maharaja: beatbind

beatbind

Abstract

BeatBind aims to become the long-awaited platform for music event organization, with BBND being the cryptocurrency token used for all its transactions.

The current state of the music events industry is highly fragmented, everyone's individual networks limiting their reach. The Internet proved that's not how the world needs to operate - as other industries move toward open digital solutions, the music event industry is lagging heavily behind. Scalping and ticket forgery steal value from organizers, and a lack of data mining and collection in the industry makes revenue predictions inaccurate, which in turn makes events risky ventures - hurting artists, venues, and fans equally

BeatBind will aim to solve these problems one by one through the development of its Platform and wider ecosystem. The key idea is to allow all participants in the event organization ecosystem to efficiently connect and interact. We will capitalize on the high demand for the best artists, organizers, and venues and raise their rates significantly using various auction models. BeatBind will give rising artists more opportunities both locally and globally. Furthermore, fans will be able to directly purchase tickets from organizers of all events created on BeatBind, preventing fraud, forgery, and ticket scalping. A new free market like this will encompass creation of the events of every kind, from concerts and festivals to exclusive private parties. As the Platform scales, barriers of entry will be lowered significantly for all parties. And finally, BBND as the official token will capture a good part of that new value, which will be created for the first time in the world on BeatBind.

BeatBind Platform

BeatBind is the industry's long overdue platform for music event organization. We’re developing a multi-stage business, each level standing on top of the other, to tackle each of the industry's 4 prevailing issues:

1. BeatBidder - A platform for connecting venues, DJs, artists, and all other parties involved in the music event organization process. We connect DJs, artists, venue owners, and everybody else involved in the music event organization process in order to provide the best opportunities for all. Leveraging auction systems, we strive to both increase revenue for the most in-demand DJs and venues, while the sheer size of the market cuts costs and lowers entry barriers for virtually everyone who takes part in creating music events. BeatBind also counts promotions, sponsorships and event organization outsourcing among the services that can eventually be exchanged on the platform.

2. BeatBuy - Ticketing will be a default feature of any event created on BeatBind, which will directly be sold and offered to our fanbase, massively decreasing entry barriers. This prevents ticket scalping, forgery, and the rise secondary markets that steal $8 billion annually from the creators of events. BeatBuy will eliminate this problem and bring that money back to the pockets of artists, organizers, and all businesses that actually create the experiences..

3. BeatX - App giving fans the impact they need to shape the even they're attending, and event-oriented experiences like dating. Fans will have access to newsfeeds and will be engaged in multiple ways to help the organizers better shape the very events that those same fans are attending. In order to ensure the integrity of all transactions and to protect all parties, we plan to introduce a rigorous escrow protocol for refunding money in case of failed transactions and handling disputes..

4. BeatAI - Providing revenue projections and other heuristics that helps all platform users to decide whom to hire, where to perform, etc. Our platform will use machine learning to produce revenue estimations to help you justify decisions in any part of the music event organization process. This will greatly reduce risk and spur even more growth. We believe this is just the step the industry needs to take to step out of the dark caused by the lack of data, and make better decisions.

Rising Artists

Most of artists are not well-known and have difficulties promoting their talent. Put yourself in the shoes of a young artist. To get experience, you have to perform. But in order to perform, you need experience. It's the terrifying Catch-22 of breaking through, not just in the music events industry, but in the job market in general. The paradox leaves the inexperienced, be they future stars or not, at an extreme disadvantage. Ironically enough, the lack of opportunities isn't because their skills aren't needed. The world needs new DJs, singers, and bands now more than ever, as there are more eligible venues to perform at than ever. So what's the problem then? Lack of connections. Without access to a global (or any) network of venues and artists, there is no constant channel where both parties can find a way to cooperate.

BeatBind aims to provide that channel. Just like venue searched for a DJ they needed to hire, so will musicians be able to search for compatible venues, and apply to perform there.

If there are multiple artists wanting to perform at a venue, the process will transform into a closed auction. The artists will submit their rates and offers to a venue, and venues will choose the winner, whether based on finances (to help themselves save costs) or any other parameter. Rising artists need to get heard, and venues need to fill their calendars. A market of this structure all but guarantees to find a valuable fit for everybody.

The Catch-22 of the job market has a good side as well. Once a musician gets the ball rolling, gig by gig, everything will be easier, until at some point finding a job becomes effortless. All it takes is perseverance at the beginning, and an initial push. And that starting push is exactly what BeatBind will give to the next generation of performing artists.

Seamless Ticketing

Ticket scalpers and forgers may earn as much as as artists and promoters that create the event. BeatBind introduces BeatBuy, a system to fight this harsh reality, in a way that neither artists nor venues ever again have to worry about it. The answer is removing the barriers between fans and organizers: ticketing is a default addition to every event created on our Platform. This means that fans will purchase the tickets directly from the source, and the money go to artists themselves, along with everyone else who has participated in making the experience happen. This will incur no upfront cost for the organizers. Scalping and forging are infeasible in this model. Additionally, BeatBuy will allow selling prime seat tickets. A premium ticket can be auctioned off to fans - courtesy of our fast and flexible BeatBidder Engine. Aside from being an all-in-one solution, the system will be flexible enough to support all types of events, from private parties (simple friendly invitations) to concerts with complex logistics and multi-tier ticketing.

Crowdfunding for Events

Venues on BeatBind have the opportunity to pre-sell tickets to fans on the Platform, and use that capital to hire artists or cover other costs of event organization. Venues may not have the capital to raise the event they're planning to the next level, but they may have a loyal local following - and we allow them to leverage that. Their reach and following will give venues just the monetary push they need. The system is such that we protect pre-purchasers in case the event doesn't materialize (fans get their money back). Reputation tracking and other security measures help us lower risk for all parties to a minimum. Lack of seed capital is the leading factor why many businesses don't take off or expand, in music or wherever. With BeatBuy, have a crowdsale whenever you need one.

Fan Mobile App

BeatBind Mobile App will help fans keep up with what their favorite artists and venues have in store for them. They will be drawn to any available ticket sales, events, or updates relevant to them immediately. But BeatBind 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

Performers may even auction off concert-related memorabilia for fans. There is also power to being a BeatBind fan - you will have the exclusive right to vote for a music program selection pre-concert, and even vote to decrease artist's compensation due to poor performance. Every avid concert attendee has had at least one disappointing experience, where an inebriated singer drunkenly mumbled out one song before dropping into the crowd and disrespecting his fans - but not BeatBind fans. Our fanbase will be able to express their dissatisfaction in cases like this, through a voting process that will leave the performer only partially compensated if he did not live up to his crowd's expectations. T his is how fans can determine, to an extent, how much a performer is paid. All this brings out a lot of potential for integrated experiences during music events. Imagine that there's a song you want to hear on the concert, and that you have the ability to express your will in the moment. You can bid a certain amount of money or BEAT tokens for that song. Then another fan will also bid more, but on a different song, starting a competition with you. Eventually, the DJ will see what song won the contest on his mobile app - and play it for you. Next, you've made eye contact with someone but couldn't talk to them or exchange contact because of the loud music, or the big crowd. You'll be able to send that person a digital wink in real time - or better yet, the day after go through the profiles of people who've attended the event using BeatBind, and exchange contact with those you recognize but couldn't approach at the event. By introducing integrated experiences, we can permanently shift the look and feel of the industry, allowing people to experience live music like never before.

Data Science

The above quote is what we heard when we asked one of our big music industry contacts to share his marketing know-how. This quote summarizes the current approach in the entire industry to estimations, from determining the profitability of promotions to hiring the very artists central to events. It resembles shooting in the dark more than the empirical data-driven approach that has consistently proven to produce best results.

Sales estimations, attendance, marketing efficiency - these are all factors that many businesses hinge on. Our platform aims to make sure that none of them remain in the dark until the very last moment. BeatBind focuses on data from day one in an effort to produce reliable recommendations and estimations to all parts of the music events ecosystem. Our prediction engine, realized in the full scope of our vision, will be without precedent in the music industry. It includes, but is not restricted to, event attendance, profiles and preferences, ticket and alcohol sales, and aggregately - revenue. Revenue estimations in particular will help venues justify hiring DJs and make the best opportunities stand out, which will benefit all. If bringing a certain DJ to your particular club is likely to yield $50,000 in revenue, you may feel more comfortable bidding $20,000 to secure him immediately - even if that might be twice his average rate. This scenario benefits both the DJ and the venue greatly. BeatAI will eventually offer additional perks, such as predicting fan movements before and after certain events, and inferring venue attendance based on historical data and related local events, all crucial data for advertising purposes. The music industry is hungry for these answers, and the data cultivated from the BeatBind ecosystem will be the perfect place to get them

Further Development

Here's just a hint about what services and roles BeatBind aims to cover as the needs of its userbase grows. The music industry has seen professional event organizers appear as a category: experienced managers who know the space, are skilled at running a venue, know which DJs may be a good fit for the next show, and how to strike a chord with the fans. A venue owner may not have those skills or time to organize events, so BeatBind allows them to outsource the day-to-day operations to professional promoters and event organizers. Promoters are a big part of the industry as well. They animate the fanbase, draw them to clubs, and earn a percentage of alcohol sales. BeatBind simplifies that process, makes it more precise, and protects all parties. Brands and companies may sponsor an event on BeatBind, using either a revenue share or a promotional agreement.

Most of this is advanced functionality that will appear and be improved based on market feedback. This is especially true for the BeatBind Mobile App, where the features will adapt rapidly to fans' wishes and expectations. We're deep into uncharted territory, as nobody has even attempted to achieve something of this magnitude in the music events industry, and our every innovation intends to strike a goldmine of new user adoption, resulting in exponential Platform growth.

Use Of Proceeds

TOKEN
The utility token of the BeatBind ecosystem. The ultimate vision of BBND is to be a universal medium of exchange for the music events industry. Ethereum blockchain provides all the privacy, security and decentralization that such a token deserves. BBND will be traded on public exchanges, but BeatBind platform users are protected from the price volatility during everyday use. The full list of BBND use cases is described in the whitepaper.