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String Soul Sdn Bhd

We offer online education in music

Malaysia
Market: Internet and IT, Education, training
Stage of the project: Operating business

Date of last change: 15.05.2020
Min investment
$  50.000
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Total required
$ 250.000
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Idea

Problem Statements:
- Practice makes perfect, but music practicing alone has never been easy.
- Kids find it tedious and distracted when practicing alone; Parents are non musician so unable to guide their children.
- String Soul offers the services where students can practice piano online with real tutors in real time.
- The app features are designed in a way where students can book tutors, upload music sheets, Live annotation, StringSoul's customized camera to show students' hand posturing, and post-class assessments.

Current Status

- We have launched the product in April. The MVP is available on app stores (both student & tutor apps).
- We have over 30 free trials and converted over 15% or 5 paid customers.
- We have a small pool of tutors with us who are diploma grad and at least 5 years of teaching experience with kids
- We have 0% churn rate so far.

Market

Market Size in South East Asia:

A = Estimate Average # of Students per centers = 150 students
B = Estimate # of Music centers = 2,000
C = Estimate cost of learning per year = RM 2,400
D = Estimate Life time value (Years) = 3 years


Forecast Market Size = A x B x C x D = RM 2.16b

Problem or Opportunity

- Practice makes perfect, yet practicing music alone has never been easy, especially for kids
- Kids find it tedious and less motivated to practice their music alone
- Parents are non musician mostly, so unable to guide or motivate them
- Kids lose interest and give up eventually

Solution (product or service)

- String Soul provides a one-stop platform for students to practice piano with real tutors online

- Benefits 1, Annotation & Live Streaming:
Tutor can use annotation tools to guide students on the music scores

- Benefits 2, Webcam Camera:
String Soul customized own webcam Camera to be clipped on tablets to allow tutors be able to students' hand posturing while playing piano

- Benefits 3, Post Class Assessment:
Getting parents to involve by seeing the progress/status of each classes their kids performed.

- Benefits 4, Easy booking/scheduling:
Schedule classes anytime with our tutors

Competitors

- The direct competitors are VIP Peilian (Series C), Kuai Peilian (Series A), both located in China.

- The indirect competitors are traditional music learning school and other kids music learning technology company (like Koala Band)

- We are not positioning to disrupt traditional music learning school. We are complementing those indirect competitors by focusing on helping kids to practice piano/music more efficiently.

Advantages or differentiators

1. much cheaper than traditional music learning school
2. kids spent most of the time practice, our platform allows kids to learn everywhere anytime
3. helps kids even parents are not able to supervise/rectify kids problem immediately
4. gamification in the platform: ensure kids are learning in a joyous way
5. tutors are happy, because they can teach anywhere anytime, without wasting time traveling to students’ place or learning school

Finance

Product Price: RM 70 (50 min lesson)
Revenue per active student: RM 700
Active Students Pool: Estimate to reach 150 in by end of 2020.
Monthly Revenue in Dec 2020 (estimate): RM 105,000 per month

In the next 5 years:
Market size captured: We aim to achieve 10% of market share in ASEAN.
Active Students Pool: 30,000
Annual Revenue in 2025 (estimate): RM 258 million

Business model

- We are B2C business model, parents pay the packages for their kids
- Students signed up a pre-paid class packages (10 sessions, 25 sessions, or 50 sessions)

Money will be spent on

1. Tech Product Development:
We want to create a product where kids can enjoy and happily practice their music. The product needs to be stable, innovative and kids friendly.

2. Tutors Training:
Quality of tutors are essential. We will have cohort and group training to enhance the quality of teaching

3. Marketing effort:
Continue to bring up more awareness for customers

Offer for investor

Equity offer: 10%
Pre-money Valuation: USD 2,500,000

Team or Management

Risks

- The biggest risks is market adoption. This is a new concept for South East Asia market, we are expecting to put more effort on marketing side to gain more awareness

Photos

Photo 1 - String Soul Sdn Bhd
Photo 2 - String Soul Sdn Bhd
Photo 3 - String Soul Sdn Bhd
Photo 4 - String Soul Sdn Bhd

Website address

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