mySongbird is currently raising up to $5M in growth capital from the crowd via a Reg CF offering on Wefunder. Our mission is to be A Force For Good while remaining a premier service that offers streamable live concerts unavailable anywhere else. With exclusive rights to a variety of shows including U2, Katy Perry, Fleetwood Mac, Ed Sheeran, and the Rolling Stones (thanks to our licensing partnership with Universal Music Group), we’ve seen an increased interest in mySongbird followed by many inquiries on our raise and brand as a whole.
Our lead investor Rick Larkin, who invested over $100,000 in our Wefunder offering, recently sat down to interview me and our executive Vice President Stephen Prendergast (former executive at LiveNation), to ask us a few key investor questions about mySongbird and our capital raise on Wefunder.
Rick previously served as Chief Financial Officer (CFO) for Plaskolite, LLC for 27 years. Plaskolite, headquartered in Columbus, Ohio, is the leading manufacturer of thermoplastic sheet (acrylic, polycarbonate, PETG) in North America. Prior to Plaskolite, Rick was the CFO for Superior Die, Tool & Machine Co. for 7 years and a senior tax and audit manager for Arthur Andersen & Co. for 9 years.
Rick received his BBA from the University of Notre Dame in 1977.
Q: Why is now the right time for mySongbird?
Mike: “Now is the time because we have the technology to create a unique experience at mySongbird—something that we could never do without the technological advances of today. Never before has the convergence of technology allowed for excellent audio, video, and user choice where music fans can choose a great concert experience, and immediately have that delivered to them from the comfort of their own living room TV. Now with high definition, the experience at home is getting even better.
With advanced streaming technology, we can offer up to 10,000 concert choices and that’s what we aim to do. At this time mySongbird is available to stream to most of the United States, and in the future most of the world.”
Q: What is the trend of your subscriber growth currently? Where do you project to be by the end of June and the end of 2021?
Mike: “mySongbird opened up for subscribers on February 5th, 2021. We started our advertising shortly after. We had about 150 subscribers at the end of February which was above projected. At the end of March, we were at 416 subscribers which was also above what was projected. We’ve seen good growth. Our advertising budget has not been exceeded. In fact, it’s about half of what we had anticipated so we’re doing rather well. We’re projecting about 2,300 subscribers by the end of June. We can get cash flow positive with 25,000 subscribers and that is projected to happen by Thanksgiving of 2021.”
Q: Who are your key team members?
Mike: “One of them is right here. I wanted to go out and find some very talented people who were involved in the music business. Stephen Prendergast is from the music business, I’ll let him speak for himself”
Stephen: “Thanks Mike. I sensed from early on in my discussions with Mike that it was going to be an opportunity to really try to take this idea of bringing concerts to a vast audience and making it a reality. I believe mySongbird has the potential to scale on a significant level globally. There’s still much work to be done in terms of harmonizing rights and licenses, but that’s been my background for over 20 years. I see those challenges only as opportunities.”
Mike: “In addition to Stephen, we also have our business development manager Neil Sheehan who comes to us with a musical background. He had been an owner of a label for 20 years and before that was kicking around in the industry with a lot of different jobs in the field since he was 17. Neil is spearheading the mySongbird label, so that’s an exciting development.”
Mike: “We have Meghan Thornton who is an absolute genius. She worked for ILM (George Lucas’s company), worked on Star Wars, Game of Thrones, and wrote a few of her own video games. Another key team member is Bob Angone, who is a marketing and advertising veteran. He started out with Leo Burnett in Chicago, one of the top ad agencies in the country. We also have Omar, who we brought on and found out was extremely talented in many ways. He’s our staff artist. The passionate, visionary team behind mySongbird will be the key driver behind our success.
Q: Who are mySongbirds main competitors and how does mySongbird stack up against each of them?
Mike: “The first most established player is YouTube and I analogize YouTube to the networks. When I envisioned this company I envisioned a company similar to ESPN and CNN. When I was in the TV business, ESPN was formed around sports, just like YouTube is doing live streaming. Did that deter ESPN? No. Those folks went out and put sports all in one place, all on one platform. That’s what we’re doing with mySongbird. We’re putting live music concerts all in one place, all in one platform. We’re consolidating, we’re narrowing down. You’ll see that’s an advantage for us. We’re creating a destination, a network, a platform just for concerts. Especially with COVID, we have seen more people jump into our concept.”
Stephen: “Further, what we’re seeing is a one point strategy approach with our competitors–selling tickets to live streaming events. The mySongbird model is multi-point, and thus a stronger revenue model. For example, we are offering merchandise, which from our early indications are currently selling between 20% and 25% of every ticket buyer. Lastly, the biggest differentiator is our myWay™️ technology. myWay™️ is our patented viewing technology that gives fans a concert experience at home like none other, simply because they have a choice. With myWay™️ they can ask, “Who do we want to watch? When do we want to watch them for how long do we wanna watch them during the show? Would we rather see the guitar players or the bass player? Do we want a front row view or a side view? None of our competitors have our myWay™️ capabilities.
Q: How much equity and debt has been raised today?
Mike: “So far, we have about $2.4 million of equity raised and just $150,000 of debt which is very recent. That’s simply a bridge loan for me, we’re paying it off slowly.”
Q: How will these funds be allocated?
Mike: “I haven’t taken any salary from day one. I don’t intend to take a salary until we’re cash positive. We have a number of key employees who are sacrificing their salary for the betterment of the company as well. We really appreciate that. I thank them for it, because it’s not easy. We’re always doing what we can, we all believe in mySongbird. We’re trying to make this a funded business. We’re going through crowdfunding through our campaign on Wefunder and everyone has been participating in that and it’s been wonderful. We just need to get more traction and more fans excited about the business.”
Q: Does the company have any intellectual property that is protected?
Mike: Yes! If you look at what we’ve done in less than a year, you’ll understand that what we have is intellectual capacity. It’s really what we have in my head, Stephen’s head, Neil’s head, and Meghan, Omar, and Bob’s head! You’ve heard Stephen say myWay™️, and myWay™️ is a way of showing concerts in a way nobody else does. We’ve done two concerts this way, where the fans get delivered four streams in their home. Everybody else shows one stream where the director’s cut shows the viewer at home what they feel are the best shots of the concert. They’ll flash from the, the singer to the lead guitars, to the drummer, back to the singer, etc. Now you can watch it your way using myWay™️. You can check our our myWay™️ technology demo at https://mysongbird.com/myway-demo/”
Q: How developed is the company’s platform and how do you see further developments progressing?
Mike: “When you’re talking about the platform, let’s talk about the technology that we have. We’ve come a long way. In a short period of time, we have a website that plays concerts accurately. The technology plays the concerts perfectly, and manages our customers seamlessly. We are also about to launch on Roku and Apple TV. We continue to build and improve our systems all the time. The more people invest, the faster we can build.”
Q: How is the company currently organized? Is there an existing board of directors or advisors?
Mike: “We are a normal corporation. We have a board of directors and it’s a good board of directors. We’re putting together a board of advisors and will have our first big shareholder meeting relatively soon. We have over one hundred shareholders in the company on Wefunder. We would like our shareholders to not only be advisors, but ambassadors of the company as well. If someone would like to be a member of the board, we are going to ask them to submit their names and their backgrounds and we’re going to gather a group.”
Q: What are the future capital raising plans for the company? Is mySongbird pursuing other avenues for funding beyond Wefunder?
Mike: “We want to be a fan-funded Force For Good. That’s really what the goal is. We would love to fund mySongbird completely through our capital raise on Wefunder. We want to see how this plays out first and foremost. We will go to the VC world, to angel investors, but want to see how fan-sourced funding works out first.”
We are grateful for the generous display of support from our investors and music fans alike. We look forward to having continued conversations with our investors about the mySongbird brand and our mission to become A Force For Good!
If you’re interested in owning a piece of the live music streaming industry, we encourage you to visit our Wefunder page and make an investment today! Investments in mySongbird begin at $250 and higher levels of investment will unlock additional investor perks.
If you have questions about the investment opportunity, feel free to leave your comments in the Comments Section of our Wefunder page and we’ll get back to you as soon as possible!
You can watch my entire interview with Rick Larkin and Stephen Pendergast here: