Beginning in early 2020, virtual concerts, events, and performances became important more than ever in our digital history. Simultaneously, the BeatBind platform was created and has imposed itself as the world’s first real-time talent auction platform.
A Virtual performance is a creative platform for musicians, orchestras, lecturers, artists, actors, comedians, and even sponsoring brands to introduce their talent, ideas, art, and products to the online public and audience worldwide, without limitations based on the physical proximity of the consumer or client. Connectivity is the keyword here, necessary for the audience to receive the virtual performance messages from the desired senders and return them wanted feedback and impressions. It plays a significant role in the growth of the music industry going forward.
Although some performers already use modern digital media to communicate with the audience, such as social networks (Instagram), or YouTube channels, Virtual concerts provide added value and a unique experience to the subscribers that are unavailable via other sources. They play a significant role in the growth and future development.
These facts are even more significant when the global Covid 19 pandemic is taken into account. It significantly modified the lifestyle in 2020 and continues to do so. We learned that mankind is capable of changing priorities and adapting to an unexpected situation and a new way of life. In such an environment, the digital interactions have become an irreplaceable part of everyday life. Given these circumstances, remote work, meetings, walks, talks, and other activities are building a parallel virtual world with real consumers, and with the same importance as the real world. It is an obvious example of how a crisis acts as a catalyst and affects the technology adaptation that would normally take years.
This landscape has influenced the growing importance of Virtual concerts and other performances. Furthermore, virtuality has introduced some additional benefits, since it is relaxed from barriers such as slow and complex processes of live managing, or negotiating the details with artists and musicians, their managers, agencies, venues, and other third parties which mediate and increase the time and money needed to make a deal. It transparently shows increasing demands for the virtual experiences offering interactions of art, music, and the brands with the public, and may likely continue to do so, even in a post-Covid environment.
BeatBind, as the world’s first real-time talent auction platform, is capable of introducing innovative and interactive services within the digital market worldwide. The company is developing a multi-layer business model, each level standing on top of the other, to tackle the most important of the industry’s four prevailing challenges:
1. BeatBidder - A platform for connecting venues, DJs, artists, and all other parties involved in the music event organization process to provide the best opportunities for all. By leveraging online auction systems, the Company also seeks to increase revenues 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 the music events.
For product or service owners, online auctions enable new sales channels, and for the customers, they simultaneously represent an efficient way to get the desired product or service within an acceptable price. Over the past ten years, electronic auctions became standard for online trade by enabling the instant service without the overhead or upfront costs, any initial investments, sales staff costs, and distributor costs. The desired BeatBind goal for the auction system is to support the following features, respectively:
- Fixed price offers — constant rate services
Subscribers are enabled to choose from the pool of offers presented within a designated period. Since all offers are of equal value, they can focus on other subjectively important criteria, such as venue location, musician reputation, artist portfolio, etc.
- Open English auctions
The market value of services is raised during bidding and the final gain is determined at the end, by the highest bid. Furthermore, the sophisticated subscribers with established and capitalized budgets will be supported by an option for immediate service reservation, which costs a multiple of the starting price and also represents a final bid. It is important to notice that the BeatBind auction system does not support any form of penny auctions. Moreover, all auctions on BeatBind include optimal minimum increments, and, finally, the party which wins the auction is the only one that pays the fees.
- Sealed Dutch auction
It is a combination of a Dutch auction (where the services’ price is decreased and they are sold to the first bidder accepting that price), and a Sealed auction (where everyone can send a private offer, without insight into the offers of other participants). This would be a proven solution for cases where it is complex to determine the service value. All offers made on the Platform will be legally processed in compliance with BeatBind’s Terms of Service.
Clients will be able to use all available types of auctions as soon as they subscribe to the platform. Online auctions allow Beatbind to reach larger audiences, without limitations in terms of geographical position, the number of sellers with unique offers, or buyers competing for the desired event. This ensures the determination of optimal price lists and maximizes the revenues and ticket selling without the need to manage empty seats.
2. BeatBuy - Ticketing will be a default feature of any event created on BeatBind, which will directly be sold and offered to a fan base, massively decreasing entry barriers. This prevents ticket scalping, forgery, and the rise of secondary markets taking $8 billion in annual fees from event owners and managers. BeatBuy will eliminate this problem and bring that money back to the pockets of artists, organizers, and all businesses that create the performance, and provide the experiences.
BeatBind recognizes the current value and potential of crypto currency and blockchain and as a result has developed and introduced the utility token of the BeatBind ecosystem - BBND. Like the other ERC20 tokens, BBND is deployed exclusively on the Ethereum blockchain platform.
The BBND is a utility token and the medium of exchange for all transactions on the BeatBind platform. Its goal is to unify all payment mechanisms in music events and replace the existing, mutually incompatible products like physical chips, cards, or different currencies supported by various music events and festivals, without the cashback or replacement possibility.
The BeatBind platform, supported by Ethereum blockchain performances, enables the following features for all of its transactions:
- Security - is acquired by the implementation of proven cryptographic protocols.
- Transparency - of all transactions on the blockchain, accessible and verifiable by any subscriber.
- Immutability - is realized on the permanent and unchangeable nature of every transaction on the blockchain, without the possibility to be subsequently changed by any party.
The BBND token is recognized as a universal payment solution that will be introduced to open exchanges with provided liquidity outside the BeatBind platform. It means that BBND tokens can be exchanged with other assets, such as Bitcoin or USD. Additionally, the fiat payment model is supported by the Beatbind platform. All subscribers have a choice of using either BBND token or fiat payments, according to their will and own risk tolerance.
The Company’s ultimate vision is to make BBND a universal token for the music event and performance industry. To achieve this vision, the BeatBind company plans to publicly introduction of BBND token with an Initial Exchange Offering — IEO, during late Q1, 2021.
3. BeatX - This is an App that will provide fans the impact they need to shape the event they’re attending and provide event-oriented experiences like dating. Fans will have access to newsfeeds and will be engaged in multiple ways to help the organizers better create the very events that those same fans are attending. To ensure the integrity of all transactions and to protect all parties, the plan is to introduce a rigorous escrow protocol for refunding the money in case of failed transactions and handling disputes.
BeatX is the BeatBind transaction explorer. It will be an upgrade to the existing blockchain explorers specifically tailored to the BeatBind subscriber’s accounts, and their preferences with additional UX performances. BeatX is capable to access all necessary data by interacting with BeatBind Smart contracts on Ethereum, making the transparency and immutability confirmation of bids, or Company transactions available to all users. Moreover, a proprietary BeatBind Engine embedded within the App is specifically designed and developed to meet the requirements of the music events and other performances. Compared to other existing blockchain solutions, it enables the rapid realization of all processes, making them more efficient and reliable.
4. BeatAI - Providing revenue projections and other heuristics that help all platform users to decide who to hire, where to perform, when to organize the events, when to start the tickets selling, etc. The implementation of state-of-the-art technologies, such as Machine Learning and Artificial Intelligence, creates the concept capable to produce revenue estimations and supports subscribers to justify decisions in any part of the music event organization process. Simultaneously, the technologies greatly reduce the risk and encourage even more growth. The BeatBind company believes this is the step the industry needs to take to make better decisions and exit the existing dark landscape, caused by the lack of data.
It is important to emphasize that the steppingstone of the Company’s long-term growth is a healthy core business, based on a user-friendly model. In parallel, this model is adaptable to market needs, supports creative services, and brings new values to the subscribers. These values are all captured on the unique and proprietary BeatBind platform and will allow for growth, the reinforcement of fundamentals, and the utilization and prosperity of the BeatBind company as the creator of the virtual future.
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