Summary
One million now, a global network by 2030
Reng is raising CAD 1,000,000 on a SAFE with a CAD 8M post-money cap. By 2030 the goal is 5 million monthly listeners and about CAD 16M a year in revenue for Reng itself.
What Reng is
A social music platform for independent artists, on iPhone and the web. Songs spread from person to person, not from charts. 75% of each subscriber’s money goes to the artists that subscriber actually plays, and tips go to the artist in full.
Where it stands
iOS 1.3, with every paid feature, was approved by Apple on 2 November 2026. A paid soft launch in Canada starts 3 December and the public launch on 18 December. Android is in development.
Why we win
The founder has direct relationships with more than 100 established independent artists. Day-to-day operations run on AI agents, so fixed costs stay low and investor money goes into growth.
Reng’s own records: App Store Connect, launch plan and price list. All amounts are in Canadian dollars unless marked USD.
Market
A USD 31.7 billion market, growing 6.4% a year
Global recorded music reached USD 31.7 billion in 2025. Reng’s 2030 target needs only 0.04% of the world’s paying subscribers.
| Measure, 2025 | Value |
|---|---|
| Global recorded music revenue | USD 31.7B, +6.4% |
| Streaming share of revenue | 69.6%, over USD 22B |
| Paid subscription share of revenue | 52.4%, +8.8% |
| Paid subscription users worldwide | 837 million |
| Canada | 9th largest market, +5.6% |
IFPI, Global Music Report 2026 (18 March 2026) for the first four rows · Music Business Worldwide, reporting the same IFPI data for Canada
What Reng changes: payouts are user-centric. Each listener’s money goes only to the artists that listener played, not by share of all streams on the platform, and tips reach the artist in full.
Business model
Six revenue lines, most money to artists
Each paying subscriber brings Reng about CAD 16 a year net, and each venue about CAD 400.
| Revenue line | Price | Reng’s share | Reng net per year |
|---|---|---|---|
| Plus listener subscription | CAD 6.99/month or 54.99/year (App Store USD 4.99) | 25% after store fees | ≈ CAD 16 per subscriber |
| Venue and café account | CAD 39.99/month or 399.99/year | 100% after fees (assumed) | ≈ CAD 400 per venue |
| Ads on the free tier | ≈ CAD 3 per free listener a year (assumed) | 25% | ≈ CAD 0.75 per listener |
| Tips to artists | CAD 2.99 / 6.99 / 13.99 | 0% | — |
| Reng live nights | Tickets and sponsors | ≈ 20% margin (assumed) | Per event |
| Reng Label | Label share of releases | Per release contract | Per release |
How the CAD 16 is reached (Reng estimate): about CAD 6 a month on average once yearly plans are counted, minus the store fee, of which Reng keeps 25%. Apple charges 15% in its Small Business Program (Apple Newsroom). The ad figure is about half of what Spotify earned per ad-supported user in Q3 2026: €482M from 499M ad-supported users, about €3.9 a year each (Spotify Q3 2026 report, SEC filing). Lines marked “assumed” are not final decisions.
Targets
Three to five times larger every year
Reng’s net revenue grows from about CAD 0.2M in 2027 to about CAD 16M in 2030.
Reng net revenue by year, CAD millions
| Year | Markets | Artists | Monthly listeners | Paying subscribers | Venues |
|---|---|---|---|---|---|
| 2027 | Canada, United States | 3,000 | 60,000 | 3,000 | 100 |
| 2028 | + UK, Europe, Australia | 15,000 | 400,000 | 25,000 | 800 |
| 2029 | 15 countries | 50,000 | 1.5M | 100,000 | 3,000 |
| 2030 | 30 countries, live in 30 cities | 150,000 | 5M | 300,000 | 10,000 |
In 2030 about CAD 48M passes through Reng and more than CAD 25M of it goes to artists. Reng’s CAD 16M comes from subscriptions 4.8, venues 4.0, ads 3.5, and live, label and sponsors 3.7 (CAD millions).
The paid conversion rate is set deliberately low, at 5–6% of listeners. Spotify converts about 39%: 306M subscribers among 788M users in Q3 2026 (Spotify Q3 2026 report, SEC filing). Every figure is a target, not a forecast.
The round
How much of Reng an investor receives
At the CAD 8M cap, CAD 100,000 buys 1.25% of Reng. The floor for negotiation is CAD 5M, so CAD 100,000 never buys more than 2%.
of Reng, at conversion.
Our proposalA SAFE takes the money now and issues shares at the next priced round. The cap is the highest value used to work out the investor’s shares: if Reng is worth more later, the early investor still converts at the cap, which is the reward for taking the risk early.
Why CAD 8M is sound: Carta reports a median post-money SAFE cap of about USD 10M (≈ CAD 13.7M) for pre-seed rounds of USD 250k–1M in 2025. Reng asks below that median because it has no revenue yet and one founder, while the product is already live on the App Store with payments built.
For the first investor
Instead of more equity, the first investor receives a most-favoured-nation clause: if a later SAFE investor gets better terms, the first investor gets them too.
Use of funds
Eighteen months, a team of four
CAD 1,000,000 funds 18 months, and 40% of it builds a four-person team.
| Area | Amount | Share | What it buys |
|---|---|---|---|
| Team | CAD 400,000 | 40% | Founder salary and three hires: artist relations, growth and marketing, mobile engineer |
| Marketing and artist acquisition | CAD 280,000 | 28% | Ads and content in Canada and the US, then the UK and Europe |
| Live nights and Reng Label | CAD 120,000 | 12% | Six Reng nights and eight releases by independent artists |
| Reserve | CAD 90,000 | 9% | The unplanned |
| Infrastructure and tools | CAD 60,000 | 6% | Servers, the AI-agent office, the Android app |
| Legal and finance | CAD 50,000 | 5% | Incorporation, contracts, accounting, trademarks |
After 18 months: live in Canada and the US, an Android app, 3,000 artists, 60,000 monthly listeners and 3,000 paying subscribers. These numbers are the gate to the seed round.
If only CAD 100,000 arrives
A lean 12-month plan runs: founder salary 48k, marketing in Canada 30k, legal 8k, infrastructure 6k, Android 3k, reserve 5k. It delivers the paid launch in Canada, 300 artists, 10,000 users and the first steady revenue, which is the proof that makes the rest of the round easier to raise.
Funding path
Each round opens only when the last one’s numbers are met
Product live, paid launch December 2026
3,000 artists, 60,000 listeners, 3,000 subscribers, 15% monthly growth
15,000 artists, 400,000 listeners, over CAD 1M yearly revenue
Conditions and risks
What must happen first, and what could go wrong
No money can be taken until incorporation is complete: Reng is a sole proprietorship today and cannot issue shares.
| Item | Plan |
|---|---|
| Before any investment | Finish incorporation with our lawyer (in progress), have the lawyer review the SAFE, sign a shareholders’ agreement |
| Slower artist growth | The founder’s network, the international invitation campaign, Reng Label |
| Lower paid conversion | Venue revenue, live nights and ads reduce reliance on subscriptions |
| Dependence on Apple | Web payments through Stripe, and the Android app |
| Copyright | Automatic audio fingerprint check on every upload |
| Large competitors | User-centric 75% payouts, discovery through people, live presence |
| A solo founder | The first use of the money is three hires |