Viberate – Crowdsourced Live Music Blockchain Marketplace Tokens?
Viberate is a crowdsourced live music ecosystem based on the blockchain. Find out how it matches musicians with event organizers today in our Viberate review.
What Is Viberate?
Viberate is a blockchain platform that connects musicians with event organizers. The company recently announced a crowdsale for September 2017.
The project plans to list profiles for over 120,000 musicians – from superstars to garage bands. They want to create an ecosystem where event organizers can easily find the best bands for any particular gig.
Viberate is supported by the European Commission’s Music Moves Europe Initiative, the Republic of Slovenia’s Ministry of Economic Development and Technology, and Charlie Shrem, Blockchain Expert and Co-Founder of the Bitcoin Foundation.
Overall, Viberate wants to create the biggest curated live music database in the world. So far, they’ve already created a database of over 120,000 artists. Over the next year, they plan to add profiles for music venues worldwide, while also incentivizing users to add their own venue and event information. Viberate will also implement a ticket booking system, among other features. Overall, Viberate wants to be at the center of the music industry’s ecosystem.
With that in mind, let’s take a closer look at how Viberate claims to work.
How Does Viberate Work?
Viberate has four key elements that will allow it to digitalize and decentralize the live music industry. Those elements include:
The World’s Largest Curated Live Music Database
Viberate’s creators originally started making music databases with a website called Topdeejays.com, which was a simple ranking service for DJs. The organization started as a directory of no more than a few thousand DJs, but eventually grew into a database of 50,000 musicians. Over the years, the company has expanded to all music genres and updated their database to 120,000 musicians, 40,000 music venues, and 60,000 events.
In the future, they plan to add profiles for booking agencies and event organizers. Each profile contains relevant known information about a particular act, including social media links and analytical insight. Viberate analyzes over 200 billion data points per year and converts them into easy-to-understand KPIs.
The Vibe Token
The Vibe token will fuel the decentralized, community-based service. When Viberate first opened the database to the public, users manually entered and curated the majority of musician profiles – despite the fact that there was no awards system in place. Viberate’s database is still open for curation, although they’ve since developed an awards protocol.
Users can earn Vibe tokens (Vibes) for their successful contributions to the platform. Each Vibe represents the atomic unit of Viberate’s crowdsourced concept. The growth and health of the platform depends on Vibe tokens. In addition to using Vibe tokens on the platform, Viberate plans to partner with members of the music industry through an array of smart contracts, so that Vibes “will be used as a core digital currency” across the industry.
The Entire Music Ecosystem In One Place
Viberate claims to be the first service that covers all aspects of the live music industry. The database covers musicians, booking agencies, music venues, event organizers and events, while the user group stretches from musicians and other music professionals all the way to fans and media. Overall, Viberate plans to place the entire music industry into one space.
However, Viberate claims that it’s “much more than just a directory”. That’s because each listing is chart-ranked based on their popularity. Combined with the use of genres and location data, this makes it easy to find great new artists.
Blockchain-based Live Music Marketplace
Another key innovation with Viberate is that it claims to have created the first ever blockchain-based live music marketplace. Event organizers can book musicians directly through the platform – just as easily as we book accommodations on Airbnb.
After the gig is over, the musician can review the event organizer, and the event organizer can review the musician. During the booking process, Viberate will use blockchain technology (smart contracts) to negotiate terms and transfer payment (escrow).
On the consumer side of things, Viberate will offer event organizers a chance to sell tickets through Viberate on a decentralized system (via decentralized apps) without the use of an intermediary. Fans will also have the opportunity to sell tickets on the Viberate secondary market.
How Will Viberate Make Money?
All of the above features sound great – but how does Viberate plan to make money? Here are some of the key features of the platform:
Commission On Musician Bookings:
Viberate wants to act as a booking agency for all musicians on its system. Instead of taking a 10 to 20% commission like a booking agent, Viberate will charge cheaper fees. They have lower overhead costs than booking agents, which means a more cost-effective system for all parties involved.
Not all Viberate interactions will involve commissions. However, certain other interactions will be available for purchase in the form of subscription packages or in exchange for Vibe tokens.
Artists will be able to expose their profiles in different charts. They’ll set the price automatically, based on current demand for the respective position.
The ticket industry is a multibillion dollar marketplace. Whether it’s paper tickets or electronic tickets, Viberate plans to charge a commission for every ticket sold through the system.
Third Party Integrations:
Viberate’s analytic content provides insightful information for multiple outlets, including music media, streaming services, larger booking agencies, and other services that could benefit from music analytics. Viberate will charge a monthly cost per integrated profile, or charge a lump sum to use the whole database.
The idea for Viberate first formed in March 2013 when the creators launched a simple DJ ranking service called Topdeejays.com. That site grew from a database of a few thousand DJs into a collection of over 50,000 musicians.
Based on the success of Topdeejays.com, the company began developing the idea for Viberate in April 2015. In April 2016, they raised $560,000 in funding. By October 2016, they launched Viberate 1.0. In April, realizing the benefits of blockchain technology, the company hired a team of blockchain experts to integrate that technology into its platform.
Viberate 2.0 was launched in June 2017. Today, the platform has a database of over 120,000 musicians. Viberate will launch event and venue profiles in August 2017, and then begin their token crowdsale in September 2017. By the end of 2017, Viberate hopes to launch its booking agency profiles. Before the end of 2018, they hope to launch event organizer profiles, a ticket sales platform, and a business and booking platform.
Core members of the Viberate team include Founder and CEO Matej Gregorčič and Founder and COO Vasja Veber. Matej is a lifelong entrepreneur who founded one of the biggest event management agencies in the world, while Veber partnered with him to found that agency. Other key members of the team include Boštjan Žakelj (CTO) and Kristian Gorenc (CMO).
Viberate is based in Slovenia, and most of the company’s employees appear to be Slovenian.
Viberate isn’t the first company that plans to revolutionize the music industry using blockchain technology. However, Viberate is the first major project exploring the use of blockchain technology for live bookings and live music acts. Viberate has already created a directory of over 120,000 artists.
Over the coming year, they plan to add ticket sales to the platform, a digital currency called Vibes, and other features to make it the central of a music ecosystem.
You can learn more about Viberate today by visiting the official website at Viberate.io.