Sustained twenty-five percent monthly compounding revenue growth is not breakneck speed in the realm of booming digital businesses such as Pinterest or Instagram. But, it is very strong growth for a two-year-old music tech site like Music Xray and what’s more, we’re measuring growth in revenue dollars rather than number of free users joining the site. That’s a BIG difference. Music Xray’s user base, both industry professionals and musicians, is already on the larger side relative to those of other companies in the music tech space and is growing at a quick pace, too.
Obviously, this is an indication that we’re effectively solving a problem for both constituencies. A quick scan of tweets that mention “MusicXray” shows that our users carry our message forward and are finding the site very compelling. Our Facebook fan page is similarly filled with positive and sometimes embarrassingly gushing comments. Industry professionals are finding the songs and talent they’re seeking faster and more effectively than anywhere else and musicians are getting the deals and/or the feedback they need to get their careers to the next level. Our platform is transparent, straight-forward, and our customer service is second to none. Our pursuit of excellence is paying off and it’s very gratifying. We insist on providing solutions that work and that are clearly superior to any similar services.
But more importantly, and more interestingly to you, is that I think this says something important about the indie music space overall. Musicians are understanding that times have changed and that they need to invest in the advancement of their careers the same way they invest in recording great music. They are identifying the legitimate businesses that they find effective and they are counting Music Xray among them. We are thrilled and determined to continue to warrant the accolades.
We set out to re-imagine the A&R process, make it more fair and transparent, while at the same time improving accuracy, offsetting costs and saving time for industry professionals who earn their livelihoods with their ears. While our service is never complete, we have achieved the goal of being the best professional music filter / discovery platform that exists or has ever existed.
As we approach cash-flow positive in the very near future, we observe the landscape ahead. There are serious unresolved challenges musicians face that are not being addressed effectively by other companies and services. We plan to propose new ideas and introduce solutions while maintaining a laser-like focus on providing the tools to help professionals identify high potential songs and talent at the earliest possible stage.
As we progress through spring and summer, we’ll be reinforcing our New York office with more customer service and community management team members. We’ll be releasing new features and even a completely new service, about which we’re really excited! Stay tuned!
We want to say thank-you to all our users, especially the early adopters.
by Mike McCready – Co-founder/CEO