Lyric Lab mission is to provide up-and-coming artists in the Hip-Hop market a platform that exceeds the needs they require in order to receive industry-relevant exposure, with the purpose of ultimately achieving success in a competitive industry.
Lyric Lab began as an idea for change in an industry that has undergone dramatic changes over a short period of time. The Music industry has evolved from physical, to digital, to streaming; leaving many aspiring artists in the dark with regards to how they can attain success, and be well-represented in today’s market. The elements that make up Lyric Lab began to come into fruition when I started to brainstorm what the industry was missing: a competitive platform catered to its artists.
What the industry as a whole is lacking is a way by which artists can compete with one another in a fashion that enables growth and artist development. While social platforms such as YouTube, Soundcloud, and Facebook have proven effective for some, there are still many undiscovered artists eagerly awaiting their shot at success, despite actively promoting themselves on social media.
The motivation behind this project, for me, comes from the mere thought of the incredible talent that goes to waste because they’re never given a chance to prove their worth. Many artists would die for a shot at success, but never get one; Lyric Lab strives to change this reality.
First and foremost, Lyric Lab is a web-platform for up-and-coming artists to share their work (tracks and lyrics), discover new artists, learn about industry trends and artists succeeding on the site, but most importantly compete in our monthly competitions for prizes and recognition.
In addition to being a web-platform for artists, Lyric Lab is also a Music brand for fans interested in the Underground community and being a part of new artist development. In the form of apparel and other physical branding, Lyric Lab is a movement that fans and artists alike can get behind.
Lyric Lab plans to disrupt the Artist Profile space by really selling the competitive element missing from most sites. By hosting a regular monthly contest (the plan is to host them more frequently in the future), artists continue to come back in order to feel as though they’ve accomplished something, or at least to feel as though their hard work is being seen. Our goal is to become the go-to web platform for artists to prove their worth and ultimately improve their craft so they’re primed for success.
For Lyric Lab to be a groundbreaking platform in the music industry, one that artists view as mandatory if they want to be set on the right path to success. To also create an online community of Music fans and artists alike, where they can discuss all things music, while also being actively involved with site functions (contests, blogs etc.)
Lyric Lab plans to offer investors in the company a unique perspective into an emerging market. The Musical Profile space is a market ready for new innovative ideas, and Lyric Lab plans to set the pace in this department moving forward into a promising future.
Both the Music industry and Social Webspace are primarily where Lyric Lab finds itself situated, combined together to represent the Musical Profile space. This specific market is not heavily populated with multiple market leaders, rather with smaller scale websites/applications that specialize in a specific area of music and social function.
Soundcloud has dominated this market for some time now, but has recently run into troubles with legal issues that have since held the site back from being a profitable business1. With this longtime market leader now seemingly headed in the wrong direction, the opportunity arises for a new music platform to take charge and set the tone for the market as a whole.
Lyric Lab’s primary revenue model comes in the form of different premium accounts. Planned to be introduced in 2018, Lyric Lab will offer three tiers of accounts each coming with various levels of site access.
Premium Account: $8.99/monthly with annual option (tbd)
Sub-Premium Account: $3.99/monthly with annual option (tbd)
Free Account: $0.00
In addition to Lyric Lab’s primary revenue stream, there will also be supplemental revenue in the form of:
Advertisement: Google AdSense, Direct Ads, sponsored content etc.
E-commerce: Brand apparel, T-shirts, Hats, miscellaneous.
November 02, 2017
Lyric Lab co-released it's first EXCLUSIVE mixtape on the platform last week, and it has already amassed over 1,000 plays! Check out the artist and his project here.