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Need feedback on a business idea for music producers
Old 1st October 2019
  #1
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Need feedback on a business idea for music producers

Hello group !

I 'm the founder of the sound effects library Soundsnap.com but I have a new business idea I wanted to ask the group about, if thats OK.

I 'm thinking of starting a rewards (cash back) website only for Creators (creative industries). Similar to a points or rewards credit card, this would give you cash back (from 2% to 15%) when you buy things from the industry like say a plugin from Waves, a microphone from Thomann or Sweetwater or monitors from Genelec.

We would start with music producers, sound designers and musicians. Later we can expand to photo and video equipmen and more. We have experience building traffic (from Soundsnap) and have some relationships with vendors and manufacturers.

What are your thoughts?

1) great idea, I would use this!
2) I might use it..
3) I wouldn't use it but i think it can be popular
4) Nope, sorry !
5) Its a gimmick, no!

Thanks in advance for your help.
Old 2nd October 2019
  #2
I would think people would just want their healthy royalties. You can spend royalties on anything, not just at places with rewards points.
Old 4th October 2019
  #3
Quote:
Originally Posted by MikeInOttawa View Post
I would think people would just want their healthy royalties. You can spend royalties on anything, not just at places with rewards points.
Royalties from what?

As to the site idea - I'd be open to it. Put me down as a 2.

The problems with rewards or cashback is that you generally need to spend a lot to see anything substantial!
Old 5th October 2019
  #4
Quote:
Originally Posted by psycho_monkey View Post
Royalties from what?
Since the OP runs a sound effects library, I gather he's paying the contributors royalties. If there's a rewards plan, maybe that would reduce the royalty payments in order to cover the additional costs (OP- please correct me if I'm wrong).

So, if I had the choice of my regular royalty payment, or a slightly less royalty payment with rewards points, I'd prefer my regular royalty as I can spend cash how I want it. Rewards points can only be spent in certain ways.
Old 5th October 2019
  #5
Quote:
Originally Posted by MikeInOttawa View Post
Since the OP runs a sound effects library, I gather he's paying the contributors royalties. If there's a rewards plan, maybe that would reduce the royalty payments in order to cover the additional costs (OP- please correct me if I'm wrong).

So, if I had the choice of my regular royalty payment, or a slightly less royalty payment with rewards points, I'd prefer my regular royalty as I can spend cash how I want it. Rewards points can only be spent in certain ways.
“I 'm thinking of starting a rewards (cash back) website only for Creators (creative industries). Similar to a points or rewards credit card, this would give you cash back (from 2% to 15%) when you buy things from the industry like say a plugin from Waves, a microphone from Thomann or Sweetwater or monitors from Genelec.”

I think you’re missing the concept. It’s nothing to do with soundsnap or royalties or reward points. It’s moew akin to an American Express card - you get cash back (not credit) on purchases by using their payment method.

The concept is a website that does the same thing...

Last edited by psycho_monkey; 6th October 2019 at 11:19 AM..
Old 5th October 2019
  #6
Quote:
Originally Posted by psycho_monkey View Post
3I think you’re missing the concept. It’s nothing to do with soundsnap or royalties or reward points. It’s more akin to an American Express card - you get cash back (not credit) on purchases by using their payment method.

The concept is a website that does the same thing...
An AHA moment. Thanks.

Last edited by psycho_monkey; 6th October 2019 at 11:19 AM..
Old 8th October 2019
  #7
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