ART BEAT | milenamortati

What is ART BEAT?

ART BEAT is an online marketplace connecting artists with work benches hosted by locals. On one side, the platform enables people to list their available equipped work space and earn extra income in the form of rent. On the other hand, ART BEAT enables traveling artists as well as local artists to book the perfect workplace for their project, saving them money and giving them a chance to interact with other artists. Catering to artists around the world.

Founders & Facts:

Founded on 28 February, 2018
Founders: Milena Mortati
Headquarters: Los Angeles, California, USA
Projecting a world wide presence

Value Propositions

Enables owners of work benches, sound studios etc to list their space on the platform and earn rental money.
ART BEAT will provide insurance to listed properties.
Gives cheap options to artists to work and finish their project without having to invest in heavy equipment and huge rental expenses.
Facilitates the process of booking work spaces for artists around the world.
Rating and review system for hosts and artists.
User-friendly app and web based structure.

3 customer segments defining ART BEAT Business Model

HOSTS:

Hosts are the people who own property and want to make some money by renting out their available space.
They can create a listing for their property on ART BEAT, add property details and set their own rent, check-in, check-out time, rules and even offer help and/or lessons etc.
Hosts can accept or reject a booking after reading the reviews of the artist or after going through his/her social profiles.

ARTISTS:

Artists are the people who book the listed available spaces from local hosts.
Artists have the option to search for a property by filtering them according to rent, amenities provided, location, equipment provided, size etc.
Artists can book a space by paying through the portal.

Freelance Photographers:

ART BEAT will provide a vast network of freelance photographers in all major cities of the world who go to a location and click high-definition photographs of the property.
The high quality photographs are projected to get more responses and the freelance photographers will be paid by ART BEAT directly.

ART BEAT Business Model Canvas

The business model canvas of ART BEAT explains the key partners, key activities, key resources, value propositions, customer relations, channels and customer segments of ART BEAT. Along with this, the cost structure and revenue streams of ART BEAT have also been listed. Check it out:

The 5 step model about how ART BEAT works:

Hosts list out their property details on ART BEAT along with other factors like pricing, amenities provided etc.
ART BEAT sends a professional photographer (if available) to the property location in order to take high quality photographs.
Artists search for a property in the city where they wish to work and browse available options according to price, amenities, equipment etc.
Booking is made through ART BEAT where Artist pays the amount mentioned by host and some additional money as transaction charges.
Host approves the booking. Artist works there and finally ART BEAT pays the amount to the host after deducting their commission.

The host and the Artist can rate each other and can write reviews based on the experience.

Revenue model: How ART BEAT makes money?

ART BEAT offers free listings to property owners and lets artists browse the listed spaces and select the one which best suits their needs on the platform. The business model of ART BEAT is such that the booking and monetary transactions are done on ART BEAT’s platform. This is from where the company earns its share of revenue from 2 different sources which have been explained below:

Commission from Property Owners (Hosts)

ART BEAT charges flat 10% commission from hosts upon every booking done through the platform.

Transaction fee from Artists

ART BEAT charges 3% of the booking amount as transaction charges from artists upon every confirmed booking.

How ART BEAT finds customers?

A customer for ART BEAT is the one who adds up to the company’s revenue. He can be a host who offers his space for rent and lists it on the platform or he can be an artist who books a space. So, from where does ART BEAT find hosts and artists? The major sources to accumulate hosts and artists include:

Social Media
Word of Mouth
Digital Marketing including Internet ads.
Promotional offers
Affiliate Model / Refer and earn offers

Key problems and Solutions:

Trust Problem:

The biggest problem faced by artists or hosts using ART BEAT is the trust factor. After all giving your space to a stranger as a host and working at a strangers place as an artist might not be easy. But the verification process is in place for every host and artist on its platform. Apart from the verification badge, ART BEAT also motivates people to sign up with their Facebook account or at least link it with their account for better transparency.

This is not all. In case something goes wrong, an insurance policy is available too.

Artist Retention:

Another problem being faced is the retention problem. In order to grow, the company needs to retain its artists so that they do not choose to make deals directly with hosts. In order to retain them, it gives offers, promotional codes and credits to frequent artists as well as insurance policies. As a solution to this problem, it also sends such promotions to hosts as to motivate them to rent a workbench through ART BEAT at their favourite destination. Offering promotions such as being able to finish their next art series in the south of italy overlooking the sea, for example.

The Future of ART BEAT:

ART BEAT is structured after multi billion dollar company called Airbnb. With its presence in 190+ countries across the world, ART BEAT is a sure thing, becoming the next big online presence concentrating to increase the daily transactions on its platform. The unique business model of ART BEAT will provide a platform never done before and so far without any competition.