The ‘end-to-end’ solution for live entertainment booking recently raised millions to further their cause.
Austin-based music promoter software company Prism has secured a new round of funding from angel investors. As DigitalMusicNews revealed, the business raised more than $2.2 million from a number of different investors, including Mario Fighali of Sparefoot, Bill Babel of Capital Factory, Kip McClanahan of Pershing, and Jay Jensen of Clasen Quality Coatings.
Prism promotes itself as an ‘end-to-end’ solution to the live music booking. According to the company website, that means offering calendar management, one-click integrations with ticketing platforms, offer generation, budgeting, forecasting, revenue tracking, settlement, task management systems, and financial reporting in one package. By combining all these workflows into one system, Prism hopes to offer a time-saving and efficient tool for live music management and promotion. You can view a quick overview of the platform below:
Some prominent adopters include Brooklyn Bowl (NY), Ad Hoc (NY), PopGun Presents (NY), MOKB Presents (IL), Noise Pop (SF), McMenamin’s (OR), and Laramir Lounge (CO).
The timing of Prism’s rise could not be better for the startup. A study from Pricewaterhouse Coopers (PwC) released in October 2018 predicts live music revenue will increase at a compound annual growth rate (CAGR) of 3.3% heading into 2022. This includes ticket sales and sponsorship. That means the total revenue for the live music industry should reach $31 billion over the next four years, with $24 billion being contributed by ticket sales.
It’s unclear if larger live event companies such as Live Nation will consider adapting Prism, but anything is possible. Larger companies tend to rely on older software because it’s easier to stick with what works than to train thousands of employees to use a new service. If Prism’s software is as easy to use as the company claims there is a chance they could change the live music industry as a whole in the years ahead.
Interested in trying Prism for your business? Click here and sign up today.