Beyonce’s Business Company Investing in New Tech Startups
Beyoncé has added a new business venture to her forever growing empire. The superstar singer is now a tech startup investor.
Through the singers company Parkwood Entertainment, Bey has reportedly invested $150,000 in a new mobile app venture called Sidestep. The app allows concertgoers to purchase merchandise through their phones and collect the products before, during or after the concert, without having to stand in any lines. You even have the option of having the wares delivered to your house.
Sidestep caught the multi-talented icon's attention during the Formation Tour as she was very impressed with by the success of the collaboration.
The CEO of Sidestep Eric Jones said that Bey's team “wanted Beyoncé’s tour to be very focused on tech,” noting that they appreciated the idea of “a tiny scrappy startup doing the biggest tour in the world.”
For artists in the music industry, touring and merchandise sales are extremely lucrative compared to today's diminishing record and streaming revenue's. By investing in Sidestep, Beyoncé is ultimately helping other artists make more of a profit from their work, through a different target market.
Other celebrities are also seeing the benefits of Sidestep as Jared Leto is among the latest investors who helped raise $1.7 million in new funding.
Beyoncé’s shift into tech reflects her husband Jay Z’s investment in music streaming service Tidal in 2015. She's also a minority shareholder in that company.
Queen Bey's other recent companies include her athleisure clothing line, Ivy Park, in collaboration with Philip Green. And her investment in another new venture, WTRMLN WTR, a watermelon-based drink.