Following the blockchain tech boom, a number of companies, big and small, have found a way to incorporate it in to their systems. From banking to dating, companies are betting big on blockchain. Well, here is a company that thinks the entire live concert industry should be based on it. Vibrate aims to build a live music ecosystem based entirely on blockchain and its homegrown crytpocurrency.
The music industry as a matter of fact is massively centralized to begin with. The live music industry thrives on popular artists and hold tiers of elite organizers that in turn rake in most of the fortune. Vibrate seems to be the answer to breaking down that hegemony by providing a platform for every musician out there, where they can be seen and heard. It is in short, an online database for musicians, trying to pair them up with event organizers
An IMDB for Live Music
Vibrate puts the entire live music ecosystem under one roof, It is kind of like IMDB only for music though. The Vibrate network functions on blockchain and allows musicians to create a profile that is accessible to contributors, and more importantly to event organizers who are on the look out for talent.
The VIB Token
Vibrate has incentivized themselves, so the contributors always get their fair share for helping the community. It’s really rather simple, whenever someone contributes their content, they earn VIB tokens. The initial supply of VIB for the bounty pool was generated upon their token crowd sale. Vasja Veber, the COO and co-founder of Vibrate, explained in his blog,
What we are interested at is giving musicians an opportunity to charge for their gigs in cryptocurrencies. We want to do for music what Airbnb did for tourism.
The company has made public a list of all the activities that are rewarded here.
Why Live Music?
While it may seem a little odd, but Viberate is totally dedicated to revolutionizing the live music scene. Come to think of it, live music is actually the primary revenue source of musicians nowadays. Actually, the professional musicians earn majority of their income with performance fees and just a fraction with royalties and other revenues that originate from recorded music.
According to Veber,
We are not at all interested into the recorded music segment. There’s not enough opportunity in it and there is a lot of competition in the Blockchain scene already tackling problems in that segment.
Viberate helps musicians by offering their platform, where musicians are ranked according to their social media popularity and grouped by genres and countries.
The Need for Viberate
Viberate was not meant for the big names in the music industry; their target audience was never the big fish, because they might take their time in developing trust in cryptocurrencies and eventually accepting them as a compensation for their services. However the platform is targeting millennials with a flair for music and an interest in crypto. Viberate in fact was developed keeping the underdogs, local musicians and low profile garage bands in mind. The ones who need a place to offer their performances to promoters and agents.
We estimate that around 80 percent of all musicians in the world are unsigned, meaning they don’t have an agent to represent them. Now we want to be their agent and we’ll offer them all the tools they need to become successful performers and make a living by doing what they love.
However, there are several big names in the industry who have already claimed their Viberate profiles,
- The Chainsmokers
- Robbie Williams
- Juicy M
- DJ BL3ND
Initial Coin Offering
Their ICO began as a success, selling out in under five minutes, raising the $10 mln hard cap. Viberate has already received $580,000 in the first round of funding in April 2016. They were able to raise $440,000 in February 2017 from an angel investor.
The Slovenian company has done a pretty good job raising a lot of cash. Ultimately, the goal is to create an entirely decentralized marketplace for discovering, booking, and paying artists for live shows. And that goes for every type of venue, gig, festival or event.