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My Band Asks For Tax Relief And Soft Loans

Like many business sectors, MarTech startups were affected by self-quarantine and social distancing order, My Band gets ready for its backup plan to cope with the Covid-19 outbreak for a prolonged period of six months.

Covid-19

According to Kun Sithapath, CEO of My Band, live music band booking platform, the Covid-19 outbreak fully impacted the company because all events of party, wedding, restaurant, pub, bar, concert and music festival were cancelled. April to May this year is the peak period of event bookings, but all were revoked, consequently My Band has lost income and has to change its business model.

The company asked the government for tax relief and soft loans with another six months payment extension after the Covid-19. Not only startups that recovery time is needed, but also startups’ customers. Soft loans is the financial fund to support startups improving business models by creating new products which is a long term plan in case of a protracted period of the Covid-19 outbreak for 6-12 months.

“We thus now focus on improving database system of My Bandplatform, decrease advertising and marketing budget, lessen part-time workers hiring and have our staffs to understand about the pay cuts and furlough so that the business can survive,” he said.

It needed to do monthly assessment along with cutting off marketing budget, and the company expected that the market sentiment might be recovered in early June 2020 or probably prolonged for another six months.

However, said Mr Kun, it will have to change for the new business model if the situation meets the worst case of 6-12 months protracted period because the music band bookings platform cannot survive.