After reviewing the Hive platform, I have come up with few conclusions, pros and cons and resolutions.
I decided that I need to be critical in assessing the platform to be able to provide with my thoughts that may be useful and result in positive changes otherwise being applied on the new business.
Firstly it shall be considered if it’s business to business or business to costumers SME because different practices shall be applied to the stratagems of these enterprise models to gain the best result on the market. How do they fit into the ecosystem of the music industries and what is the actual value they have created to provide their clients with?
Regarding vertical integration model, this business also has its companies on the top while being a subsidiary according to the new information.
From the info provided on the https://www.crunchbase.com/organization/ticketlabs#/entity
The company exists since July 2014. The establishers team include:
Wendell Davis (founder)
Patrick Hannigan (CTO & Co-Founder)
Ian Roberts (Co-Founder & CEO, our contact)
Matt Howe (Investor)
The funding of the company consists of $120k since July 16, 2014.
There are two offices located in the USA, Waterloo, and San Francisco.
The company is taking its roots from Y Combinators that are funding company investing £120 k twice every year in start-up companies.
Y Combinators is a successful $10.25M worth funding company.
“The startups move to Silicon Valley for 3 months. The YC partners work closely with each company to get them into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day, when the startups present their business plans to a carefully selected, audience of investors.”
“Successful exits by Y Combinator funded companies include Reddit, Heroku and OMGPOP.
Other successful companies that went through Y Combinator include Dropbox, Airbnb, Stripe, Loopt, Justin.tv, Weebly and Scribd.”
By following this link, you can see all start-ups invested by Y Combinator: https://www.crunchbase.com/organization/y-combin9ator/investments
In regards to the structure of Hive business, it can be understood when looking onto its targeted audience and customers and its founders and sponsors.
SWOT analysis:
- Strengths: characteristics of the business or project that give it an advantage over others.
The business is innovative and has no concurrence in services they provide while being only one SME that is specializing in artists fame supporting systems.
Their innovativeness is in their unique approach of targeting the music concerts public applying quite popular ethnographic approach in a new way.
- Weaknesses: characteristics that place the business or project at a disadvantage relatively to others.
The digital platform seemingly is not completed and has not provided any searching tools for connecting with other artists.
- Opportunities: elements that the project could exploit to its advantage.
Creators could add a search function as well as make a much more convenient interface.
- Threats: elements in the environment that could cause trouble for the business or project.
Due to the tempo of fast growing/ evolving market a strong concurrence may appear with a better functioning platform that would attract their clients.
The key target audience is music concerts organizers targeting concert goers. It makes a ticket sales much more convenient and helps in targeting concertgoers. “Apps make the ticket purchasing experience a simple affair, while the endless flood of social data gives promoters and bands the ability to target their marketing efforts at those most likely to enjoy their particular style.”
Sources:
- http://techcrunch.com/2014/08/12/yc-backed-ticket-labs-helps-small-music-venues-get-more-fans-through-the-door/
- https://www.crunchbase.com/organization/ticketlabs#/entity
- https://www.crunchbase.com/organization/y-combinator#/entity
- http://techcrunch.com/2014/08/12/yc-backed-ticket-labs-helps-small-music-venues-get-more-fans-through-the-door/
- https://twitter.com/hivealive
med6028 