Beyonce Invests $150,000 In Concert Retail App Sidestep
Beyonce is "putting a ring on it", this time on a retail startup called Sidestep, a mobile app for buying concert merchandise without having to stand in line. The singer has signed up for a $150,000-dollar investment with Sidestep via her company, Parkwood Entertainment.
The mobile app is selling merchandise for Beyonce's Formation World Tour which ends in October. Sidestep makes it easier for concert-goers to buy an item by simply shopping from the app before, during or after the show. Pick-up is done in designated spots within the concert venue, but home delivery is also offered. Before the app, people had to stand in long lines only to learn that the item they want is unavailable or sold out. For the musician, Sidestep can help boost merchandise sales.
In a TechCrunch interview, Sidestep CEO Eric Jones that they wanted the tour to be focused on tech and liked that a small startup is working on a major world tour. Jones who joined a band after high school, created the app with the hopes of helping out struggling musicians make money. ""What I experienced as an artist made me realize how many things were missing from the merchandise experience and how much data was not being collected, so SideStep was a no-brainer," he told Forbes in a separate interview.
This is not the first business venture for the singer, as she recently helped launch a vegan meal delivery service under the company 22 Day Nutrition. Although Beyonce is not fully vegan, she has made an effort to include plant-based food in her diet. In addition, she is also one of the 16 artists who hold a stake in husband Jay-Z's music streaming company Tidal.
Sidestep also sells merchandise for popular artists like Justin Bieber, Fall Out Boy, Selena Gomez and Panic! At The Disco. Other investors for the company include actor Jared Leto and former Lady Gaga Manager Troy Carter. Sidestep's sales rose to 10 times from the last year, and has reached $ 2 million to date.
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