Paddy Noonan
Mundelein, IL (USA)
Role(s):
Founder/Owner/Principal
IMRadio, Inc
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Startup
Location:
Mundelein
Industry:
Entertainment
Year Founded:
2008
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
"S" Corporation
Description:
IMRadio (Independent Musician Radio) is an international entertainment start-up that provides innovative revenue opportunities and free radio airplay and exposure to an untapped global market of independent musicians. IMRadio will become a revenue-share internet radio station, revolutionizing the age old royalty based model of traditional radio stations. Instead of paying royalties on the original songs that it airs, IMRadio puts money directly into the musicians’ pockets.
IMRadio was created as a platform for the independent artist to build awareness for their music and put money in their pocket. IMRadio has made great progress on that mission. With limited financial resources and considerable sweat equity, IMRadio has registered over 18,000 independent musicians to date from 75 countries. IMRadio has developed a valuable catalog of over 100,000 original songs in 80+ different genres of music, airing on IMRadio’s 500+ proprietary internet radio stations.
IMRadio has put into place three revenue streams: Advertising, Commissions and Promotional services. IMRadio will soon be adding a fourth revenue stream of Subscriptions (IM Plus and IM L.I.V.E.).
IMRadio’s revenue-share method of artist compensation with its two future subscription-based features: IM Plus (premium radio stations) and a new groundbreaking use of multicasting technology with a 24/7 IM L.I.V.E. (Independent Musicians’ Live Interactive Virtual Events) will position IMRadio as the pre-eminent international music company. Revenue-share is revolutionary and exclusive to IMRadio, representing a major attraction to independent musicians. IMRadio’s revenue-share encourages artists to promote themselves, their music, their store and as a result IMRadio. They essentially become IMRadio’s worldwide marketing department.
IMRadio’s subscription-based features, plan on compensating musicians with a revenue-share model which is a “variable†expense attached to its revenue. IMRadio only pays out, relative, to what it brings in. IMRadio’s competition has to pay royalties as a “fixed†expense of doing business. In other words, IMRadio pays artists a percentage of what it brings in, where other radio stations are paying out the same royalty expenses on all the music they air, whether they are making money or not. Plus, all IMRadio’s other revenue streams will remain 100% with IMRadio, such as, but are not limited to, ad sales (banners, audio and video), IMRadio merchandise, affiliate programs/sponsorships and future licensing fees and distribution opportunities.