Music events are one of the most profitable businesses in the music industry. Many business models are centred around music, as the demand over the past decades has never diminished. Music industry live shows appear to run smoothly but many complications prevail on the backend. But the introduction of blockchain in the music industry promises to rejig the industry and the way it functions.
Reasons why the music industry is lagging behind today
The music industry has over 375 million active fans and $30 billion in revenue globally. Despite the enormous popularity and staggering growth, the current state of the music industry is highly fragmented. Most of the artists and their managers have limited reach and networks. Music events are associated with a chaotic ecosystem with slow and manual negotiations and a lack of revenue projections due to the lack of data. There are multiple problems associated with the industry:
- Venues and artists are limited in ways they can reach each other, access to opportunities for both sides being inefficient and segregated, thus limiting their revenue and margins.
- Scalpers and ticket forgers steal half of the revenue of the artists and the organisers who create events. This amount shoots up to $8 billion annually.
- There is no empirical data about the fans’ preferences, current market trends, revenue projections, and wishes, making investing in the industry a risky venture.
- Event-oriented engagements such as dating, socialising, surveying, and voting are very minimal, generating disinterest from the fans.
- Quality performers and venues are hard to reach.
- Agencies and middlemen are slow, inflexible, and expensive.
- Demand is artificially restricted as the artists and venues can’t find the right deals and the audience.
What is the addressable market?
The music industry is estimated to have 4 times higher growth than any other media and entertainment industry in the world. But still, the industry functions in an old-fashioned manner. It is largely archaic and undigitalised.
BeatBind has no limitations in terms of niche restrictions or seasonality. The business model can be expanded, and the technology can be easily adapted, to include numerous other sectors related to event management and organisation. There are five big event categories relevant for the early expansion of BeatBind.
|Live Music||DJs, singers, dancers, bands, and promoters||Bars, nightclubs|
|Concerts & Festivals||DJs, singers, bands, and dancers||Stages, complexes, historical landmarks|
|Private Parties||DJs, singers, dancers||Cottages and hotels|
|Fetes & Galas||Classical musicians, speakers||High-end hotels, universities, museums, galleries|
|Weddings||DJs, singers, dancers, priests, magicians||Hotels and restaurants|
How are BBND tokens benefiting fans, event organisers, and artists?
BeatBind is the industry’s long overdue platform for organising music events. Touted as the world’s first decentralised blockchain event organisation and talent auction platform, it allows artists to focus on their performance and providing an unforgettable experience for their fans. It provides the token holders and partners with information and the status and updates of the project launch.
The main aim is to connect key players in music event coordination: venue owners, performers, and fans building a cohesive ecosystem. BeatBind’s innovative solution will be supported with the BeatBind tokens (BBND), a utility token, and the medium of exchange for all transactions on the platform.
BeatBind’s innovative solution tends to solve music events-related problems through the development of its platform and wider event organisation ecosystem. The central idea is to allow the participants of the ecosystem to efficiently connect and interact with each other, solving a chunk of the problems of the current music industry. It also plans to capitalise on the high demand for the best artists, venues, and organise to cater to the demands of the fans and increase artist booking rates significantly using various auction models. This will increase the revenues of the artists significantly and provide rising artists with more opportunities both locally and globally. It also plans to add the ticket sales for the fans on its platform from organisers of all events created on BeatBind, preventing fraud, forgery, and ticket scalping.
How BeatBind works
The BeatBind platform is developing a multi-stage business model with each level being the foundation to the next platform level, addressing each of the industry’s four prevailing challenges with the creation of BeatBidder, BeatBuy, BeatX, BeatAI.
BeatBidder — A platform to connect venues, DJs, artists, and all the parties involved in organising a music event, providing the best opportunities for all. By leveraging online auction systems, BeatBind seeks to increase revenue for the most popular and in-demand artists and venues, while taking advantage of the sheer market size to cut costs and lower entry barriers for virtually everyone participating in creating music events.
Online auctions enable new sales channels for product or service owners, and for the customers, they represent an efficient way to get the desired product or service within an acceptable price. Over the past decade, electronic auctions have become a standard for online trade by enabling the instant service without the upfront costs, initial investments, sales, and general administration costs, and distributor costs. The auction system aims to support the following features, respectively:
- Fixed price offers — constant rate services
Subscribers have the liberty to choose from the pool of offers presented during a period. Since all offers are of equal value, they can filter out using criteria, such as venue location, musician reputation, artist portfolio, etc.
- Open English auctions
The market value of services is raised by the auction and the bidding process and the final gain is determined at the end according to the highest bid. Furthermore, sophisticated subscribers who have an established and capitalised budget can go for immediate service reservation, which costs more than the starting price and also represents a final bid. The BeatBind auction system does not support any form of penny auctions. The auctions on BeatBind include optimal minimum increments, and, finally, the party that wins the auction is the only one that pays the fees.
- Sealed Dutch auction:
A combination of a Dutch auction, where the prices of the service decrease and they are sold to the first bidder accepting that price, and a sealed auction, where anyone can send a private offer, without knowing about the offers of other participants in the auction. This can prove to be an effective solution for cases where the service value cannot be determined easily. All offers made on the platform will be processed in compliance with BeatBind’s Terms of Service.
Clients will be able to use all available types of auctions when they subscribe to the BeatBind platform. Online auctions enable BeatBind to cater to larger audiences and reach them without limitations in terms of geographical position, the count of sellers with unique offers, or buyers competing for the desired event. This ensures optimal prices and maximises the revenues from ticket sales without the need to manage empty seats.
BeatBuy — Ticket sales will be a default feature of an event created on the platform through BeatBuy. Tickets will be sold to the platform users, which will make it convenient for the platform users and decrease barriers to entry. This will prevent ticket scalping and forgery, which currently steal an estimated $8 billion annually from event creators. BeatBuy plans to eliminate these obstacles and thus bring the revenue to the right people involved with creating the music event.
The BeatBind platform will be implemented on the Ethereum blockchain performances and the BBND token will be implemented as an ERC 20 standard token. This enables 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 gives fans the impact they need to shape the event that they are attending and provide event-oriented experiences such as social networking and in-person engagements. They will have access to newsfeeds and will be engaged in ways to help the organisers better create the very event that those same fans are attending. For the integrity of all transactions and the security of all parties, a rigorous escrow protocol will be introduced for refunding the money in case of failed transactions and for handling any disputes.
BeatX will be an upgrade to the existing blockchain that explores customised preferences for the users’ accounts and their preferences with additional UX performances. It is capable to access all the necessary inputs and data by interacting with BeatBind Smart contracts on the Ethereum blockchain, enabling transparency and immutability confirmation of bids, or transactions on the platform.
BeatAI — BeatBind’s AI platform will provide revenue projections and other heuristics that will enable smart decision-making for the platform users and decisions in any part of the music event organisation process.
The future of BeatBind in the music industry looks very promising. This platform not only helps connect music event organisers but also connects artists, fans, and venues, thereby creating some of the most memorable experiences. BeatBind understands that organising a music event, irrespective of its scale and size, is traditionally a manual and a slow process that involves high costs as well as barriers to entry.
There are other pressing issues like the quality of the venues and the artists who are difficult to reach, and the absence of connections that limits rising music artists, and venues. Apart from this, middlemen and agencies are inflexible and slow and add to the costs. This is where BeatBind comes into the picture, offering solutions like BeatBidder. It ensures that every experience within the music event organising industry maximises revenue, bidding opportunities, reduces costs, and outsourcing of the event organising to some promising managers.
Hence, there is no denying that BeatBind is reinventing how music events are organised, as well as addressing some of the biggest issues of the music events organising industry through the use of blockchain.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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