Jarrett & Raja Productions – Musical Magician Show
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 22, 2016
Asking For:
$750,000 for 40%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Jarrett and Raja Productions is a music magic company seeking investment to produce a new musical magic spectacle titled "Miracles" for the Las Vegas Strip.
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Background Story
Jarrett and Raja, both accomplished magicians with unique skills, have joined forces to create a music magic company based in Las Vegas, Nevada. Jarrett has studied under the great Harry Blackstone Jr., while Raja is a magician and pianist who graduated from the Juilliard School and played under Sir Georg Solti. Their combined talents create a distinctive offering in the entertainment industry. The founders are seeking a $750,000 investment for 40% of their company to produce a new show titled “Miracles” for the Las Vegas Strip.
The Product
Miracles” is a magical musical spectacle that combines the talents of a magician and a pianist. The founders presented a sample of their show during the pitch, featuring magic tricks intertwined with music, capturing the attention and amazement of the Sharks.
The show aims to secure a venue in Las Vegas, where the entertainment landscape has shifted to a model where casinos rent showrooms rather than paying salaries to headliners. Jarrett and Raja emphasize their ability to handle all aspects of the production, from marketing to advertising, to attract audiences.
How It Went
The company’s position before Shark Tank
The company’s success depends on securing a venue in Las Vegas, a task that involves negotiation with casinos that now act as landlords for showrooms. The costs associated with producing a show, coupled with potential uncertainties about its success, raise concerns for the Sharks. The founders reveal they are in discussions with a venue, and the president of the hotel has shown interest. The proposed venue has a seating capacity of 1,600, and tickets for the show are priced at $59.95 for general admission, with plans for one show per day. Marketing and promotion are highlighted as key strategies to fill seats.
The Negotiations:
The negotiations focused on the challenges and risks associated with producing a show in Las Vegas. Sharks expressed concerns about the competition in the market, the changing demographics of Vegas visitors, and the overall risky nature of investing in entertainment. While there was enthusiasm for the unique combination of magic and music presented by Jarrett and Raja, the Sharks ultimately decided not to invest due to the perceived high risk and lack of control over potential costs and returns.
Suggestions were made for the duo to consider alternative markets, such as major cities or smaller towns, to maximize their potential for success. Despite the founders’ understanding of the risks in the entertainment business, the Sharks collectively decided to pass on the investment opportunity.
