It has now become abundantly clear that the music industry is no longer what it used to be a couple of decades ago. Gone are the days when people saved up to buy a record so that they could then slowly devour it, front to end. Today, with the rise of the digital music empire, every conceivable genre of music can now be downloaded straight onto our phones with a touch of a button. However, in all of this, it is usually the creative ones who get left out. Studies have shown that with the changing nature of music distribution, artists lose up to 86% of the proceeds from their music.
The problems with the music industry today
Low Capital Input: owing to the fact that album sales have dropped by nearly 70% since the late 90’s, it is now tough to find sponsors for music projects.
Poor Exposure: another problem for many skilled musicians is that of exposure. Unless one has some connections in the industry, it is extremely difficult to get proper exposure within music circles today.
Revenue Distribution: the majority of the money that is collected via sales is either scooped up by record companies, or other individuals who have vested interests in the project.
What Is Potentiam?
Potentiam is an all new platform that has been designed to connect individuals within the music world through the use of crypto technology. It aims to bolster interaction between like minded individuals so as to help creative people find a financial or social outlet . Apart from this, Potentiam also uses an interface that ‘rewards and fuels’ motivation by providing incentives to budding musicians. Some of the other key aspects of Potentiam include:
Dedicated Platform for Musicians: Potentiam can be thought of as a social network for individuals within the music industry social network.
Incentives: as mentioned earlier, this is a ‘monetary rewarding ecosystem’ that provides its patrons with incentives to keep making quality music.
Crowdfunding Option: there is a feature wherein users can raise money by pitching specific details of their project to the members of this service. This feature not only helps musicians raise money, but also allows them to find other artists whose music they can connect with.
Advertising Options: this platform allows users to have direct interaction with advertisers so as to work out a deal that is beneficial for both parties involved.
Who’s Behind Potentiam?
Potentiam is the creation of Britznbeatz, a team of entrepreneurs who in 2016, envisioned to create a ‘decentralized & incentivised’ music network that has a good subscription base, as well as provides its customers with “continuous interaction with music creatives.” Owing to the fact that the platform is a based on a ‘decentralized public ledger’, the blockchain has the potential to not only store data, but also remain independent without having to rely on 3rd party sources. Lastly, Potential uses ‘cryptographic algorithms’ that are known to provide users with the highest levels of security and privacy.
Potentiam ICO Details
Potentiam has announced that it will be launching a ‘public token sale’ to raise funds for the project. The Pre-sale starts on the 4th of December, 2017 and should last for a month.
The Potentiam token will be abbreviated thorugh the use of the symbol PTM. There will be a total supply of nearly 100,000,000 PTM. Out of this number, 60,000,000 tokens will be made available to the general public for sale. The company has made it abundantly clear that there will be no new coins created after the initial volume runs out.
From a pricing perspective, we can see that 1PTM = 0.41 USD. In addition to this, there is a minimum transaction amount of 0.04 ETH that has been set. The distribution of the tokens will start 4 weeks after the crowdsale closes. All unsold tokens will be allocated to reserves and then used as seen fit by company officials.