Sydney and Melbourne’s live music scenes are being transformed thanks to an Australian Netflix-style subscription service addressing one of the industry’s biggest issues – 9 out of 10 events don’t sell out and 50% of event tickets globally go completely unsold.
Established in 2016, GiggedIn has become a thriving monthly subscription platform that connects music loving Australians to more bands, DJ’s and festivals whilst saving money in the process. It also helps solve another big issue for millennials who are desperate for real world, live experiences with friends – it weens them away from their screens and the associated isolation.
With over 150 live music gigs and stand-up comedy shows available to attend each month, as well as access to see movies at Event, Village and Moonlight Cinemas across the country, the platform is now gearing up for national expansion. To finance these expansion plans, as well as keep up with growth, the company is giving everyday Aussies and GiggedIn’s already loyal subscribers the opportunity to invest in the company via equity based crowdfunding. For as little as $50, investors can break into the profitable live music industry that’s worth $1.8Bn in Australia and expected to exceed $31Bn by 2021 globally with 2.9% CAGR according to PWC.
What is the motivation behind GiggedIn?
As subscriptions gain prominence in entertainment categories and millennials demand a mobile-first experience, GiggedIn has created an easy-to-use app that makes it effortless to discover and get tickets for live events they’ll love. Moreover, the Netflix/Spotify-inspired user experience and algorithm learns what events users love to provide personalised recommendations – and it works. 8/10 members say they regularly discover new artists that they only found through GiggedIn – becoming loyal fans by streaming their music and supporting them on subsequent tours.
“Being born and raised in Sydney, it’s been heartbreaking to see the live scene in NSW suffer over the past few years,” said Ed Onggo, GiggedIn Founder and CEO. “Legislation could definitely be improved but the biggest barrier is actually the headache of having wasted hours of time online to see what shows are coming up – and that’s a global problem.
“With Spotify you get a million songs in your pocket and you don’t have to worry about what it costs. That’s what we’ve created at GiggedIn– thousands of the best events recommended just for you – and a way more affordable way to get tickets and discover. Just whip out your phone and in a few taps, see awesome artists and start making memories with mates.”
Since the subscription service launched, GiggedIn has helped its members go out over 30,000 times across more than 3,500 events, the company has generated more than $1.5 million in revenue, and seen a 5x growth in its membership since its last capital raise – this is on top of its user retention tripling in the past 12 months. Considering this is based on just Sydney and Melbourne figures, the potential when launching into Brisbane and the rest Australia is massive. Global expansion to other thriving cultural hubs will follow after that.
So how does GiggedIn work?
GiggedIn members subscribe from as little as $14.95 per month in exchange for monthly credits added to their account. These credits can then be swapped for tickets to shows.
“Something not many people like to talk about in the live industry globally is this occupancy issue with most events not selling out. We think we’ve cracked the ultimate win/win for both fans and industry. With our credit-based model we’re able to help our event partners dynamically price shows to encourage discovery and have more punters attend. This is how we envision growing our industry with artists growing fans for years to come and increasing merch sales, venues sell more in Food and Bev, and events end up selling more tickets.
GiggedIn will host its equity crowdfunding raise through Birchal.com, which means any Australian investors are able to own part of the company for as little as $50 all the way up to $100,000+. Investors will receive ordinary shares in the company and also get access to some exciting perks depending on the level of investment.
“We’ve always been a huge fan of crowdfunding as it gives our loyal users the opportunity to share in our phenomenal success as we prepare for our next exciting phase of expansion whilst growing the entire category of live entertainment and supporting artists both here in Australia and globally,” concluded Ed Onggo.
To invest in GiggedIn, go to the company equity crowdfunding page at Birchal, and fill out the expression of interest form. Please visithttps://www.birchal.com/company/giggedin.