|1||Run by a successful software CEO (former pro musician) and a current world-touring bassist|
|2||Uninterrupted month over month growth for the past 18 months|
|3||For believers in the future of mobile recording. We are the only 100% mobile solution on the market.|
The software that people use to record professional music looks like this:
Extra credit for the first person who can tell me how to start recording (hint, it's not as easy as just pressing the red button on the top...). On top of this, this software's user manual is 1,200 pages long.
What happens when someone has an amazing musical idea in their head and they want to quickly record it and get it out to the world before the moment of inspiration is lost? The answer...they can't.
Directly from a forum about the above software:
Only after my ideas are feeling solid will I begin to record that song into [this software], because the minute I stop to think "How do I do that again?", my creative idea I had in the first place gets lost.
Technology is supposed to make our lives easier. When making music, technology is making our lives harder.
audiobridge is a mobile music recording and collaboration platform where users can record full professional songs and collaborate instantly with anyone, anywhere. It is currently available for free on iOS.
audiobridge is the next generation in music making.
Bonus extra credit for anyone who can tell me how to start recording on audiobridge (hint: it is the gigantic red button).
To watch a product demo, scroll to the bottom of this page to view a video!
The audiobridge team has spent our lives in and out of recording studios, touring the world and writing songs with musicians from a variety of genres. We have been fortunate to have access to top class musicians and facilities that have enabled us to make professional music that has been played for audiences globally.
We know there is a better way for everyone to make music.
In September 2018, after a year-long beta testing and R&D period, we raised our initial $500,000 and released our app to the world. Since this time we have seen a steady growth in our user base and the amount of music being made. One of our favorite statistics is the amount of audio tracks recorded per month. This shows us the direct impact our simple, yet powerful platform is having on creativity around the world.
Not only is our user base growing but our rate of user activity is growing every month. Users love audiobridge.
But don't take our word for it
Nine years ago, our CEO Matt Miller moved to the Bay Area and founding the software consultancy, Miller Media. Miller Media has organically grown from nothing to over $1M in annual revenue and a team of ten software developers and business associates. They have built and maintain websites resulting in over 2 million e-commerce orders worldwide and launched worldwide mobile applications. Their previous contracts include work for Amazon, Hyatt, Redbox and UBM amongst many others.
Our team's experience in the music industry and Matt's deep experience in technology uniquely positions us to not only fully understand the solution, but also be able to effectively implement it.
While we retain several tricks up our sleeve, a major part of our success will be through the use of the most modern technology to create the smoothest music recording user experience ever. Artificial intelligence is in the forefront of our vision. The brains of an experienced audio engineer is coming to life within audiobridge and will ultimately provide a fully guided recording experience for users of all skill levels.
No more paying for expensive studio time.
No more fumbling through costly and complicated software.
Just hit record and leave the rest to audiobridge.
Coming in December 2020, the launch of the audiobrain will ring in a new era of music making.
In the past two years, we have put ourselves directly in the trenches and have an incredibly deep understanding of the musictech industry and trends that are emerging. audiobridge fits squarely into the future of music.
The audiobridge team has participated and graduated from two accelerator programs, BRIIA, an exclusive AI-focused accelerator in the Bay Area and Project Music, a music/musictech accelerator program based out of the Nashville Entrepreneur Center.
We've presented our vision at winter NAMM (Anaheim), summer NAMM (Nashville), the NOLA Musictech Conference, the Nashville Songwriter's Association, the Music Tectonics Weekly Websday Series, BRIIA Demo Day, BMI, SESAC, the Music Business Association Webinar Series, Pitchforce and many others.
Hundreds of calls, pitches and panels later, we are ready to take our well-developed product and turn it into a highly scalable business.
A product is only as great as the market it serves. Not only has audiobridge proven to be useful to our current users but we are on the cutting edge of several diverging trends in both the music and technology industries.
An outlet for creative energy during the pandemic
audiobridge has seen unprecedented growth during this unfortunate time in the world. Users from America, Europe, Asia and Africa have been in contact with our team to not only help us understand how to continue to improve our product for the changing times but also to thank us for the value audiobridge has brought to them.
Music making is on a massive upswing
Mobile music hardware on the rise
Major music hardware manufacturers, such as Shure, Blue, Line 6 and IK Multimedia have begun investing in and selling professional mobile equipment. They understand the emerging trends.
Mobile creativity is on the rise
The world's top producers have begun making music directly from their smartphones. Multiple Grammy-award winner Billie Eilish and her brother and Grammy-winning producer Finneas O'Connell regularly use their iPhone to record audio for their songs. Grammy-nominated producer Steve Lacey used his iPhone while recording tracks and producing music for Kendrick Lamar ('iPhone' is listed as one of his primary instruments on his Wikipedia page!)
Mass adoption of smartphones continues to rise
By the end of 2020, 6.1 billion people will be using smartphones; over 70% of the world. (source: Ericsson Mobility Report)
The majority of internet usage is now on mobile
Mobile devices are now where the majority of internet and network usage happens; 54% as of April 2020. (source: statcounter GlobalStats)
5G = Greater speeds and higher quality media
With the 5G infrastructure being built worldwide, the future of data transfer is realistically 5x faster than what it is now (with a theoretical limit of 66x). This means high quality audio and video more quickly enabling sharing of large media files.
The line is blurring between mobile and desktop
At Apple's 2020 Worldwide Developer Conference, they announced that they are transitioning their Mac desktops to using their own silicon chips. For the non-technical, this means that "...for the first time, developers can make their iOS and iPadOS apps available on the Mac without any modifications" but not vice versa. (source: Apple announces Mac transition to Apple silicon)
This is a huge step in blurring the lines between mobile and desktop and proving the audiobridge team's long-time vision that the entire world is moving fully mobile. With this change, audiobridge will be available for desktop computers without any modifications needed. This is another example of how our team's foresight is saving us time and money and building a product for an inevitable future.
Add this all up and you can see that the only way forward for music creation is mobile-first and mobile only.
Our product has seen consistent growth and our team has validated that there is an optimistic future for our vision. Due to this, audiobridge is now entering Phase 2 where we are shifting our primary focus from R&D and product development to monetization.
The success of our product development is directly correlated to our consistent, direct conversations with our users. We have crafted a series of questions that has enabled us to build the product as a combination of our future vision along with the features that users most want to see.
We will take this same process to developing our monetization model. It is important that we fully understand what our users are willing to pay for rather than guess. To this point we have run pricing experiments and studied what our competitors and like-minded companies have done but know it is now time to take the final step of confirming or denying our hypotheses with the users.
We will be rolling out monetization over the next six months, with an initial goal of converting 1% of our user base to paying customers and then driving towards 5% thereafter.
Additionally, we have built a robust pipeline of several dozen potential partnership opportunities including startups to top companies in the music-making software and hardware spaces. We are currently building a product partnership team of musictech veterans with decades of experience in the industry. We have opened many doors and will work with these companies to build partnerships that not only drive user growth but bring in scalable sources of revenue.
The audiobridge team has been highly encouraged by our last two years and we see a seismic shift in the music creation process coming in the next five years. We envision a future where people, of any technical and musical skill level, will be able to make professional quality music and be creative with nothing but the mobile devices they already own and the audiobridge application.
audiobridge is at the nexus of the rise of mobile technology, improved worldwide data networking, artificial intelligence and the rapid growth of music recordings.
audiobridge has financial statements ending December 31 2019. Our cash in hand is $35,000, as of May 2020. Over the three months prior, revenues averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $14,000/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
audiobridge, currently available for free on iOS, allows musicians of any talent level to record full multi-track songs and instantly collaborate with anyone, anywhere.
We focus on our users' experience and strive to make the simplest but most powerful audio recording tool the world has ever seen; exclusively on mobile devices.
Musicians of any skill level will be able to rehearse, record, mix, master and distribute professional songs with nothing more than a mobile device and audiobridge.
Although we can't guarantee it, we want to dominate market share for recording platforms that musicians of all skill levels use to create songs. We strive to consistently have our users writings songs that reach the top of the charts.
Given the Company’s limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.
Audiobridge Inc. was incorporated in the State of Delaware in March 2019.
Since then, we have:
Historical Results of Operations
Our company was organized in March 2019 and has limited operations upon which prospective investors may base an evaluation of its performance.
Liquidity & Capital Resources
To-date, the company has been financed with $550,000 in equity and $15,000 in SAFEs.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 6 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Audiobridge Inc. cash in hand is $35,000, as of May 2020. Over the last three months, revenues have averaged $0/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $14,000/month, for an average burn rate of $14,000 per month. Our intent is to be profitable in 15 months.
We have decreased our burn rate by 50% in the past six months now that our initial product discovery phase is complete. We have also engaged with a PR company for outreach purposes so have adjusted our product development burn to accommodate the additional cost.
We anticipate our burn to be between $10K - $15K per month for the next six months. This is consistent with our past six months of operation and will allow us to continue product development at the current pace and keep our outreach and partnership development steady. We do not plan to monetize audiobridge in the next 6 months.
We expect to need $50K-$75K at a minimum in order to reach a revenue generating point. Then, our expected launch is Dec. 2020.
CEO/Founder Matt Miller runs a successful software consultancy that is contracted at a very competitive rate for audiobridge. This is indirect capital but an important consideration regarding audiobridge's advantages in the product development life cycle.
What we're trying to do has not been done exclusively on mobile. Should our technology not develop in the way that we expect it to or be more costly than we expect it to be our business operations may be inhibited.
We are currently fully dependent on Apple as an iOS app. Should Apple decide to produce a similar product or stop listing our app, we may face competition from them.
Our long-term product roadmap relies heavily on data science. We are still in the process of building out that team, and will need to attract and retain talent in order to hit our goals.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
To increase revenues we must expand our user base. To accomplish this, we must increase our visibility in the marketplace. Potential customers and artists must be aware we exist and be able to find us. We need to demonstrate how our product can be useful to them. That could require us to devote more resources to marketing efforts, including advertising and other expenses, to build public awareness of our brand. Even with an enhanced marketing effort, there is no guarantee that we will be able to increase the number of new visitors to our app and in turn, convert them into paying customers. Any number of conditions could affect the success of our marketing efforts, including a poorly executed campaign or an inability to keep up with new technologies, which could have a negative impact on user experience with our app and adversely affect our results of operations and future growth.
The Company is an early stage company incorporated in March of 2019. Accordingly, the Company’s operations are subject to all the risks inherent in the establishment of a new business enterprise, including potential operating losses. Any investment in the Company must be considered in light of the risks, expenses and difficulties frequently encountered by companies in an early stage of development in new and rapidly evolving markets. These risks include the Company's substantial dependence on acceptance into a highly competitive marketplace surrounded by better funded and more established companies, our need to conduct product development, and our need to expand our sales and support organizations, respond to competition, manage changing operations, develop strategic relationships, control costs and expenses, maintain and enhance our brand, expand our product and service offerings, improve function and benefits, attract, integrate, retain and motivate qualified personnel, and rely upon acceptance and growth in our targeted markets. In addition to being subject to all of the risks associated with the creation of a new business, the Company will be subject to factors affecting business generally, such as general economic conditions, increasing government regulatory activity, scarcity of environmental resources, and competition. The Company believes that the estimates prepared by them as to capital, personnel, equipment and facilities required for their operations are reasonable, but until their operations have continued for a period of time, it will be impossible to determine the accuracy of such estimates. No assurance can be given as to the ultimate success of the Company. The likelihood of the success of the Company must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with the formation of a new business.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
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