Blockchain technology has the power to shoot up financial inclusion and change the lives of people throughout the globe, especially in emerging economies. Blockchain’s potential has been widely recognised, even among the harshest critics of Bitcoin (BTC) itself, the possible use cases for blockchain technology are not just confined to the financial industry. Blockchain technology has changed how conventional industries operate.
Just like the emergence of the internet, the introduction of blockchain technology can disrupt the music industry. This disruptive technology presents interesting solutions related to monetising intellectual property (using Non-Fungible tokens), preventing piracy, and creating and executing more flexible contracts between and among members in the music supply chain using smart contracts, among others.
The distributed ledger technology of blockchain can steer the industry towards a distributed model and drastically alter the entire music supply chain. So what about the policy implications and how policymakers might address the issues related to adopting blockchain technology, including designing policies that support an environment that enables fair and well-deserved compensation? I will be letting you on a platform that is at the forefront of blockchain technology, which is the BEATBIND project, a platform that connects, musicians, venue, event organisers and fans to create a memorable music event anywhere in the world.
BEATBIND PLATFORMS EXPLAINED
BeatBind is developing a multi-stage business model with each level acting as the foundation to the next platform level, addressing each of the industry’s prevailing challenges, such as:
– Venues and artists have a limited reach and network and lose out on opportunities
– $8 billion per year revenues is lost due to ticket scalping and forgery
– There is no data analytics and forecasting to understand the fans’ requirements, current trends, and future revenue estimations
– Fans lack event-oriented engagements such as dating, socialising, surveying, voting, and many others, which can improve user experience overall.
The above problems remain unaddressed and continue to pile up. BeatBind is attempting to digitalise and streamline the music events organisation process. BeatBind plans to tackle industry problems with the creation of innovative features such as BeatBidder, BeatBuy, BeatX, BeatAI supported by BBND – a universal crypto token for the industry.
BeatBidder — BeatBind solves the networking problem by the creation of BeatBidder. It is a platform to connect all the parties involved in organising a music event such as venues, DJs, and fans, removing the third parties and agencies. It plans on creating online auction systems, to increase the demand and revenue for the most popular artists and venues, reducing the barriers for entry into the market.
Online auctions will enable a new channel for artists and owners, and customers, making it efficient to get a product within an acceptable price. Electronic auctions have gained a lot of traction for online trade because it enables instant service without the upfront costs, initial investments, sales, and general administration costs, and distributor costs.
Imagine you are organising an event and you want an artist for a performance at your venue. All you have to do is open BeatBind and search for local artists who are available for that date. You see a list of performers. Suppose you look at an artist featured in the first result – he matches all your needs, from the music genre, experience, and popularity to reliability, as determined by his track record. There’s already a bidding war for his performance on that date; several venues and clubs are already trying to hire him for the same Friday night. The current bid price for the artist is $10,000 – but seeing that BeatBind data analytics and forecast engine estimates a revenue of $30,000 in liquor sales for your event if he performs there, you can raise the bid and place a $20,000 bid on him. If you win the bid, you can proceed to make arrangements with the artist for his performance, increasing the revenues for both the artist and venue owner.
The analytics feature helps you forecast whether bidding on the artist will bring you enough extra revenue from liquor and ticket sales to justify hiring him. Also, if your venue can’t cover the costs of the performance at that particular moment – BeatBind has a solution. You can create an event and use the power of your local fanbase to crowdfund events at no initial cost.
BeatBind also counts promotion, sponsorship, and organisational outsourcing of events among the services that BeatBidder will ultimately provide.
BeatBuy — Ticket sales for the events created through BeatBind will be sold through BeatBuy. This makes it convenient for the platform users and removes ticketing agencies and prevents forgery and scalping, which currently steal an estimated $8 billion annually from event creators. BeatBuy plans to eliminate these issues and thus bring getting the revenue to the right people involved in the organisation of the event. To ensure the integrity of all transactions and to protect all parties, BeatBind plans to introduce a strict escrow protocol for refunds in the event of a failed transaction and dispute resolution.
The Ethereum blockchain platform on which BeatBind will be implemented ensures the following features for all of its transactions:
– Security – All the transactions on the blockchain are secured by proven cryptographic protocols.
– Transparency – All transactions on the blockchain are accessible and verifiable by anyone in the ecosystem.
– Immutability – Transactions are permanent and unchangeable, and no one has the authority to change them.
BeatX — BeatX app gives fans the leverage they need to shape the events they are attending and add experience-oriented events like dating. Fans will have access to all the feed related to the industry and the event, and will provide input to help organisers to shape events.
BeatX will be an upgrade to the existing blockchain platform that has the power to check for customised user preferences. It can gather all the inputs and data through the BeatBind Smart contracts on the Ethereum blockchain, enabling transparency and immutability confirmation of bids, or transactions on the platform.
BeatAI — Artificial intelligence is changing the world in how it functions. BeatAI platform will provide revenue projections and other data points that will make it easier for organisers to make smart decisions for the platform user in any part of the music event organisation process.
The implementation of Artificial Intelligence and Machine Learning makes it possible to generate revenue forecasts and estimates, and supports fans and subscribers to provide their inputs in any part of the music event organisation process. Simultaneously, these technologies greatly reduce the risk and foster growth. BeatBind believes in the fact that poor decision-making due to lack of data will be reduced by this feature.
HOW DOES BEATBIND ATTRACT USERS, FANS, ARTISTS, VENUE, AND EVENT ORGANISERS?
BeatBind plans to have a B2B customer acquisition strategy, with special attention paid to businesses that are the economic core of BeatBind. The main aim is to convert B2B clients as they have a higher lifetime value and lower conversion cost as compared to B2C clients. They plan to have the following:
– Partnering with venues from different business networks through its industry-connected team and advisory board
– Referral programs and special bonuses for Early Adopter B2B Clients
– Perpetual royalties for existing “middlemen and agencies” from any clients if they refer to them to the BeatBind platform
– BeatBind plans to approach record labels whose core competency (unlike agents’) isn’t concerned with concerts and events – and offering royalties from the clients they refer to their platform
– Promotional activities on social and relevant platforms such as Instagram, Soundcloud, and Craigslist to get DJ/ venue performance lists
– Establishing a sales team for targeting specific locals in their target niches
BeatBind has carefully designed its targeting and incentive structures for fans, who are the social core of our ecosystem.
– Referral programs with varying rewards as necessary, with an option to mix B2B and B2C referrals
– Targeting music enthusiasts using mailing lists and email databases
– Targeting music fans on audience-specific websites such as SoundCloud, Bandcamp, and NoiseTrade
– Using social media to target fans
– Targeted advertisements, about the platform on online platforms
– After the initial phase, use existing B2B clients to provide added incentives for new B2C clients at certain events
EVERYTHING YOU NEED TO KNOW ABOUT BEATBIND FAN MOBILE APP
BeatBind is planning to keep the fans updated with what their favourite artists and venues have in store for them through their fan mobile app. Using their fan inputs and analytics, they will be notified and drawn to any available ticket sales, events, or updates of their interest instantly. This app offers much more than just buying tickets: they will be able to access much more value in terms of bidding for backstage access to artists.
Artists may even auction off concert-related memories for fans attaching a nostalgic value to the event. As a member of the BeatBind community – the fans will have the exclusive right to vote for a music event selection pre-concert and even vote to decrease the artist’s revenue due to poor performance. This app provides the attendee to express their dissatisfaction through a voting process that will leave the performer only partially compensated if they did not live up to their crowd’s expectations. This gives the fans a lot of power to an extent to determine to how much extent a performer is paid. In addition to this, it brings out a lot of potential for integrated experiences during music events. If there’s a song you want to hear in the concert, as a fan, you can express your will at an instant. You can bid a certain amount of money or BEAT tokens for that song. This can lead to another fan bidding more, but for a different song, starting a bidding war with you. Eventually, the artist will see what song won the contest on their mobile app – and play it for the fans. Next is social events like dating, where you’ve made eye contact with someone but couldn’t have a conversation with them or exchange contact because of the loud music, or the big crowd. BeatBind plans to introduce a feature where you’ll be able to send that person a digital wink in real-time – or better yet, the day after going through the profiles of people who’ve attended the event using BeatBind, and exchange contact with those you recognise but couldn’t approach at the event.
By introducing integrated experiences, BeatBind can permanently shift the look and feel of the industry, allowing people to experience live music events like never before.
BeatBind is the first blockchain-based project aiming to overhaul the music event organisation process. It addresses a market plagued by inefficiencies and middlemen that sorely lacks data and fan-oriented engagement.
BeatBind will change how concerts, parties, and events are organised. With the creation of a robust network, barriers to entry will be significantly lowered. BeatBind intends to increase the revenue for artists using multiple auction formats. BeatBind also caters to the fans by capturing the significant demand for top artists, event organisers, and venues.
BeatBind offers rising artists greater opportunities, both locally and abroad. Furthermore, it makes ticket purchasing easier, reducing fraud, forgeries, and ticket scalping. For more info you can refer www.beatbind.io and https://app.stex.com/en/trading/pair/USDT/BBND/1D.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
Earnings Disclaimer: The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.