No!
I won’t let you read the whole post until you learn what this new business idea is about. 😅
I don’t have a definitive name yet but I already bought bookachatwith.com.
Here is the concept.
BCW.com is a digital platform where people can auction off 18-minute video calls with celebrities. Part of the profits are donated to associations.
Where does this idea come from? What is the problem?
Maybe some of you know but I used to be a deejay. 💿
Therefore, my Facebook friend list is full of artists.
Since the first lockdown, I see them almost daily complaining about the fact that they cannot work anymore. About the fact that they can no longer earn a decent living. (👉 That’s a problem, see this post)
I couldn’t stop asking myself this question: how can I help them make some money?
I thought about a platform where they could monetize their audience based thanks to advertising while live video streaming their DJ sets. But how to hijack the audience from Facebook, Instagram or Youtube without getting banned? 🤔
I dropped it.
If local or national deejays had that problem, famous musicians and singers had it too.
And what about their audience?
When was the last time you could attend a concert?
There is something to do both for the artists and their audience!
There is a market.
During my experience at TAATU.com, 12 years ago, I could see how extreme fans of celebrities can (mis)behave when they have the opportunity to meet them, not even IRL but online. They get crazy and do whatever they can to get notified.
They also bought virtual items in their effigy but that is another story. At least one of you knows. 😉
We offered public live video chat sessions with celebrities where the users could ask questions to their idols. I was the host/moderator.
That’s how I met Mily Cyrus, The Pussy Cat Dolls, Shaggy, Martin Solveig and lots of French and internationally famous artists.
Here is the video of the session with Miley. 👇
This will give you a snapshot of how it worked.
OMG! What a rotten setup! 😳
By the way, TAATU.com never found profitability and had to close its doors.
Back in 2020. There must be a way to monetize that market.
What kind of digital product could survive the pandemic?
👉 Bookachatwith.com!!!
What Business Model do I imagine?
I am a big fan of Strategyzer’s Business Model Canva to visualize the way an organization works.
Then, of course, I used it for BCW.com and here it is 👇
It’s a platform business model. That’s why we have 2 market segments and 2 different value propositions.
The value proposition for the user is of course to spend an exclusive moment with one of her idols, but also to feel like she’s doing a good deed.
The value proposition for the celebrity is a mix of revenue and a nice public relations operation. They can should that they give back to the community.
The users can bid online, via the website or mobile app. The chat happens via the mobile app.
The revenues for the platform are made up of a percentage of the amount paid by the users for the live video chat session.
The key activities of the company is to organize chat sessions (booking artists) and to launch and run auction campaigns.
The key resources are then the digital platform (website and app) and the content/booking managers.
The main partners are mainly the celebrity managers and the beneficiary associations that can help find artists open to the concept.
The main costs come form the development and maintenance of the platform, the salaries of employees and the marketing advertising to promote the campaigns.
What are the main hypothesis I want to test and questions I need to answer?
One challenge is to find a way to interact smoothly with the celebrities to organize live chat sessions. I assume this could be possible via the managers of the artists and/or the beneficiary associations.
The main assumption is about the viability of the business model.
Is the public ready to pay enough so the model is profitable for the company?
Will celebrities agree to participate?
Will they live up to their commitment?
Will the revenue split be suitable for them?
How to market the sessions? Via Facebook or Instagram Ads targeting artists fans? Via Google search ads? Via celebrities announcements on their social media?
I plan to work on a go-to-market strategy based on the AARRR model. I’ll discuss it in a following issue.
I believe Bookachatwith.com is has the potential to expand at a global scale but the next step is to validate my first hypothesis so I can go further.
That’s it for today.
What do you think?
Am I totally wrong?
What key questions did I miss?
Kind regards,
Fabee
Please leave a comment.
Let me know what you think and don’t try to be pleasant. 🙏
❤️ 💬 🚀
👇👇👇