Next Speech creates users' beautiful voice diary posts with voice memo capacity, its speech-to-text transcription (powered by Nuance’s Dragon© Naturally Speaking®) and its built-in social platform.
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*About the Seller
Name: Mai Le
Location: United Kingdom
The Next Speech app has won funding from the LSE Generate Funding competition in 2016 (See link) As I have raised funding for this app, I believe the app is fund-able and you shouldn't have any issues raising funding to grow this further.
Description of app
Next Speech is a native IOS app which enables the creation of beautiful voice diary posts with both voice memo and its associated speech-to-text transcription (speech to text technologies are powered by Nuance’s Dragon© Naturally Speaking® technologies). This app was developed for the Apple App Store and currently runs on iOS platform only.
The app has the potential to expand to millions of users with a more extensive marketing capability under the new ownership; it can be marketed as a voice-based social media platform (Think Instagram, or Spotify, for voice memos)
The content management system is with to Backendless service, which enables the new owner to manage existing and future contents and users easily.
The storage of data on this app is sourced to Amazon Web Services which is top of the class in speed and at the same time, very cost efficient.
- Speech-to-text transcription: You no longer have to type your diary
- Each post includes a custom picture, your voice memo and the automatic transcription. Your emotions each day are also fully captured through your voice
- Calendar view of your diary: You can find posts quickly on specific dates
- Hashtags function: You can create custom hashtags to organise your posts into categories
- Make your story public: Let other Next Speaker listen to you and listen to others’ stories! Join the Next Speaker community to speak, listen and interact with each other. Next Speech has its own proprietary social platform within the app, with Facebook native ads already built in for significant monetisation opportunity once scaled.
- Favourite stories: You can favourite others’ stories or your stories for easy access later
- Geo-location tag: The diary can record your location - helpful when you record while attending events, travelling or on-the-go
- Reminder: Set daily reminder for your 5 minutes a day diary recording
- Next Speech currently supports speech-to-text in English and transcription of up to 5 minutes per post
- Speech-to-text technology requires connection to the internet (Through Wifi or 3G / EDGE)
What does the sale include?
The sale is for the iOS app and other auxiliary components such as websites, domain, social accounts and CMS. In particular, this sale includes the app in its full rights, its source code, Itunes account, the sale of the beautifully designed website nextspeech.com and its domain nextspeech.com, as well as other associated social account (Nextspeech on Facebook and @nextspeech on Twitter).
Does this sale include an Android version?
The sale is for the iOS app and auxilliary services only, as I have not explored the options of developing this on Android. Given the achitecture of the code / app and the designs are already all made, I presume it wouldn't be as expensive as reinventing the wheel from scratch.
Is there anything proprietary about the app?
This app is extremely unique and currently has no direct competitor on the market. One of the point worth highlighting is that the app’s proprietary code enables the ability to transcribe a voice message of 5 minutes at a time, while all of the speech-to-text platforms only allow 1 minute maximum of transcription at a time. (Similar to why speech assistant technologies like Siri only works for short bursts of sound but won’t work with longer messages) In addition, the app has its own social platforms that enable users to listen to each other's voices, likes and comments.
What API are you using for the speech-to-text?
API used is Nuance’s Dragon’s Naturally Speaking speech-to-text technologies, which is said to power Siri. This API allows for transcription of 1 minute sound clip at a time, but our proprietary code enables 5 minutes of transcription and instantaneously store the results.
Why is the app being sold?
This is being sold as I have little capacity to market this app due to current highly demanding full-time work obligations (my employer does not allow me to work on this app for the past 9 months as I'm employed full time by them; neither do they allow me to do any marketing for this app); however, I firmly believe in its potential and have built it to highest specifications for rapid scaling opportunity.
Are you going to reuse or resell the app’s design or source code after this sale? Does the sale come with all intellectual properties derived by or included in the construction of the app without royalties being paid now or in the future?
No, the new owner will receive all rights of the code, design and brand. All IPs are included in the sales, the app will be yours in its entirety with no royalties option. I also have legal docs signed by the developers who handed over all the rights to this product to me, and I can also sign documentation you may require to feel comfortable that the app is entirely yours.
Would you consider selling a blind copy? i.e. I buy a copy of the app and use my on name etc. you still get to keep your app to see. I buy a blind copy and add my own name do my own site etc.
My intention is to have a clean exit from this app as I have no time to pursue it, so I would not be interested in continuing my ownership of the app. Whomever I sell this app to will want absolute rights over all the IPs, codes and data, so another replica of the app existing elsewhere will not be ideal for them. Therefore I will only consider an outright sale to one buyer only.
Is there anything like this on the market currently?
There is currently no social network platform for voices, or user-generated voice contents; which makes Next Speech a rare opportunity with limited competition.
Understanding the app is pre-revenue and no marketing effort has been launched, how much downloads have you got?
Currently by Feb 2017, the app is at 388 users which is approximately 45 users per month since launch. Please note this number is because I have not launched any ads or marketing effort since the app was live on the app store due to my current workload on the other full time job.
Post Sale, will you provide post-sale support & training, in order to ensure that the buyer is able to fully take over the business and its operations? How long is the support period?
We’ll provide 30 days support period after the purchase date to answer all questions regarding the app and business plan. Regarding its code, the new owner will get the contacts of developers to enquire technical questions.
The code is sold as is on the sale date, with no further fixes or improvements.
How much is the running cost for nuance or other associated costs?
The associated running costs to the app is limited. AWS and Backendless is <$75 a month. Nuance costs is currently free - The free tier applies to up to 20,000 transcriptions a month. Beyond that when you scale rapidly you can negotiate with them for a tailored deal that is pre-paid but could be a lot cheaper per user. Please see the pricing plans below from Nuance.
Other Q&A on Product
>>> Who developed this?
The back-end of the app was developed by a developer on Upwork while I designed the UX myself.
>>> How were you planning on the Nuance's fees if the app went to thousands of users.
Nuance costs is currently free - The free tier applies to up to 20,000 transcriptions a month. Beyond that when you scale rapidly you can negotiate with them for a tailored deal that is pre-paid but could be a lot cheaper per user. Please see the pricing plans below from Nuance.
Once the app has scaled, you can opt for their Emerald package, which is a package where you'd negotiate with their sale staff for a fee cap on the unlimited use. According to a Nuance sale reps, "Custom pricing model is also possible with Emerald service level. The cost varies depending on the type of solution, on the scale, on the level of customization required, on the strategic value of the project and so on, but typically, the minimum financial commitment from the customer is $25,000." I would say once you scale up, they can definitely provide a pricing solution / cap that makes sense with the volume if you negotiate.
>>> In what ways were you thinking of marketing? How were you planning on monetizing the app?
On monetisation of the app, currently the app is free and pre-revenue to attract more users. The monetisation potential of this app is through three main channels. Channel (1) Adverts i.e. Facebook video ads showing in News Feed and as users browse through their own stories. This particular ad channel has an improved click-through rate if users log into Next Speech using their Facebook account, because the ads will be targeted and personalised to them . The Facebook native ads have already been incorporated in the built and currently appear on the public newsfeed. Channel (2) In-app purchase: A no-advertisement version of the app can be purchased for $1 or £0.69; or even the current version of the app could be sold at a price. At the moment, the app is offered for free; however you can always increase the price under the new ownership. Other long term channel, channel (3) which will require some feasibility study and further thoughts is to sell user voice data package: Once Next Speech has accumulated sufficient usages and users, we can sell anonymous customer voice data to companies and audio ads network for voice recognition analysis and R&D. The long run vision of the app is the unlimited potential of artificial intelligence (AI) study of the user voice library. The ultimate advantage of voice content over text or image content is that it contains rich information of human emotions. An example of AI study is to analyse customers’ emotion patterns using the sound frequency and voice pitches for the purpose of targeted advertising.
The marketing for this app could be done through Facebook Install App Ads, Google Ads as well as featuring this app on app comparison websites or tech publications. All the downloads on the app are currently organic with no additional marketing effort ; unfortunately I have been recently promoted and could spare no time to focus on the marketing aspects. The app has won funding from the LSE Generate Funding competition, so I believe this proven idea is not difficult for you to raise further funding for it. (See link http://blogs.lse.ac.uk/careers/2016/05/31/what-its-like-to-win-funding-from-lse-generate-mai-le/) I am selling this app because I have full time work commitments and hope that the new ownership can fulfil the app potential that I firmly believe in.
>>> For the Facebook ads that you mentioned, how does Facebook pay the app owner? Also, what is the usual revenue from those ads? CPM?
Facebook native ads in this app is incorporated under the Facebook audience network - Please see their payout policy here https://developers.facebook.com/products/app-monetization/audience-network/ We have an account with them, so they'd pay us in the same policy as any other ads publisher. The ads usually appear once every 5 public posts, however the volume of these posts are low at this point due to small number of users hence the CPM and revenue data isn't available. To benchmark the CPM and revenue please read into Facebook Audience Network pay-out; I must say it's definitely the highest on the street (compared to Google / Apple) because native ads cannot be blocked by ad-blockers, nor ignored by users like banners, at the same time they create minimal or no disruption to user experiences. In addition many users log into the app via Facebook, therefore these ads are targeted to them by Facebook own algorithm.
>>> Is there any fees built into the platform that sets limits on use?
I understand you meant fees toward the users. Currently it is completely free to use the app just to gain more users/content, and I believe a social network should be free until you have gained a decent traction. (Same for why every popular social network we currently use is free). Of course you can change the app to a charged app once it becomes a strong content / social platform.
>>> How does privacy option for the posts work in the platform?
Privacy means the post is only visible to that user alone and no one else. This is for when users use their app as a daily voice diary and may want to keep some recordings to themselves. Public option is when the post can be seen by everyone. In this version, selected privacy / viewing permission is not available, which is because we have a limited number of users / content on the platform who are not acquainted to each other. Hearing others is also a way for people to feel more connected and follow each other. Think of this platform as an Instagram for voices but not a Facebook for voices - on Instagram you can view public contents from people who may not necessarily relate to you unlike Facebook, which improves retentions and also keeps the flow of information to endlessly flow.
>>> When adding picture can you take live pictures from any event or is only a gallery set up or both?
Yes you can take live pictures from both camera as well as pre-shoot photos from gallery.
>>> Do you have any voice filtering added in platform?
No because it will interfere with speech recognition accuracy. I presume you can enquire Nuance if they do have such module built in (if you are emerald customer, you can have custom-made module built in by them)
>>> Do you have the ability to respond with a comment or tag a time on top of the calendar option?
You can like and comment on posts. The calendar view already has a timestamp on each post.
>>> Why do I sometimes not hear anyone's recordings when I play them? W why do you require location services?
You need to ensure that your phone is not set on silent to listen to others. You can tag your location to every post if you enable location services.
Please feel free to get in touch should you have further questions.