You may not be the cool kid who knows about all the latest music and live shows, but LuckyPennie can help you feel like you are.

LuckyPennie is an iPhone app that launched today. It provides music and concert recommendations from local tastemakers. The app includes an activity feed of new tracks and artists worth checking out as well as upcoming events.

It also has a “radio” feature to listen to mixes compiled by music influencers and messaging tools to connect with fellow music lovers in your community.

luckypennie2“Although services such as Spotify, iTunes, and Songkick have amassed enormous libraries of music and concert info, the most reliable form of discovery is still word of mouth from people you trust,” cofounder John Wolain told VentureBeat.

LuckyPennie seeks to bridge the gap between a social networks and music sites and serve as a digital hub for the local music scene.

People can create “crews,” which are basically playlists of friends and tastemakers they want to follow. The app also has a reputation system where you can earn “cred” points for posting unique content, and users with more cred wield more influence within the app.

The Internet caused tectonic changes in the music industry — and caused them fast. It created new channels for people to discover, listen to, and share music, wresting power away from major music labels and creating more opportunities for independent artists to get their music heard.

While the revenue for major record labels plummeted, live music sales soared. PriceWaterhouseCoopers estimates that live music sales will grow from $8.7 billion in 2011 to $12.2 billion in 2016. 

There are now more artists making more music and playing more live shows in small venues, and those of us without hours to dedicate to discovering music need a little help.

Enter LuckyPennie — and all its competitors.

Songkick and Bandsintown have tools for tracking bands and seeing upcoming live shows. Jukely bills itself as a “music matchmaking” service that recommends live shows based on your music preferences and those of your friends, WillCall is a social app that presents a curated list of local shows in a two-week period, and there are more rivals out there.

Wolain said he and his cofounder have been involved with the music industry for over 30 years and this will give them a competitive edge. Even as insiders, they struggled to find new songs and events. So they built LuckyPennie to fulfill this need.

Wolain has a Ph.D in psychology and said he has served as a lead designer and adviser to more than 50 startups. This is cofounder Jonathan Lane’s fifth music startup, and Joe Landon has years of experience as a game mobile game developer.

LuckyPennie is free and based in Los Angeles.