Sponsored Jointly by Nomura Research Institute, Ltd. / Sumitomo Life Insurance Company / Tokyo Gas I-Net Corp.
Making a living through music doesn’t work for over 95 percent of the independent musicians, whether they’ve got talent or not.
Background & Existing Approach
Living off music is hard. In the US, the median salary of musicians, including professional musicians, is below $25,000 and, for over 60 percent of them, their music income is not enough to meet the cost of living and they need to pull income from three or more sources. In Japan, approximately 300 new musicians debut annually. We estimate that there are over 150,000 independent musicians in Japan alone and 10 million around the world. Over 95 percent of them, whether they are talented or not, will eventually give up trying to make a living as musicians.
Currently, the means to earn money for Indie musicians are to put on a live performance on the streets, bars, pubs, restaurants, events, and shows; create music and sell licenses; and sell merchandise, to name a few. When it comes to streaming, over 90 percent of the independent musicians are undiscovered. It takes an average of 220 streams for them to make $1 on major streaming platforms.
We aim to build a two-sided platform connecting talented independent musicians and karaoke-box-goers in Japan for musicians to generate a stable source of income. It works similarly to Grab or Uber. Karaoke-box-goers can set criteria for a musician they want, issue a gig, and enjoy a spectacular private performance by the musician in their karaoke box.
In Japan alone, the karaoke-box market is worth $3.9 billion. There are approximately 47 million consumers who sing at 10,000 karaoke places which have over 134,000 boxes. 20 percent of all age segments, from teenagers to those in their 70s, go to karaoke on an occasional basis. In the recent years, karaoke has added various extra services such as music video streaming, live show and live background band performance.
Impact We Aim to Achieve
Our estimates show that our platform has the potential to become one of the largest income sources for independent musicians. Through our platform, those with talent will have a better chance to continue pursuing their dreams to become professional musicians.
Partners Wanted for Trial Run Sep 2019
We aim to run a small trial to test our idea of a two-sided platform between independent musicians and karaoke-goers. If you are passionate about making an impact in the music industry and meet any of the below requirement, please get in touch with us.
Get in Touch with Us
Contact us by 31 July 2019 if you are interested to work with us.
Kazuki Edakawa, Sumitomo Life Insurance Company
E-mail: firstname.lastname@example.org / LinkedIn: http://linkedin.com/in/kazuki-eddie-edakawa
Kenta Wako, Nomura Research Institute
E-mail: email@example.com / LinkedIn: http://linkedin.com/in/kenta-wako-552571162
Fumiyasu Yajima, TOKYOGAS i NET CORP
E-mail: firstname.lastname@example.org / LinkedIn: http://linkedin.com/in/fumiyasu-“yasu”-yajima-912189184