“Faster internet connections, better video streaming technology and sharp growth in the number of people DJing in their bedrooms or at parties all make this a good time to be exploring this particular area.” – The Guardian
Trying to take its place in history for disruptive innovation, Chew is positioning itself to be the next Twitch.tv. If the founders are lucky, that means they are on their way to a $1 billion valuation. Purchased by Amazon.com in 2014, Twitch.tv is a live streaming video platform where gamers and e-sports enthusiasts can stream videos of game play-throughs and live sport competitions. Chew.tv is hoping to become as popular but within the DJ industry.
Founders Wil Benton and Ben Bowler are trying to tap the market of over 1 million professional DJs throughout the world. Their service allows DJs to stream their events live through its website. The purpose of the site is to allow DJs to learn from each other as well as stay up to date on trends in the business. It recently received £123,00 in seed money which closed on April 24, 2015.
The funding puts Chew in a slight predicament as they legally do not have to license their content as long as revenue is under £ 200,000. That means that Chew is getting close to the threshold where it will need to shift its business model. According to co-founder Benton, the company is doing just that. The basic model will be to generate revenue through sponsored and promotional content with a paid account. Until then, Chew will continue to stream live events as well as archive them for users to view whenever they choose.