Beyoncé expands business portfolio as a tech startup investor
Beyoncé is investing in tech startups with her new company, Parkwood Entertainment.
Currently on Queen Bey’s list for investing is a startup called Sidestep, an app that can be used to purchase merchandise and skip the lines to pick it up at events. Parkwood Entertainment has already invested $150,000 in the app.
Beyoncé’s attention was drawn to Sidestep when they began selling merchandise during her Formation World Tour.
Sidestep CEO Eric Jones said that they “wanted Beyoncé’s tour to be very focused on tech,” noting that he appreciated the idea of “a tiny scrappy startup doing the biggest tour in the world.”
By investing in Sidestep, Beyoncé may also be helping artists to be able to make more money from their work. With streaming revenues very low for artists, merchandise sales generate much of the money for artists, though the obstacles to merchandise purchasing such as long lines and the desire to actually see the concert or event rather than shop can prevent artists from taking in as much as they could.
Sidestep, which allows users to purchase merchandise ahead of time, would allow users not only to pick up merchandise at the event but to have the option of having it delivered.