Beyoncé makes investment in tech startup Sidestep

SAN FRANCISCO (Diya TV) – The U.S. is full of celebrity tech investors from coast to coast. Joining the likes of Snoop Dogg, Ashton Kutcher and Justin Bieber, pop princess Beyonce is bringing her business acumen to the tech world. Her and the management company she started, Parkwood Entertainment, have invested $150,000 into Sidestep, an app for buying concert merchandise and skipping the line to pick it up at the show. Those looking to start businesses of their own may want to check out the informative articles over on websites such as this – https://www.jackrabbitjakarta.com/.

Sidestep comes from humble beginnings – the company first began selling posters and t-shirts for Beyoncé on her Formation World Tour. But after two weeks of seeing its success, Beyoncé and Parkwood invested in Sidestep’s seed round of funding.

The company’s chief executive Eric Jones said they “wanted Beyoncé’s tour to be very focused on tech”, and liked the idea of “a tiny scrappy startup doing the biggest tour in the world.”

Beyoncé previously invested in WTRMLN WTR, a watermelon beverage company. She’s believed to have ties to juicing machine maker Juicero, though that company refuses to talk about their relationship. Beyonce helped start a vegan food company 22 Day Nutrition as well. She’s also a stakeholder in streaming service Tidal thanks to her agreement to give it early access to her music. With her investment in Sidestep, though, she could directly help artists earn more money.

Seasoned musicians have learned the profit margins off streaming royalties are skimpy, to say the least, the real money is in using streaming to get famous and then selling concert tickets and merchandise like custom hats, custom shirts, phone cases, etc.

However, thanks to long lines, and the fact that concert goers attend live shows to see the music, many people avoid buying t-shirts and other merchandise at concerts. That’s where Sidestep steps in.

The startup lets you order tour merchandise before, during, or even after the show from its smartphone app. You can then Sidestep the merchandise booth line, flash a QR code at the dedicated pickup spot, and grab your items in seconds. Or you can have them delivered to your home. This way you can be sure to get whatever stuff you want in the right size with no fear of wasting time or it selling out.

Along with Beyoncé gear, you can buy merch from artists like Guns N’ Roses, Fall Out Boy, Selena Gomez, and Weezer via Sidestep. The startup gives artists a ton of data about who’s buying, and keeps a 10% service fee charged to the customer.

The company have raised a total of $1.7 million from Beyoncé and other investors including actor Jared Leto, former Lady Gaga manager Troy Carter and Cross Culture Ventures, and the previous CEO of the MLB’s Los Angeles Dodgers. The app has done over $2 million in sales, up 10X from last year.