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GigRev

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White-label platform to monetise social followers, converting them into subscribers with premium content.

0%
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Funded 13 Apr 2018
£250,000 target
£296,200 from 0 investors
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Business overview

Location Erith, United Kingdom
Social media
Website www.gigrev.com
Sectors Entertainment Digital Mixed B2B/B2C
Company number 9471856
Incorporation date 5 Mar 2015
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Investment summary

Type Equity
Valuation (pre-money) £4.5M
Equity offered 5.30%
Tax relief

EIS

Idea

Introduction

GigRev has built a powerful direct to fan social platform for any artist or social influencer. Via existing social channels, artists sacrifice control of their content, for-go ownership of their fan data and pay to reach their own fans.

GigRev facilitates a direct connection between artist and fan. Via their own fully-branded platform, artists can live stream, release exclusive videos, music and event tickets, upload photos, sell merchandise and generate revenue from premium content and subscriptions.

Direct To Fan marketing allows you to effectively reach your audience. GigRev provides all of the tools needed to grow your audience and keep them coming back for more. This deeper level of interaction really engages the fan. We’re not just talking 'Likes' and 'Followers' here but sophisticated tools which help convert these fans into super-fans.

Intended impact

GigRev's intended impact is to disrupt the current market by offering a powerful alternative to existing social platforms.

We have identified a gap in the market for a social platform that enables artists and social influencers to grow their audience of super fans with a measurable and monetisable solution.

Super fans are responsible for 61% of all music sales and we believe it's these fans who want more from their favourite artists. 45% of Super fans think that music is about more than just a song and want a deeper connection and level of interaction with artists. 18% would pay for an interactive app to achieve this level of interaction.

By giving an artist/influencer a white labelled app they can reach their audience directly and via our admin dashboard can collect the data from the fan they need in order to effectively market to that fan. This eliminates the need for costly advertising on social networks and creates a much deeper level of fan engagement and interaction.

Substantial accomplishments to date

2015
- While managing arena level artists, GigRev Founder Kevin Brown grew frustrated at not being able to reach genuine super-fans without having to pay large amounts. Recognising a gap in the market for a direct-to-fan platform, GigRev was created. GigRev's CTO and a team of highly-skilled Android and iOS Developers are recruited.

2016
- A high-profile Advisory Board is carefully chosen by Kevin Brown for their significant accomplishments in the music industry and wealth of experience.

- Kevin is asked to introduce GigRev at major industry events; such as the BPI and Live UK's annual conference. A conference beta app is successfully built and trialed at Live UK Summit.

- GigRev receives a positive response in industry press, including LiveUK.

2017
- GigRev is awarded tickets to the prestigious live music conference; South By South West by the UK Department for International Trade.

- Barry Saint joins GigRev as Head of Artist and Label Relations.

- Kevin Brown is invited to speak at ILMC29.

- GigRev continues to receive a very positive response from mainstream press such as Forbes, Buzzfeed, and Socialnomics.

- App development complete for iOS and Android. GigRev launches the app with 3 artists and is ready for an extensive PR campaign.
In our experience, each app can be customised in less than 30 minutes and with no external costs. All tech has been built by our team.

Monetisation strategy

GigRev generates revenue through several channels:

1. App Design and Set- Up Fees
2. Minimum monthly management fee
3. Revenue split on subscriptions
4. Advertising revenue
5. Commission from ticket sales

The app is free for fans but premium content is only available when a fan subscribes to a monthly recurring subscription. The artist decides on the monthly subscription fee.

Use of proceeds

The use of proceeds will be split into three areas; promotion, sales and development.

Funds will primarily be used to take the GigRev platform to market. Although GigRev is not a customer facing brand, we provide the technology artists and social influencers need to expand their reach and grow their own brand. Our PR and Marketing Campaign will focus on targeting labels, management companies, and agents.

We plan to recruit two additional Sales Managers to focus on dominating the UK market and expanding into European and International territories.

GigRev also plans to begin development of version 2 of our platform which will develop exciting new features and massively expand our reach as we make the move into exhibition, conference and festival apps.

Please note, the company currently has a loan facility agreement in place with the Founder for up £500,000. This is secured by way of fixed and floating charge over the property of the company, excluding the IP. To date, the company has drawn £293,000 of this facility. This loan will not be repaid within 5 years, or before an exit (whichever is earlier).

Market

Target market

GigRev's target market is artists/bands and social influencers of any size. Social influencers can include but are not limited to; chefs, beauty/fashion bloggers, and health and wellness figures.

The scalability of GigRev's product means that we can launch with the smallest of artists to the largest artists in the world.

The common denominator for our target market is that they are looking for a more transparent and measurable social platform which can grow and bring them closer to their super fans with the added flexibility to monetise.

Characteristics of target market

The ideal client has more than 25,000 likes on Facebook and is active on social media. This base is growing year on year.

The super fan represents less than 17% of the overall fan base but 61% of spending. This target market is loyal to their artist and wants a closer connection to them. By building the artist their own white labelled app the fans feel closer. The artist is engaged as this is their own app and not a third party experience, while the fan is engaged as they have a direct gateway to the artist.

Marketing strategy

Our marketing is based on directly contacting artists and influencers along with their managers, agents or labels. We don't run any consumer-focused marketing. The success of the artist app depends on the brand of the artist. The artist is happy to tell their fan base that they have their own app and fans should download it to see unique content not available elsewhere. We give the tools to the artist to make this as simple as possible.

Our Marketing Strategy to artists, agents and labels will include the following activities:

1. Industry digital and print advertising in titles such as Audience, Live UK, Music Week and Billboard.

2. We plan to demo at respected industry events in 2018 including; such as Live UK Summit, ILMC (2018), Midem (2018), SXSW (2018). We have previously attended Live UK and BPI events.

3. Partnering with festivals to raise our profile and market to agents, managers, and artists.

Competition strategy

Our direct competition are other social platforms such as Supapass.com and BKSTG.com. SupaPass have just completed raising a new round of funding.

The key difference of our platform compared to the competition is we provide a white labelled app for each and every artist. Our competition allows an artist to build a page on their platform. The downside to this is that this is yet another platform for an artist to promote.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £4,470,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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