25A- What's Next?

Existing Market:

We will be including music videos in our services provided, that is what is next for our company. I then interviewed three people in this existing market and explained to them my venture concept and then started asking them questions in relation to what they think should be next. 

After listening to their feedback, they all agreed that I needed to expand the team I have in relation to the music videos. Two of them believed that it was more crucial than the music itself, since a lot more streams and views go into music that have videos to go along with it. I told them my idea of intertwining all three services together and they agreed that it was a good idea, but I have to be prepared for a high demand in music videos. 

They told me to make sure that I have enough people for the music production side as well, but they really wanted me to focus on the videography. I definitely agree with their feedback, because I have noticed that music videos are a trend, and a lot of them are pretty cheap to shoot. They don’t require many props or costs, so doing them is relatively easy as well, the reason most people don’t do it themselves is because they don’t have the equipment. 

New Market:

The new market I could see us getting into is that of virtual reality. I see there being a very large opportunity in that industry, because it is just another novel platform for content creators. I think it could revolutionize music and music videos. 

If we were to go into that industry, I would have to hire programmers and VR coders that could create the content and visions of our customers and put it into virtual reality. This would have a lot more costs than just shooting a music video, but I feel that there will be artists willing to pay for their music and content to be next level. 

I told two people the idea and how we plan on moving forward and they told me some valuable advice. They told me to keep working on this idea and make connections. They said to go to virtual reality companies and find people who already know how it works and are already experienced in those fields. Pitch the idea to them. They also told me to keep doing research.

A lot surprised me in this activity, because I had never really thought of intertwining virtual reality with music videos before, but I realized it is completely possible. I think the key is just getting the right team together, that’s the most important piece to the puzzle. I do agree with my interviewees though, when they told me to focus on connections. Building a large network is essential to moving forward.

I also agree with the interviewees in my existing market, who told me that I needed to expand in the music video department. I think that will be the first to blow up, and then anything with virtual reality will follow. I think there will be less of a platform for VR until it becomes more mainstream, but when it does, I think it is going to be the next biggest thing.