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New blockchain music and video platform brings much needed change to the entertainment industry - and it’s about time
Centralized streaming giants like Spotify and YouTube have been increasing their fees for content creators and artists, while keeping the lion’s share of the ad-revenues. In spite of having thousands or even millions of views, the artists who actually created, edited and produced the song or video at hand, receive just a fraction of the total revenues generated from their work. The sad reality is that after record labels and middlemen take their share, the original creator receive pennies on the dollar. Existing centralized streaming platforms are primarily focused on increasing their own advertising revenues, and as a result, provide insufficient participation incentives for content creators and users alike.
VibraVid, a new music and video platform launching this month, will solve this problem by facilitating a direct link between creator and user. By creating a new peer-2-peer (P2P) economy through the use of blockchain technology, VibraVid will benefit both the artist and their fans. The VibraVid platform, powered by the cryptocurrency BeatzCoin (BTZC), features simple solutions to the issue of discover-ability for unknown artists, with the added benefit of improved user interaction and incentives. VibraVid is entering the entertainment industry in an attempt to alter today’s unfair business model as the platform seeks to change the status quo in favor of content creators and users by incentivizing them to create and enjoy quality content.
This new P2P based economic model is aimed at encouraging more artists to start making new and original content, but will also allow creators to generate a fair income that is truly based on the popularity of their content. Additionally, centralized streaming platforms, led by YouTube, are causing a rising global protest movement against their arbitrary censorship and demonetization of certain channels. VibraVid seeks to solve this growing problem by firmly protecting free speech, as long as the content is not illegal in nature.
MUSIC INDUSTRY & STREAMING SERVICES
In 2018, the music industry surged and generated $19.1 billion worldwide. What’s more important for new streaming platforms like VibraVid, is that streaming music services has significantly increased its market share to now account for 47% of the global music industry revenue, bringing streaming revenues to $8.9 billion in 2018.
To put these figures in historical perspective, the revenues from streaming services has quadrupled since 2014, when they accounted for a mere $1.9 billion. Evidently, the streaming space is the fastest growing revenue sector in the music industry worldwide. However, a change in how we all as users interact with that content is needed for the model to be sustainable for artists and the overall quality of their work.
In other words, although the digital and streaming services’ shares of the total music and content sharing market is sharply rising, the monetary benefits for the actual artists and creators are minimal. With the utility token BeatzCoin at the center of the VibraVid ecosystem, the platform offers both users and creators a new way of earning money for creating, watching, or listening to what they love.
VibraVid’s entry into the market aligns with the overarching strategy of bringing real-life benefits to content creators as well as their followers. By facilitating a P2P economy, VibraVid is offering fans around the globe a medium where they can openly support their favorite artists directly through micro-transactions. Not through middlemen. Users will have a choice to become a better listener to the artists they love by supporting and appreciating their work.
By awarding creators with 95% of the revenues from their sales, while rewarding viewers for listening and watching content through bounties, both parties are incentivized to grow the platform and its user base. This incentive is further deepened through an ad-revenue sharing model that will split the generated ad-revenue between artists, listeners and the VibraVid platform itself.
In other words, artists will be able to control the price of their product and retain the ownership of their creations in addition to determining the volume of the advertising that will show during their songs or videos.
The initial exchange offering (IEO) of the BeatzCoin (BTZC) token is being hosted on the regulated South Korean exchange, ProBit from September 30. ProBit was chosen for its global reach, KYC process, simple user interface, high reputation and advanced security mechanisms. BeatzCoin has recently partnered with Changelly to allow easy on/off ramp for users holding all major cryptocurrencies as well as Ellipal Hardware wallet to increase user security on VibraVid.
TECHNOLOGY & SECURITY
VibraVid is built on the Tron blockchain and utilizes BitTorrent File System (BTFS) for its decentralized storage solution, with its long term goal of becoming a decentralized answer to industry video giants like YouTube and music apps like SoundCloud. By using the BitTorrent protocol for storage, the transfer of large and highly demanded files will be facilitated without the use of a centralized server and thus avoids a central point of failure that centralized platforms suffer from today.
To conclude, the time to solve the growing streaming service revenue problem has come, as artists and content creators are not receiving a fair share of the revenues generated from this billion dollar industry, despite creating the art that makes the market go around. With more than 500 artists already signed up for VibraVid’s Artist Accelerator Program and ready to release their content upon MVP launch, in addition to the open support of influential advisers like John McAfee, VibraVid aims to upend the world of online entertainment by assisting one artist at a time to earn their rightful and fare share.