See|Me is a socially conscious startup founded with the intent of serving an international community of artists and bring...
Problem
The art market
is ripe for disruption
- Increased market share concentration in prominent players (Sotheby’s, Christie’s, Gagosian, etc) hinders innovation
- Limited access for new artists and consumers due to high-mortality rate of small/mid-tier galleries
- Low transparency & poor implementation of technology
- Opportunity is now: Rapidly increasing demand for art, emerging artists and culture experiences by younger, affluent, tech savvy audiences who want better access and modern experiences
Solution
Creating new paths to discovery for art & artists
Collectors and artists are looking for open access, community and connection.
Product
Building a new ecosystem, not just another online gallery
See|Me 3.0 combines
- Discovery using artificial intelligence and user preference
- Smart Contracts for tracking, rights management & royalty payments
- Open access to social media and multiple art sales distribution channels
- Referral fee awards aligning artists with Community objectives
- Predictive algorithm that helps collectors make informed choices about up and coming artists
Result: Aligned incentives to support mutually beneficial behavior and flywheel growth.
Traction
Revenue growth, great product, strong strategy, & clear foundation for growth
Achieved product-market fit, refined strategy,
& laid a foundation for growth
Customers
Serving multiple
sides of the art market
We have two primary customer groups: Ambitious Artists and Art Lovers/Collectors as well as an ancillary customer, Art Professionals who wish to reach the first two.
- Artists — struggle to balance time between making art and earning enough money to survive. We help them sell art more effectively and create more time to make better art by providing tools that make the business side of art easier and more successful. We also help them monetize their own networks thru referral fees.
- Art Lovers & Collectors — There is no online art platform that provides an untuitive way to discover, find and follow artists while also providing pricing information and directional predictions. See|Me is building Spotify for art discovery, purchase (primary sales) and ultimately secondary sales.
- Art Professionals — typically use their own networks without access to superior discovery tools. This creates suboptimal outcomes for the consumers and collectors they work with. See|Me provides AI driven discovery tools, additional resources and access to cutting edge talent.
Business model
A marketplace delivering six figures of recurring revenue
while leveraging data for long-term value.
We currently generate revenue in two ways and create significant additional economic value as a by-product of our strategy:
Subscription fees & entry fees: Artists currently pay $124 per year to be a member or a single entry fee between $33 - $54 to enter an exhibition competition. Members can enter all competitions for the year. We enjoy high renewal/retention rates and have very high margins on this activity.
Art Sales Commissions: we typically get 50% of sales for original art and 50% of sales (after production and shipping) on sales of prints.
Historic CAC: $12 - 15 to a converted artist entry
Average transaction: $65
CLTV: $180 (approx.) — CLTV: CAC is > 10:1
Predictive Algorithm Creates Significant Long-Term Value: we have had over 9,000 paid entries with data over the past several years and are using this information to develop a predictive algorithm to discover unknown emerging artists whose work is likely to increase in value. We this information two ways. First, we use this information to build a portfolio of the artists who we think will be most valuable in the future. Second, we make this information to our Collector Members.
Go To Market: we have developed an extensive GTM plan to support the launch of See|Me 3.0. Supporting this plan we have over 1,000,000 email addresses, 400k followers on Meta (Facebook), 24k on Instagram and 27k on Twitter.
Market
At least $25B in
incremental growth
in art market opportunity over the next 10 years.
Trends converge
- Spending power, consumer behavior & web3
- Global Millennial spending power is set to overtake Generation X by 2020, and will continue to rise
Forecast annual aggregate income, by generation ($tn) |
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15 year outlook
- New technology coincides with massive wealth transfer
- Shifts in consumer behavior to facilitate real connections between creators and collectors
- New tech allows new distribution channel to proliferate
Online art market landscape 2010–2030 |
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Competition
Our foundational
technology
See|Me is not like Artsy (we work directly with artists and artsy doesn't) or other online art galleries. We are building a true global ecosystem that combines technology with behavioral incentives and data science to democratize the world of art.
Why we are different
Vision and strategy
Spotify for Art
Leveraging 2+ years of experience and data, See|Me 3.0 will be Spotify for Art with integrated CRM-lite tools that make messaging, engagement and promotion easy for artists and result in strong art sales. See|Me 3.0 is best understood as an ecosystem with integrated distribution and incentives between artists and the people who love their work.
Funding
Backed by:
See|Me has funded development and growth via three sources so far:
- Angels who have worked with or previously backed the CEO during prior exits (AdOne/PowerAdz which was sold to Hearst Corp., Advance/Newhouse, Scripps and others; 1000Museums.com which was sold to a strategic buyer). Current angel investors include the Founder/Managing Partner of BCP Ventures, Founder/Managing Partner of Evergreen Mountain Equity Partners, Founder/Managing Partner of Lofty Ventures, former CEO and C-Suite executive at Yankee Group and Gartner.
- Founder capital - CEO has provided a significant amount of early growth capital.
- Bootstrapping - the Company has generated revenue from inception, has high gross margins and a low expense base.
Founders
Brendan Burns, CEO
Marketplace Entrepreneur,
Columbia Business School (both graduate and current professor) & Sotheby's Enterprise Studio Founder
Linkedin