In Conversation With… Richard Andrew, Founder, Streamphony
Can you please help us know your professional background?
I am an entrepreneur known for building various businesses. Currently, I work as the Director & CEO of India’s one of the largest gift card distribution companies. One of my companies, recently launched India’s one of the first over the counter (OTC) insurance products in partnership with ICICI Lombard and RELIGARE (CARE).
I have graduated from the University of Madras with post graduate certifications from the University of Wales and the Indian Institute of Management, Bangalore (IIM-B). I also do music education and sound engineering as a hobby and have worked with national and international, Grammy and Oscar award nominated and winning artists.
During the Covid-19 pandemic and post the lockdown of April-June 2020, through my investment arm, I have launched ‘Streamphony’ in association with ‘Skillbox’; it is India’s one of the first live streaming studios to help artists get back on their feet, and start performing and monetizing their art.
Why did you choose entrepreneurship over a stable job career?
As a child, forming, organizing and running a business was always something that I aspired to do. As a teenager, I helped and worked for multiple businesses (small and big), which boosted my interest to have a businesses of my own.
For me being an entrepreneur isn’t just about the big bucks, but it is about the people who work with me. My team plays a huge role in all my businesses; motivating team members to be the best versions of themselves is something that gives me joy and increases their morale, which makes it a win-win for all of us.
Can you please tell us about your venture ‘Streamphony’?
As a teenager and one of the founding members of the recognizable classic rock band – Moksha, music gives me immense joy. ‘Streamphony’ is something I put together during the pandemic to not only support the music artists financially and emotionally, but also help the bands continue the bond with their audiences.
At Streamphony, we also have a studio where I conduct music classes and record various tracks.
What was the feeling like when you got the first client appreciation for your venture ‘Streamphony’?
‘Excitement’ would be an understatement, it was altogether a different feeling. Till date we’ve had close to 80 gigs at Streamphony with incredible artists from Raghu Dixit to Best Kept Secret to Lagori to name a few.
We’ve also had various local indie bands such as Perfect Strangers play at Streamphony; they remind me of the incredible talent available in our city (and country).
Knowledge and humility takes you places and with what I’ve seen with these guys, they’re going places.
What is your approach to identify business opportunities?
Market Demand and Supply
Finding out what your customers really want is the key. Be it in any field. To create demand (and hype), influencer marketing helps us to a great extent.
I’m a true believer of market research. Even my kids would have heard that from me multiple times. 😀 I make important decisions based on proper, adequate, timely and efficient research. It helps us identify where we can go wrong, best possible strategies, competitor analysis, etc.
Return on investment
Making the right investments is tricky, but if done correctly it can skyrocket the performance of any business. ROI and disruption is an approach I use, while making multiple financial decisions in the corporate field.
What impact did covid-19 pandemic have on your business? What steps did you take to overcome it?
Covid-19 pandemic is definitely the main reason why my business ‘Streamphony’ took a turn upwards. The artists made their revenue by selling hundreds of tickets and the fans got to watch their favorite bands in action, all from the comfort of their own homes. It gives me nothing but great joy.
How do you plan the next growth phase of your business?
We plan to grow nationally.
Apart from being featured on various news papers and social media handles by various artists, Streamphony has definitely created a buzz among the music enthusiasts in town.
I strongly believe Streamphony could be the next big deal for the artists in our country.
What is the USP of your business? Why should consumers choose you over the competition?
We understand the customers wants and needs. Whether it’s equipment, acoustics or hospitality, we’ve got them covered. I’m a strong believer in the saying ‘customer is king’, which makes me and my team at Streamphony go the extra mile to get what’s required for our customers.
Another distinguishable factor is our price. We offer our studio at almost half the price compared to the industry. Out studio includes a green screen, audio and video production, etc. with no hidden costs.
Service quality is another factor. The equipment and instruments at Streamphony give us an edge over our competitors.
What is the biggest challenge that your firm is facing at the moment? How do you plan to overcome it?
The biggest challenge faced so far is the space constraint. Currently, our space is limited and can fit a five piece band. We’ve had a few big names decline to perform at our studio for this very reason. This is where our partners are likely to help us out. I have a few ideas in mind about it, but would like to keep it confidential for the time being.
*All views are that of the interviewee. UdyamGyan does not promote or endorse any claims.