About the Company

Songstats is a music data analytics company founded by a group of music enthusiasts, including Oskar Eichler, in Bali, Indonesia. The platform serves artists and record labels by providing comprehensive analytics across 14 music services such as Spotify, Apple Music, and YouTube. By offering key performance metrics, Songstats enables musicians to advance their careers through actionable insights and a user-friendly interface.

Since its inception in April 2020, Songstats has grown to serve over 6,000 customers and is nearing $1 million in annual recurring revenue. The company was founded by Oskar Eichler, Evan Sacks, and Jacob Merlin, who shared a vision of creating a cross-platform analytics tool for the music industry. Their goal was to develop a platform that could deliver insights across various music services, supporting artists and labels in their business endeavors.

Idea Behind Company

The idea for Songstats originated from Oskar's background as a DJ and music producer. He had previously founded Arcane, a successful music licensing network on YouTube, which connected labels and artists to monetize mixtapes. After selling Arcane in 2017, Oskar teamed up with Evan Sacks and Jacob Merlin, whom he met through the dance music platform 1001Tracklists. They initially wanted to create a platform that notified artists when influential DJs played their tracks at major events.

However, the founders soon realized that a broader concept was needed to keep users engaged. They expanded the idea to create a cross-platform music analytics tool, aggregating data from multiple music services to provide artists and labels with a comprehensive view of their performance. This vision became the foundation for Songstats, which aims to offer artists insights into their tracks' reach and popularity across various platforms.

Creating the Company

Songstats was initially developed under the name 1001Trackstats, and the first beta version was launched by the end of 2017. The development process faced challenges as the team initially hired an external development company, which resulted in slower progress and misalignment with their vision. By 2018, they decided to bring development in-house by hiring Jack Crawford-Brown and Garrett Simpson, who had experience in app development and software engineering.

The team focused on rewriting the entire front end of the platform to create both web and mobile versions using a shared codebase. This strategic decision allowed them to scale the platform more effectively once a solid foundation was established. They also developed an algorithm called "The Tunnel," which imports track information from various data sources, ensuring accurate and comprehensive data across all music platforms.

Despite burning through $400,000 and having only about 200 customers by the end of 2019, the team remained committed to their vision and avoided seeking outside funding. They believed in the potential of their product and continued to refine and enhance the platform in preparation for a full market launch.

Launching the Business

In early 2020, the company rebranded as Songstats, a name more reflective of the broader music industry. They revamped the platform's user interface, making it sleeker and more visually appealing. By April 2020, Songstats was officially launched, and the team was cautiously optimistic about its potential. The launch proved successful, reaching the breakeven point within a few months.

To attract and retain customers, Songstats utilized automated email and social media marketing strategies. They started the Songstats Lab, a blog and newsletter that provided product updates, marketing guides, and industry insights. By offering valuable content and reaching out to prospective customers, Songstats effectively increased its customer base.

The onboarding experience was a key focus, with a series of automated and manual checks to ensure a seamless process for new subscribers. The team personally welcomed each new customer, providing easy points of contact for questions or concerns, contributing to the platform's positive reception.

Earnings

Songstats has achieved impressive growth, reaching nearly $1 million in annual recurring revenue. The platform continues to evolve, offering new features and expanding its reach in the music industry. In 2021, Songstats introduced an API for enterprise customers, allowing other tech companies to access their raw data for business applications.

The company's future plans include enhancing features and building marketing tools to capture new opportunities for artists and labels. They aim to increase the reach of their marketing efforts, confident in the value Songstats provides to the music industry. The team remains committed to maintaining a cost-effective operation, hosting their servers and running their proxy network to minimize expenses.

Overall, Songstats' success highlights the importance of perseverance, strategic decision-making, and leveraging personal connections to build a thriving business. The company's growth and achievements demonstrate the potential for bootstrapped startups to succeed in the competitive tech landscape.