Hoping to solve a problem with an elitist music industry, Viberate believes that Blockchain technology can once again act as a disruptive technology and produce a marketplace for live music acts and organizers to thrive on.
Being massively centralized to begin with, the live music industry holds tiers of elite organizers and top-level acts that rake in most of the claim and fortune. Yet Viberate aims to break down that hegemony and allow live acts to put themselves up to be found, and for organizers to search the marketplace.
An IMDB for live music
The platform that Viberate has created is proposing to put the entire live music ecosystem under one roof and can be compared to IMDB, but for music. The Viberate network will operate on the Blockchain and allow live actors to create a profile that is accessible to contributors, but more importantly, accessible to event organizers on the hunt for good acts.
Profiles, of which there are already almost 400,000 – from artists, venues and events – have been ranked, built, and curated by members of the network, which provide a fair assessment of the live gigs and allow them to be actively improved upon on the platform. By utilizing the Blockchain, anyone can contribute, and for Viberate, they claim this will exponentially grow the network and expand the music industry in a disruptive way.
Viberate hopes that the direct decentralized nature of Blockchain technology will be the hammer that breaks the centralized castle of the music industry.
Those making the changes on the network, or marketplace, can already contribute from across the world and as such, they are incentivized with the token – the Vibe – and thus real-time trends are making themselves felt. Viberate will be listing their Vibe token on the first exchange on Oct. 6, on LiveCoin. As it stands, Viberate is still only offering “Vibe points” which will later be converted into Vibe tokens as the platform grows.
Using Blockchain technology to crowdsource the curating process of the information in musician, venue and event profiles allows the Viberate platform to keep the database up to date and relevant.
Building a roadmap for a music marketplace
Because of the size of the music industry, and the different players involved, Viberate is taking a cautious and measured approach to revolutionizing this ecosystem.
Their ICO began as a success, selling out in under five minutes, raising the $10 mln hard cap. This was followed by them launching venue profiles to go along with the 130,000 artist profiles.
With this marketplace set up now in two key areas, Viberate is hoping to entice contributors with their rewards of Vibe – the Blockchain token.
Adding new profiles, curating existing ones and promoting Viberate on social media and forums will soon be rewarded with Vibes. From the content perspective, booking agencies can expect their profile roll-out near the end of 2017, according to Viberate.