Our Answer to Coronavirus
We know that these are hard times for everyone and every industry has been hit hard because of the coronavirus outbreak.
TL;DR: We created an app to search, navigate, and explore available resources for musicians, artists, and creatives called CovidAid. Download it here.
Naturally, as a New York-based company, we’ve seen every single day the number of new reported cases grow exponentially. And while scrolling through hundreds of tweets and Instagram posts per minute, seeing how everyone is trying to do their part by staying at home, we began noticing a trend: creatives all around the world are sharing and re-posting multiple resources and financial incentives for this hard-hit industries.
So we decided to make an app – CovidAid – that puts all these resources in one place, easy to search, navigate, and explore based on location, keyword and category.
How creative industries are being hit the hardest.
The creative industries, particularly music, media and entertainment, have been some of the most affected verticals by COVID-19. This weforum report established the outbreak could cause $5 billion in losses to the global film industry. In similar fashion, the music industry is also expected to lose around $5 billion due to the coronavirus outbreak according to this Forbes article.
The infographic above highlights the massive losses some of the largest companies are suffering due to the coronavirus. However, there’s an indirect impact that is being left out of the equation. For instance, entertainment and musicians who work on cruise ships and highly depend on these periodic contracts for income.
Other typical examples of entertainment including hotel lobby music (i.e. musicians, bands and even their music via streaming), every entertainer who works at Disney parks, the list goes on.
It’s time for us to push forward and be diligent with the solutions we can come up with as society during this crisis. And for investors, VCs and organizations to invest in multiple experiments (a.k.a. startups and their products) which might not fit their current ‘thesis’ or line of work. Their investment in startups and their services today will potentially help millions of people not just in the short term but long term as well.
Early-stage startups will be on sale as capital markets constrict and funding sources slow their pace of investing and lower their slug sizes.Jason Calacanis
Jason Calacanis (with the above quote) recently wrote about this ‘being the best time to be an angel investor‘. In other words, if people angel invest in startups, a great potential ROI will be a short-lived exit through acquisition, a life-changer for many, especially at a time of crisis. Innovation is not only dependent on those of us who create products, but also in the way those who invest in us think, communicate, and execute ideas.
Download the CovidAid app by Stereotheque here: http://covid19.stereotheque.com/
Subscribe to The Hub for the best about the Music and the Entertainment industries.