2018
H2020 SME Instrument phase II - from September 2018 to March 2020. 700 K€.

OCTOBER 2019
2nd position in the 160th Unicorn Battle Madrid

Photos

Photo 1 - Beatik

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address