John Devecka and Eric Berkowitz, creators of the popular game, Guitar Hero, have done it again. Their newest invention is a singing machine that they brand as the most exciting and revolutionary singing experience ever created. Now even awful singers can sound like their favorite rock stars! Will the sharks make a deal on
Shark Tank SingTrix Update
- Entrepreneurs: John Devecka and Eric Berkowitz
- Business: Karaoke singing machine
- Ask: $1,500,000 for 5% equity
- Result: No deal
- Sharks: None
Eric and John entered the tank with a demonstration of what impressive singing machine could do. John shared his terrible singing voice with the sharks before singing into the SingTrix unit, which created a remarkable transformation. John’s voice was suddenly in tune thanks to a pitch corrector feature, one of over 350 included effects.
ULTIMATE FAMILY PARTY EXPERIENCE - MAKES BAD SINGERS SOUND GOOD & GOOD SINGERS SOUND AMAZING - from creators of Guitar Hero, featured on Shark Tank, Ellen, The Kardashians & more. Singtrix will be your go to device for home entertainment.
John and Eric told the sharks that they sell the SingTrix bundle for $345.00. In the 6 months prior to filming, they had generated $1.2 million in gross revenue sales. A single unit costs about $150.00 to manufacture and wholesaled for approximately $265.00.
They explained that a large consumer electronics company was interested in doing an exclusive distribution deal with them. They were expecting to sell around 30,000 units that holiday season. Daymond John asked what they needed the money for and they said it would be for making new products. Mark Cuban didn’t see himself as the right investor so he dropped out.
Kevin O’Leary was interested and offered $1.5 million in exchange for 50% equity. If he received his money back within 18 months, he would drop his equity down to 10% along with a $2.50 royalty in perpetuity. Robert Herjavec also wanted to make a competitive offer of $1.5 million for 20% equity.
Lori Greiner wanted in as well, and offered $1.5 million for 30% equity. After her money was paid back, she would drop her equity down to 15% along with a $2.50 royalty in perpetuity. Kevin jumped in and said he would do that deal with Lori just before Daymond threw his offer into the tank. He said his ties to the music industry could help and offered $1.5 million for 25% and he would finance all of their orders.
Eric and John countered the sharks at $1.5 million for 7% which caused all of them to drop their offers, forcing John and Eric to leave the tank without a deal. What happened next for this business? Keep reading our SingTrix update to find out!
Research for our SingTrix update revealed that after experiencing a ton of manufacturing woes between 2017 and 2019, the company launched a crowdfunding campaign to redesign the product for a much cheaper price. Products are available on the SingTrix website and on Amazon. It is currently estimated that the company generates more than $4 million in gross revenue every year.
Do you want to find out more about the other companies appearing on Season 6 Episode 7? Follow the links below for the episode’s other company updates.
For even more on companies and products, check out our Season 6 Products Page!