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Equity
This is an equity investment opportunity. Through equity crowdfunding you can invest in a start-up or small business and profit from growth in the value of the business.
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Chordify B.V. team 16
Chordify B.V. San Fran, Austin (USA), Groningen, Utrecht, NL

Chordify – Chords For Any Song

Chordify helps musicians of all levels to learn and play the music they love. With 540K registrants and 1.4M monthly visitors Chordify is your #1 chord platform

$227,352 INVESTED
120%
$190,094
Required
8.49%
Equity
Small_thumb_chordify_icon_1024x1024 Chordify – Chords For Any Song
INNER CIRCLE
The concept

Did you know that one in ten people on the planet plays a musical instrument? That’s over 700 million people! And there is an even bigger crowd that would love to play a musical instrument. 

Unfortunately, 90% of people trying to learn an instrument quit in their first year. Music lessons are expensive, exercises become boring and practising is repetitive. 

That’s why we’ve created Chordify. Chordify is a music e-learning platform that transforms any song into chords. With our state-of-the-art music technology, we reshape music education by creating affordable, engaging, and personalized products: Chordify makes it as easy as possible to learn your favorite music. Our service has gained impressive organic traction. This traction illustrates the natural demand for our product, and for music making in general.

Unique Selling Points

  • Chordify’s interface is extremely simple to use. Learning to play your favorite music has never been easier: it’s like karaoke for musicians!
  • Chordify has developed a much applauded chord grid view that enables our users to get a deeper understanding of the song’s structure.
  • Chordify combines automatic chord recognition algorithms with user-generated chord sequences. This way, both the machine and our users improve their ear training constantly.
  • Chordify’s team contains renowned top-tier scientists that have worked on automatic chord recognition for many years.
  • Chordify provides chords for all harmonic instruments (piano, ukelele, etc.), music production platforms, and DJs—not just guitar players.

Revenue model

Chordify strongly believes in a freemium pricing strategy in which our basic features are provided free of charge, but a contribution (premium) is asked for proprietary features and functionality. Chordify Premium comes with a bunch of cool features such as transposition, chord playback, change of the playback speed, and in the near future also lyrics.

Chordify Premium
Subscription model – Unlimited access to Premium features.
€5.99/month and €49.90/year
Pay as you Go credits – Premium features for individual songs.
1 credit €1.50 | 5 credits €4.99 | 10 credits €7.99

International Advertisement
Chordify is offering high quality advertising solutions for brands that complements our service. Some of the brands that engaged with their audiences via Chordify are Sonos, Converse, Redbull.
CPM €7.50 - €40

Achieved so far

Chordify is a bootstrapped company with solid achievements and impressive KPI’s. Additionally, Chordify has received much acclaim in its short existence.

Achievements
2013
Launch Chordify 1.0
2014 Partnership Deezer
2014 Launch Chordify Premium
2015 25 Millionth visitor
2016 500,000th registered users
2016 Launch iOS app for IPhone and IPad

KPI's
1.4 million
monthly visitors
540,000 registered users
4.7 million chordified songs by our user

Acclaim
Winner Dutch Pitch Session at the Northside Festival (New York City), San Francisco MusicTech Summit Startup Competition
Finalist Accenture Innovation, Buma Music Meets Tech Awards
Nominations Shell LiveWIRE, Deloitte Rising Star Awards
Selection showcase SXSW in Austin, Texas, pitch at The Next Web Conference USA in New York

Required investment and purpose

Required investment: €180,000

Chordify generates a healthy revenue to support management, operations, sales, and investments in chord recognition research and product development. We seek an investment of €180,000 to accelerate our product and market development. These funds will be allocated to three important improvements. After nine months the product will be scale-up ready, and we plan to raise funding to finance accelerated growth.

  1. Mobile is key. Our website is optimized for mobile use and we have recently launched our iOS app. However, we want to create an additional revenue stream by adding our premium plans to the iOS app and port the app to the Android platform.
  2. We make the Chordify platform more social by allowing our users to track, collect and share their practising history and music preferences. Think of it as last.fm for music practising. 
  3. Influencers from the music industry will be used to promote the Chordify Embedded Player. The Chordify Embedded Player allows artists, festivals and teachers to have the Chordify experience embedded on their own website.

For the investor

In return of your investment you become shareholder of Chordify. With that you become part of a revolution in music education, enabling everyone, worldwide to become a musician!

Chordify is a start-up that has always invested all of its profits into its product, and we plan to continue to do so. Therefore, we do not expect to pay our shareholders dividend in the near future.

Chordify has forecasted a runway of 9 months for the seed phase funded by this Symbid campaign. Thereafter, Chordify plans to raise funding to finance accelerated growth. The founders aim to make an exit within 3-5 years. The expected yield is 5-15 times the invested amount. Alternatively, the founders are open for an early partial exit of the symbid investor coop. In case of an exit, every shareholder will receive its pro-rata share.


Besides becoming a shareholder, we’ll be throwing in a neat bonus for you too:

  • Invest €20 - €80 and get a 3 month Chordify Premium gift voucher.
  • Invest €100 or more and get a one year Chordify Premium subscription.
  • Invest €500 or more and we’ll give you a lifetime Chordify Premium account.

Why Symbid

The Dutch Symbid is one of the first Equity Crowdfunding Platforms in the world and a great asset to the Dutch start-up ecosystem. Like many start-ups also Symbid faces it’s challenges. Chordify has done its due diligence, has full confidence in the Symbid platform and is proud to support it with its own crowdfunding campaign. For further inquiries about our considerations, feel free to contact the Chordify founders.

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Bas de Haas, PhD
CEO and Founder

After Bas finished his PhD in computer science at Utrecht University in 2011, he brought together this team of music enthusiasts to create Chordify. Bas’ research focuses on music information retrieval, digital signal processing, and machine learning. Bas is passionate about music, playing guitar, new technologies, and entrepreneurship.

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Dion ten Heggeler
CBDO and Founder

Dion is responsible for Chordify’s design and business development. Dion is an experienced communication designer with over a decade of business experience and a passion for discovering emerging music and musicians.

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Tijmen Ruizendaal
CTO and Founder

Tijmen is responsible for the front-end of Chordify and works closely with both the back-end developers and designers. Tijmen is a Web, User Experience and SEO-expert. He also plays drums in the bands DJHAGY and Niek Pronk. Previously, Tijmen worked at Distimo App Analytics (acquired by App Annie), AppLink, and AppIQ.

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Gijs Bekenkamp
CMO and Founder

Gijs is responsible for Chordify’s design and market development. Gijs is a serial entrepreneur who ran two bureaus for design and visual communication over the last decade. He spent ten years of his life playing in a band with Bas and can’t stop listening to the latest albums of Bon Iver, Suuns, and Benjamin Clementine.

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Jeroen Bransen, PhD
Lead Back-End development

Jeroen is responsible for the back,end of Chordify, and works mostly with the functional programming language Haskell. Before working at Chordify he obtained a computer science PhD in the area of programming language design. Jeroen plays guitar and is a fan of the Dutch band Golden Earring.

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Marcus Henderson
Entertainment Relations and Business Development

Marcus is an award winning guitarist from the San Francisco Bay Area who appeared in and composed best-selling educational video games like Guitar Hero. He is also the designer of one of Epiphone's best selling metal guitars and has appeared in Rolling Stone, Guitar World, and The Ellen Show to name a few.

His expertise of online music education and gamification helps us in meeting our ambitions.

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Richard Kootstra
Writer PR and Copy

Richard is responsible for writing articles, press releases and most other things pertaining to the written word. Before working at Chordify, he worked as a music and science journalist, which he still does on occasion. Richard loves shredding the guitar and is a big fan of Jimi Hendrix, Fink, Tame Impala and Them Crooked Vultures.

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Ilse Bekkema
Office Manager

Ilse is responsible for Chordify’s administration, financial planning and making sure daily office affairs run smoothly. She has a Bachelor’s degree in Communication with a minor in event management, and before working at Chordify, she organized various cultural events and Gronings Peil, a local music festival. Ilse used to play guitar and is a big fan of Fink and Alice in Chains.

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Robert Nabbe
Customer Services

Austin, TX based Robert, is responsible for all customer services at Chordify. He has studied (and got a BMus degree in) Music Technology and Composition and got his Masters in Sound and Music Technology shortly after. Robert has been playing guitar for 15 years, he can play bass, drums and piano as well and has actually written counterpoint pieces within the last 12 months (believe it or not).

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Vincent Koops
Music Information Retrieval Researcher

Vincent is a computer science PhD candidate at Utrecht University. His Music Information Retrieval research specifically focuses on leveraging big data and artificial intelligence to improve chord recognition using state of the art machine learning techniques. Vincent has a background in music composition and artificial intelligence.

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Niek Huizenga
Strategy Advisor

Niek Huizenga, is an energetic and internationally focussed specialist in the field of entrepreneurship and business development. For almost a decade he works for innovative startups as co-founder, consultant, or investor. Every day he works passionately with students, entrepreneurs, and experts all over the world.

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José Pedro Magalhães, PhD
Advisor and Founder

Pedro worked together with Bas on the core Haskell algorithm behind Chordify during his PhD studies at Utrecht University. As an expert functional programmer and bright mind Pedro has proven to be a valuable tester and advisor for Chordify.

The product

Chordify is a music e-learning platform that transforms any song into chords. With our state-of-the-art music technology, we reshape music education by creating affordable, engaging, and personalized products: Chordify makes it as easy as possible to learn your favorite music.


Although Chordify relies on highly complex algorithms under the hood, the user experience is clean, simple and easy to use. Our web app and iOS App are built using up-to-the-minute web development techniques, such as HTML5 audio.


The Chordify back-end is implemented in the functional programming language Haskell and consists of digital signal processing, statistical models, and state-of-the-art artificial intelligence and machine learning techniques. All models are trained on large amounts of data. The algorithm is distributed over multiple servers using Cloud Haskell, which results in robust and scalable architecture.

Unique Selling Points

  • Chordify’s algorithms recognize the chords of any song automatically. This is radically different from traditional online chord resources where content is generated by the crowd. With Chordify users are independent of the resources, skills, and taste of other users.
  • Chordify’s interface is extremely simple to use. Learning to play your favorite music has never been easier: it’s like karaoke for musicians!
  • Chordify has developed a much applauded chord grid view that enables our users to get a deeper understanding of the song’s structure.
  • Chordify combines automatic chord recognition algorithms with user-generated chord sequences. This way, both the machine and our users improve their ear training constantly.
  • Chordify’s team contains renowned top-tier scientists that have worked on automatic chord recognition for many years.
  • Chordify provides chords for all harmonic instruments (piano, ukelele, etc.), music production platforms, and DJs—not just guitar players.
  • Chordify’s algorithms automatically detect the beat of the music.
  • Chordify is available in 7 different languages (Dutch, English, Spanish, Italian, German, French, and Brazilian Portuguese. 
  • Chordify is available cross-platform on desktop, mobile and tablet. 
  • Chordify has seamless integration with YouTube, Soundcloud and Deezer.
  • The calculated chords and diagrams are synced with the music and can be looped seamlessly.

Revenue model

Chordify strongly believes in a freemium pricing strategy in which our basic features are provided free of charge, but a contribution (premium) is asked for proprietary features and functionality. With Chordify Premium you can still chordify songs as before, but you get so much more! Chordify Premium comes with a bunch of cool features such as transposition, chord playback, and change of the playback speed. Chordify Premium members improve their skills even further.

Chordify Premium
Subscription model – Unlimited access to Premium features.
€5.99/month and €49.90/year
Pay as you Go credits – Premium features for individual songs.
1 credit €1.50 | 5 credits €4.99 | 10 credits €7.99

International Advertisement
Chordify is offering high quality, complementary brands such as Sonos, Converse, and Redbull to advertise on Chordify. Together with Protein® and Ad2One, our global advertising partners, we create targeted campaigns and site takeovers with a focus on music, culture, tech, art, and design. While conventional advertising methods are often experienced as intrusive, our website content and advertisements complement each other and add value. It’s a win-win situation that has proven to result in a high click-through rate!
CPM €7.50 - €40

Our wallpaper space, besides its use for commercial messages, is also available for promoting bands and music we endorse. 

Scalability

Being a software as a service, unlimited additional virtual private server (VPS) instances can be quickly cloned for almost no incremental cost. Chordify has high margins, low support, and minimal staff. In the last three years, our product has matured and our business models have been validated. Additionally, Chordify is innovating continuously, improving the experience of our end-user and creating complementary solutions for the future of music education.

Current status

The Chordify WebApp has been up and running since January 2013. Since then we have welcomed over 42 million unique visitors to our platform. 4.7 Million songs have been chordified by our users and 540,000 people have registered to our service. Every day our users spend well over 4,000 hours on Chordify, playing along with +20,000 songs. 30% of registered users return every month, spending an average of 17 minutes per session on our platform. 

The Chordify Premium plans were launched in January 2014. Since then, tens of thousands of Premium Plans (credits and subscriptions) have been sold. 75% of Premium members use our website on a weekly basis, with sessions lasting 25 minutes on average.

Since the outset of the formal partnership with music streaming service Deezer in 2014, Chordify has seamless integration with YouTube, Soundcloud and Deezer.

With the new embedded player, Chordify aims to be featured on every imaginable online music platform, from band and festival websites and music blogs, to Apple Music, YouTube, and Spotify, introducing an even wider audience to online music education and Chordify.

Driven by popular demand, Chordify launched its iOS App in September 2016. The new Chordify app optimizes the Chordify e-learning experience for mobile devices and is just as intuitive and easy to use as the web app. The app and website communicate seamlessly, syncing user song libraries, edits, and favorites instantly.

Planned developments

Mobile
Further development of dedicated apps for mobile devices will enable us to offer the best possible user experience.

Social
Music is a social product that is made together with your band members, teacher, or friends. Making our user profiles more social by rating, sharing, and embedding will increase our user engagement and traffic.

Chordify Embedded Player
Develop the Chordify Embedded Player which allows artists, festivals, and teachers to have the Chordify experience embedded on their own website.

Ongoing development

Core Technology
Chords are our core-business. Songs with perfect chords have a longer play-time. We have recruited a top-tier scientific team that specializes in improving automatic chord recognition.

Premium Value
Adding more value to our premium plans—such as lyrics, a guitar tuner, and premium plans for teachers—will increase conversion.

SEO
Gaining traffic from the free, organic, editorial, or natural search results on search engines.

Target group

Chordify targets starting music enthusiasts across the globe: people who just started playing a musical instrument. They know their basic chords but need some help following the chords and improving their skills. They love to make music in their free time, either by themselves or with an amateur band.

Although Chordify is a Dutch startup, our reach is truly global. With 25% of all our visitors coming from the U.S.A. and 50% of our revenue is being made there. The U.S.A. is an important target region for Chordify. Other important regions are the U.K. (5%), Germany (4%), and the Netherlands (3%).

Market size

In the western world, one in six people plays a musical instrument and half of all people used to play an instrument. Unfortunately it proves to be very difficult, expensive, and time consuming to learn and play along with your favorite music. Because of this, 90% of people trying to learn a musical instrument quit in the first year. 

Chordify makes music education affordable, engaging, and personal again enabling everyone to become a musician. Chordify has gained impressive organic traction, as illustrated by the natural demand for our product and for music making in general.

Total Available Market: 667 million
In North America, Europe, and Oceania 69.5% currently plays (17.8%) or used to play a musical instrument (51.7% ). The internet penetration in these regions is 80%.

Serviceable Available Market: 133 million
Chordify targets starting music enthusiasts (40% of all musicians) that play the keys (37.1%), guitar (11.8%) or ukulele (2%).

Serviceable Obtainable Market: 93 million
Chordify strives to obtain 70% of SAM.

Competition

Chordify has gained impressive organic traction. This traction illustrates the natural demand for our product, and for music making in general. Because of this natural demand, Chordify faces a competitive field with multiple players. The main competitors are Riffstation, Utab, Songsterr, Soundslice, E-chords and, Ultimate Guitar. Chordify differs from the competition in availability of additional features, business models, sheer library size, and mobile presence. Chordify has outlined the individual differences between the most relevant competitors in slides 7 and 8 of the Chordify Pitchdeck.

Customer feedback

Chordify Premium
Tens of thousands of premium plans (credits and subscriptions) have been sold since the launch of Chordify Premium in January 2014.

International Advertisement
Chordify serves as a publisher for high quality, complementary companies like Sonos, Converse, Redbull, Palm, Fatboy, Palladium, Netflix, and SquareSpace.

Customer feedback

Greg Hetson, Guitarist for Bad Religion, and Punk Rock Karaoke"I'm using Chordify to learn new tunes for my Punk Rock Karaoke Band."
Oliver, user"Chordify is incredible for studying music. Drop in a video and it works out the chords to play along."
Stephen, user"Chordify is the greatest invention since someone thought to put milk in espresso. SERIOUSLY!"
Danny, user"Ever wanted to do a remix but had a hard time figuring out chords by ear? Check out Chordify!"

New customers

Chordify is constantly working on adding value to its service and enlarging its reach and brand awareness. While doing so, we raise our conversion and retention rates which will ultimately lead to multiples of the current amount of premium plans sold. 

Goals
Active premium subscribers Q4 2017: 8,500
Total PAYG credits sold per Q4 2017: 120,000

Active premium subscribers Q4 2018: 26,000
Total PAYG credits sold per Q4 2018: 270,000

Active premium subscribers Q4 2019: 64,500
Total PAYG credits sold per Q4 2019: 542,000

Sales pitch

Chordify is your #1 platform for chords. We help musicians of all levels to learn to play the music they love. Chordify gives you the chords for any song and aligns them to the music in a simple-to-use player.

What has been done before

Content Marketing
Perform Social Media Strategy (Twitter, Facebook), Finding mediapartners (InDeKringloop, Welcome to the Village, Popronde), Creating a Chordify Blog, sending out Monthly Newsletters.

Chordify Embedded Player
Welcome to the Village (Festival), Let’s get Lost (Festival), Orange Skyline (band), Bewilder (Band), Troup (Band).

Partnerships
Deezer, Rocket Songs, Popronde, Utrecht University, HIRO.

Brand Ambassadorship
Backstage interviews and endorsements by various artists

CRO
Conversion Rate Optimization through A/B testing

Increase Brand Awareness
Chordify has worked on its brand awareness and visibility by getting featured regularly in well known national and international media, receiving acclaim, collaborating with media partners, and attending conferences and summits. With the combined efforts Chordify has reached millions of potential customers.

Digital Advertisement
Google Adwords campaigns, FB campaigns

Sales
Quarterly Premium offerings

Acclaim
Chordify has received much acclaim in its short existence. In the past year, the platform was nominated for the Shell LiveWIRE and Deloitte Rising Star Awards and was a finalist for the Accenture Innovation and the Buma Music Meets Tech Awards at the Eurosonic Noorderslag Conference. Chordify also won the Dutch Pitch Session at the Northside Festival (NY) and was selected for a showcase during SXSW in Austin, Texas. Chordify was also selected by vote to pitch at The Next Web Conference USA in New York City and was one of the winners of the San Francisco MusicTech Summit Startup Competition this year. 


Marketing & sales channels

Chordify Embedded Player
Influencers from the music industry will be used to promote the Chordify Embedded Player. The Chordify Embedded Player allows artists, festivals, and teachers to have the Chordify experience embedded on their own website. 

Content Marketing
Creating and distributing valuable, relevant, and consistent content to attract and retain a clearly-defined audience.

Loyalty Program
Encourage and reward users and members to continue using Chordify and to invite friends.

Brand Ambassadorship
Brand ambassadors will endorse Chordify as well as embody our corporate identity in appearance, values, and voice.

Digital Advertisement
Demographic, geographic, and contextual (re)targeted campaigns and paid search.

Marketing objective

In the first three quarters of 2017 Chordify will lay the groundwork for the accelerated growth in the following growth phase. First, we will start to target our marketing efforts on the Netherlands, which is our testing ground. Second, we will broaden our scope to the U.S.A., Germany, and the U.K., three countries with proven traction and high conversion.

Chordify plans to use 24% of the Symbid investment to develop and internationally promote the Chordify Embedded Player. Next to that, we will continue to work on the distribution of valuable, relevant, and consistent content – such as tutorial video’s, backstage interviews with artists and top lists. Finally, we will boost engagement, attract new visitors, and increase conversion by introducing an enthusing double sided loyalty program in which Chordify rewards its users with additional credits when inviting their friends to join the platform. 

In the same period we will work on partnering with relevant U.S. and Europe based parties such as Spotify, Apple Music, Sneak Attack Media, Small Girls and similar parties.

Partnerships

Deezer (Music Streaming Service)
In de Kringloop (Video Collective)
Ad2One (Digital Sales House)
Prote.in (Digital Sales House)
Adyen (Multichannel Payment Solution)
Little Kids Rock (nonprofit organization that provides free music instruction and instruments to under-served public school districts across the United States)
Rocket Songs (Music Platform for Original Songs)
Utrecht University (Research)
Hiro (App Development)

Turnover so far

Chordify is a bootstrapped business that managed to support a team of 5 employees and approximately 5 freelancers, without any external funding. The Chordify founding team has shown that they can create a healthy and sustainable business by monetizing and innovating the music e-learning market.

  • 2013: €5,000
  • 2014: €135,000
  • 2015: €180,000

Projected turnover

  • 2016: €240,000 
  • 2017: €525,000 
  • 2018: €1,675,000 
  • 2019: €3,750,000

Assumptions

Content is key. Chords are our core business, and the chords need to be perfect. However, automatic chord recognition is difficult. Therefore, users are encouraged to correct the mistakes of the algorithm, and Chordify’s top-tier scientists leverage this data to develop the best possible chord recognition technology. Combined with engaging and simple-to-use interfaces we aim to increase retention, conversion, and organic growth that will lead to increased revenue.

Projection Q4 2019
Visitor growth per month 5%
Monthly Subscription Growth per month 16%
Monthly Subscription Churn per month 6%
Yearly Subscription Growth per month 11%
Yearly Subscription Churn per year 20%
Pay As You Go credits sold growth per month 6%
Fillrate advertisement placements 20%

Invested so far

From 2013-2015 the founders of Chordify have invested over 12,500 hours in product- and market development. Additionally, Chordify has invested €175,000 in the product- and market development of Chordify since its launch.

Investment requirement

Our total investment requirement is €265,000 of which €180,000 will be financed through this Symbid Crowdfunding campaign. The remaining €85,000 will be invested by Chordify. With the investment we create a runway of 9 months. After 9 months, Chordify will be cashflow positive, and scale-up ready.

Subsequently Chordify plans to raise funding to finance accelerated growth. The projections in this document are based on the scenario that Chordify succeeds to do so. However, even if raising growth funding takes longer than expected (or fails), we will ensure to maintain a healthy business, but the projected product- and market development will take longer.

Purpose of investment

Chordify generates healthy revenue to support management, operations, sales, and investments in chord recognition research and product development. We seek an investment of €180,000 to accelerate our product and market development. These fund will be allocated to three important improvements. After nine months the product will be scale-up ready, and we plan to raise funding to finance accelerated growth.

Mobile – Our website is optimized for mobile use and we have recently launched our iOS app. However, we want to create an additional revenue stream by adding our premium plans to the iOS app and port the app to the Android platform.
Social – We make the Chordify platform more social by allowing our users to track, collect and share their practising history and music preferences. Think of it as last.fm for music practising.
Embedded player – Influencers from the music industry will be used to promote the Chordify Embedded Player. The Chordify Embedded Player allows artists, festivals and teachers to have the Chordify experience embedded on their own website.

Return

In return of your investment you become shareholder of Chordify. With that you become part of a revolution in music education, enabling everyone, worldwide to become a musician! 

Chordify is a start-up that has always invested all of its profits into its product, and we plan to continue to do so. Therefore, we do not expect to pay our shareholders dividend in the near future. 

Chordify has forecasted a runway of 9 months for the seed phase funded by this Symbid campaign. Thereafter, Chordify plans to raise a funding to finance accelerated growth. The founders aim to make an exit within 3-5 years. The expected yield is 5-15 times the invested amount, however no guarantuees can be given we will be able to realize this return. Alternatively, the founders are open for an early partial exit of the symbid investor coop. In case of an exit, every shareholder will receive its pro-rata share.

Risks

Replicability
Chordify uses complex technology to calculate high quality chords from audio in an efficient, scalable, and distributed manner. Our team of top-tier scientists are innovating chord recognition technology continuously. Most of the developed technology is closed-source, but we use some open-source frameworks. Replicating Chordify’s core technology is challenging, even more so because our chord models require big chord and edit data, and must be trained accordingly – data that Chordify has gathered over the last 4 years.

Intellectual Property & Patents
One of Chordify’s strongest assets is its developed Intellectual Property (IP). Chordify has not patented its IP because patents are expensive and applying for patents is time consuming. Nevertheless, we limit the IP infringement risks as much as possible. In the algorithm design we work closely together with the scientific community, and these ties are formalized legally where possible. Also, in our research and development processes we are very careful not to infringe any patents or software licences.

Copyright
The music industry is prone to copyright issues. For this reason we work together with IP and copyright specialists like SOLV to deal with relevant copyright laws. In addition to this, we are in close contact with the Dutch music rights organisation Buma Cultuur, and have been screened and approved by Sony Records as part of our partnership with music streaming services Deezer.

Third Party Dependencies
Chordify depends on a number of third party services, most notably search engines and the streaming services YouTube, Deezer, and SoundCloud. Chordify strives to formalize the partnerships with these third parties in order to secure future compatibility and availability as much as possible. Nevertheless, if one of these services is modified or discontinued, this will affect Chordify. Therefore,  this risk is spread by supporting a multiple streaming services, extend this support to new streaming services, and constantly improve our search engine optimization.

Market size & projections
The projections of the market size in this pitch are constructed with utmost care and are based on a combination of the analytics of our service, the analytics of our competitors’ services, and on scientific research (North, A. C., Hargreaves, D. J., & O’Neill, S. A. (2000). The importance of music to adolescents. British Journal of Educational Psychology, 70(2), 255-272). Even though all projections have been created in good faith and due care, the projections might deviate from the reality. For instance, there is a chance that Chordify does not manages to secure growth funding (in time). Nevertheless, If our projections are off, or the competitive field changes significantly, we are confident that Chordify can adapt its proposition accordingly and remain a successful business, as it has shown this resilience in the past–due to its agile and flexible company structure.