Mindset, a platform that includes private story collections from recording artists, introduced as we speak that it raised $8.7 million in seed funding.
As co-founders of the Okay-pop centered podcast manufacturing firm DIVE Studios, brothers Brian Nam, Eric Nam and Eddie Nam seen that the studio’s greatest 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 concept 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 actually double-down on that side,” 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 cell 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 Okay-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 have to 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 earnings, particularly for musicians, has been touring, music streams, after which possibly some endorsement offers, however we’re in a position to unlock this fourth one, which is monetizing your tales,” Nam mentioned. “The pricing is just like how they may value a ticket, or how they’d 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. Relatively, it’s a method for artists to share extra intimate experiences with their followers to indicate that behind they music, they’re individuals too.
Mindset launched in an MVP (minimal viable product) model in February. Nam declined to share lively 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 contributors like report government Scooter Braun (of TQ Ventures), who has extra 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 advised TechCrunch.
Braun has additionally labored with artists like Ariana Grande, Justin Bieber, and Demi Lovato.
“He’s actually opened lots of doorways for us to department out into the Hollywood and Western house, the place we historically got here from the Okay-pop house,” Nam added.
Mindset is placing its seed funding towards content material creation, hiring, and product growth. The app is presently out there on iOS and Android, however it is going to 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 can be.