To approach the maximum number of customers, many companies often cut their costs. However, the newly developed, client application process by Chris Erhardt, the co-founder and CEO of Tunedly is producing waves and also bringing the best talents by selecting only a limited number of the applicants and filtering the rest of them out.
Chris Erhardt said, “It was in September of 2018 that we first thought: ‘Why not focus on high-quality clients instead of high quantity clients?’ After two months of brainstorming, we came up with a new application process that helps us connect with career-oriented songwriters. You definitely don’t have to be a professional songwriter to pass the process, but you do have to demonstrate that you know the basics of songwriting and should be committed to ambitiously working towards becoming a professional songwriter.”
Erhart explains that it has only been 3 months and Chris and the team have already started to observe the positive impact of their bold move. He said, “The quality of our users has improved significantly. We now sign 20% more songs to exclusive publishing contracts from our users, and our session musicians can also turn around projects much more efficiently for our selected group of songwriters.” continued Chris, “Since we only turn a profit when we place our client’s songs, it is important for us to sign high-quality songs.”
Chris commented: “Our decision isn’t popular with many investors, who usually look at user and revenue growth as their key performance indicators. However, what many investors outside of the music industry fail to understand is that, through our recent decisions, we are building a high-quality catalog of royalty generating music. With around 40 songs in our current catalog, we have a potential market value of $4M, and by the end of 2019, we expect our catalog to include over 200 songs with a potential market value of $20M.” said Chris. “Thankfully, we found some investors who believe in our vision early on and I’m hopeful that we can attract more funding when we open our next round in the future.”