By January 2010, Techno Monkey Media will have enough business to maintain four full-time positions. At this time, we will need to move our business into an office space to allow us to continue growing.
Mission Statement
Techno Monkey Media’s mission is to leverage the cultural value of companies and individuals by providing professional and innovative video production solutions designed by our technically skilled team motivated by passion and creativity.
Business Goals
Update this! TMM will go to 2 networking events each month.
By the end of the 1st quarter TMM will create a demo DVD for dance recitals and one for weddings. By the end of the 2nd quarter TMM will create a demo DVD for video biographies and one for theatrical productions. Also by the end of this quarter the company will have added 4 additional dance school recitals. TMM will be processing 200 media transfers per month by the end of the 2nd quarter. Within the 1st year TMM will contract 2 video biographies and will produce 12 weddings.
Industry Overview
Industry DescriptionThe video production, videotaping, photography, and photo editing services fit into the services industry.
Industry Segment Within the services industry, video production and videotaping services form a growing segment. TMM will be targeting video and photo production for dance recitals, dance competitions, theatrical productions, weddings, and video biographies. Most of the consumer spending for this segment comes from the recreation category and according to the Canadian “Market Research Handbook 2005” this spending category grew by 4.9% between 2003 and 2004 which is a continuation of a longer trend where spending rose by 39.3% between 1998 and 2004 to total $721.2 million dollars.
Growth and Trends The last 5 years have seen video and computer technology become much more affordable. Rather than requiring $20,000 for professional cameras or computers, they are now available for less than $5000. Professional internet forums also give access to resources and accomplished people like never before. This means that one can learn from the experts from home.
Rapid changes in technology offer not only challenges but also opportunities. Opportunities come when one is prepared for change. Preparedness comes from keeping in the information loop such as online forums, industry conventions, and industry associations.
The next wave of technology will include Hi-Definition (HD) cameras and the other associated hardware, such as Blu-Ray disks and more software to support HD. Managing the change to the new technology will be an exciting challenge. When discussing these industry changes with competitors, forums, and others in the business the general consensus is that conversion to HD for most businesses is still two years away.
Barriers to Entry The low cost of equipment now makes it easier for someone to get into the video production business. The barrier to getting into this type of business is skill and knowledge. One needs the creative and technical skills to film and edit and these skills take some time to develop. One also requires great marketing skills otherwise the business will never make it beyond a hobby.
Description of Business Venture
Techno Monkey Media (TMM) is a 50/50 partnership between John Romein and Paul Romein formed to provide video and photo production services to three market segments. The first focus is corporate video which consists of making videos of conferences and company events, documentaries, biographies, and commercials. The second focus is on dance studios in the lower mainland. For several years, TMM has been providing video services to dance studios, recording their recitals and competitions for distribution on DVD. The final focus is providing wedding photography and video bundles to younger couples. Our business is powered by young team members with excellent commitment to creativity, technical skill, and quality. We innovative ways to use today’s readily available communications technologies to provide extra value to the consumer such as same day online project management for corporations, one hour turnaround for dance competition DVDs at the event, and wedding video edits ready to display at the reception. We are also a one-stop company that can create the desired end product that a consumer or company wants like finishing and printing a wedding photo album, formatting video to deploy on the web or duplicating DVDs.
The company has been operating seriously for 2 years and in this time it has continued to see business growth even though the pricing is middle to high for the type of business and end products. Positive word of mouth referrals are provided in abundance. TMM has realized that it has unrealized growth potential and has undergone branding for the first time, making it more recognizable. The company has established its core vision and mission which is passionately shared between the current team members and primary contractors.
Strategic Alliances
Techno Monkey Media has established alliances with photographers and videographers all around the lower mainland. We are also an active full member of the British Columbia Professional Videographers Association.