Mindset, a platform that includes private story collections from recording artists, introduced in the present day that it raised $8.7 million in seed funding.
As co-founders of the Ok-pop centered podcast manufacturing firm DIVE Studios, brothers Brian Nam, Eric Nam and Eddie Nam observed that the studio’s finest performing content material got here from podcast episodes the place stars mentioned how they deal with struggles of their private lives. So, the Nam brothers got here up with the thought for Mindset, an off-shoot of DIVE Studios.
“We discovered that this was a novel promoting level individuals actually needed extra of — so we began to consider methods to essentially double-down on that facet,” mentioned CEO Brian Nam. “How do we offer extra of this helpful content material to Gen Z and younger millennial audiences? We determined that there wasn’t actually the correct of platform on the market for this kind of storytelling, so we determined to develop our personal cellular platform to uniquely share these tales in an audio format.”
In its present format, Mindset options 4 audio collections from artists like Jae, Tablo, BM, and Mindset co-founder Eric Nam, who occurs to be a Ok-pop star himself. Every assortment has ten episodes of round ten to twenty minutes lengthy — the introductory episode is free, however to realize entry to the remainder of a person artist’s assortment, customers must pay $24.99. The app additionally has free Boosters, that are Calm-like, five-minute clips of bedtime tales and motivational mantras.
“Up till now, the first supply of revenue, particularly for musicians, has been touring, music streams, after which perhaps some endorsement offers, however we’re in a position to unlock this fourth one, which is monetizing your tales,” Nam mentioned. “The pricing is much like how they may value a ticket, or how they might promote merchandise.”
Mindset isn’t meant to be a remedy app. “We’re not licensed therapists, we don’t attempt to act like we’re,” Nam mentioned. Reasonably, it’s a method for artists to share extra intimate experiences with their followers to point out that behind they music, they’re individuals too.
Mindset launched in an MVP (minimal viable product) model in February. Nam declined to share energetic consumer or income numbers, however mentioned that the app gained sufficient traction that by Could, it raised enterprise funding. The $8.7 million spherical is led by Union Sq. Ventures with strategic individuals like report govt Scooter Braun (of TQ Ventures), who has extra just lately made headlines over the Taylor Swift masters controversy. Different backers embody Twitch co-founder Kevin Lin, Opendoor Co-Founder Eric Wu, and extra.
“Scooter Braun was a strategic investor,” Nam informed TechCrunch.
Braun has additionally labored with artists like Ariana Grande, Justin Bieber, and Demi Lovato.
“He’s actually opened loads of doorways for us to department out into the Hollywood and Western area, the place we historically got here from the Ok-pop area,” Nam added.
Mindset is placing its seed funding towards content material creation, hiring, and product growth. The app is at present out there on iOS and Android, however it would formally launch on September 14. After that, Mindset will launch one other audio assortment from an artist or actor each two weeks. Nam declined to share who these artists will likely be.