About POTENTIAM Decentralized Music Platform
In the last couple decades, mass adoption of the internet has
revolutionized the way in which people interact, and in turn reshaped the
structure of entire industries. For example, online marketplaces have drastically
reduced the need for costly brick and mortar retail outlets. The advent of
blockchain technology and its decentralized nature presents even more
opportunity for a revolutionary restructuring of countless industries. By
providing trustless platforms as well as customized smart contracts, the need for
trusted bureaucratic institutions to facilitate interactions is greatly reduced or
even eliminated. For instance, blockchain based currency ledgers eliminate the
need for banking institutions by not only connecting users of a network, but by
providing a platform where the accounts and associated transactions can be
trusted to be accurate without the need of oversight/control of a central
authority.
The rise of digital music has significantly changed how the industry
operates, but surprisingly the overall structure has remained almost entirely
intact. Power still resides with the traditional entities such as record labels and
publishers, with countless layers of bureaucracy between the artists creating
music and the public who ultimately consumes it. The vision of Potentiam is to
create a decentralized platform that directly connects music creatives with each
other and their audience.
Music Industry Overview
The business structure of today's global music industry has been
remarkably resilient during the digital revolution. The capital intensive process
required to record a master, and produce and distribute physical copies to
consumers is the reason for the rise in prominence behind the growth of record
companies into industry controlling corporations. Advances in technology have
drastically reduced these costs and yet we find major record labels and publishers
at the center and in control of the entire industry.
Record Labels & Publishers
Record labels generally scout talent and try to use their vast resources to
sign them to deals where the label will invest and facilitate the singer/musician’s
career if they sign over a large portion of their sound recording copyrights for the
music they create. This can range from 30-50% of gross revenue. Publishers serve
a similar function for composers, and are usually a subsidiary of record label, also
taking anywhere from 30-50% of musical composition copyrights. For this they
will facilitate the promotion and distribution of an artists work down the five main
distribution channels and in turn collect the revenues on the artists behalf.
Digital Distribution
Record labels outsource digital distribution to digital service providers such
as itunes, beatport, spotify etc. who generate revenue by either selling digital
downloads or charging subscription fees to stream from the entire catalog. Of the
revenue generated by DSPs, about 85-90% gets paid out to the record label in the
form of royalties. In 2016 the global music industry generated about ~$7.9 Billion
in gross revenues which is ~31% of total gross revenue for that year.
Physical Distribution
The most significant change in the past two decades is the shift away from
the physical distribution of music in the form of CDs and or vinyl records. The
medium still exists, but is generally reserved for the creation of mix tapes or genre
centered compilation albums. Record labels here too outsource production to CD
and vinyl record manufacturers who in turn take a 15% cut of the sale price before
paying the record label. Though greatly reduced from years ago, the global
industry took in ~$5.3 Billion gross in 2016 which is still ~21% of total industry
revenues for that year.
Sync Licensing
A small but not insignificant source of revenue is from the selling of
synchronization licenses for the use of music paired with video in things like
commercials, TV, movies or video games. Record labels will usually contract a
sync agency to promote the music to TV/movie and video game studios where the
right to use the music is licensed for a one time fee, from which sync agencies take
a cut and then pay the rest to the record label. The smallest of the five main
revenue streams, sync licenses accounted for ~$314 Million in 2016 which was
~1% of total revenues that year.
Broadcast TV/Radio
When a radio station or TV shows broadcasts music over their given
medium they are required to pay public performance royalties for the use of both
the composition and the master recording. Generally, stations are kept honest by
the work of various P.R.S.’s. Performance rights societies will contract with a
record label to represent an artists catalog. They will then monitor the many
stations content and pursue royalty payments from the stations who have broadcast
music for which they represent. A P.R.S. will generally charge 10-20% on the
revenue collected, depending on source. 2016 gross revenue was ~$2.2 Billion, or
about ~9% of total revenues.
Live Performance
The performance of live shows is one area where, generally, record labels
play an insignificant role. But in there place are an array of booking agents who
facilitate the interaction between the artist or bands manager and the venue owner
or promotion agency who are running the event. They will coordinate schedules,
negotiate and close deals, arrange transportation and hospitality etc. For their
services, the average rate charged by booking agents is somewhere between 5-15%
of ticket and merchandise sales for the shows they facilitate. Global revenues from
ticket and merchandise sales at live music events was ~$9.3 Billion, or about
~37% of total revenues.
Marketing and A&R
The most important role played by record labels today is their investment
made to marketing and A&R. The investment in marketing give record labels the
ability to get their talent in the ears of countless potential consumers, and the
investment in A&R ensures the professional excellence of the music being
produced. No matter how talented an artist is or how good their music may be, no
one will pay to consume it if they have never heard of them before. In 2016,
record labels cumulatively invested ~$4.5 Billion into marketing and talent
curation, which translates into significant power in determining what becomes
widely popular.
Managers
One final layer of bureaucracy is that of the artist manager. The job of a
manager is to facilitate the relationships between their client and the various
entities with which they directly interact; record label or publisher, booking agent,
A&R and marketing etc. They negotiate deals on the artist behalf and try to
pursue new opportunities. Though varying widely, managers generally take about
10-20% of an artists gross revenue.
The Potentiam Platform
1. Potentiam Core
The backbone of the Potentiam network is the tripartite Potentiam Core. A
private social network that enables composers, performers and producers to both
advertise their talents and seek out other music creatives for collaboration. A
digital production studio that gives artists access to the tools needed to compose,
record and edit their creations. A catalog management system that gives users
complete control of their content, from determining share of copyrights to
facilitating the granting of licenses amongst users on the platform. Once an
artist(s) is satisfied with their creation, be it a musical composition or a sound
recording, they can publish the file and it will automatically be imported to their
catalog. If multiple artists participated in the creation of a final work, ex. a
composer and lyricist collaborate within digital production studio workspace to
create and publish a song, share of the musical composition copyright would be
determined upon agreement by both users. Compositions contained in user catalogs
will be available to other users on the network for use in recording songs. When a
performer and/or producer publishes a recording using content from another user’s
catalog, the relevant rights holders will be prompted to grant the relevant licenses.
Once those rights holders have agreed to the licensing terms and the artists and
producers agree to their share of the sound recording copyrights, the master
recording will be published and added to the artist’s catalog.
The resulting database of master recordings will then be made available
through the multiple distribution modules, each customly curated for the type of
client relevant to that distribution channel. The payment of royalties back to the
relevant rights holders will be facilitated automatically by customized smart
contracts.
The Potentiam Tokens
The Potentiam Platform will have two tokens that will serve two different
functions. The main coin will act as the platform’s backbone and will serve as the
medium of exchange for all platform transactions. The secondary token will
underlie Potentiam Classic’s content rating and reward system.
Potentiam (PTM)
PTM is the platform’s ERC20 token and has all the functionality implied
therein. Available during presale and ICO, token will be the currency needed to
transact on the various distribution modules associated with Potentiam Core.
Token owners will also have the option of staking their tokens in the Potentiam
Vault granting special rights within the platform.
Potentiam Vault & Vault Nodes
Owners of PTM will have the choice of whether to hold their tokens in their
potentiam accounts wallet or any ERC20 compatible storage device. If they have
them on the platform they will have the option to stake their tokens in the
Potentiam Vault which will earn them special rights and privileges. Tokens placed
in the Potentiam Vault will be staked for a set period of time and for every 10,000
PTM staked the owners will create and have ownership of one Vault Node. Users
with less than 10,000 PTM can pool their tokens into a communal Vault Node and
share the associated rights and privileges based on the weight of their contribution.
A full description of Vault Nodes and their function will be expressed in part VII
below.
Clout (CLT)
The secondary token will underlie Potentiam Classic’s rating system. It
will remain internal to the platform and will be the currency with which readers
reward content they like. Content ratings will determine both how the platform
curates the content for readers, i.e. higher ratings will garner more prominence,
and determine the share of PTM which is regularly awarded to content creators by
the platform.
Potentiam Classic Rating System
Potentiam Classic accounts will automatically be credited with 100 Clout
when the account is initially created. These will be used at the reader’s discretion
to award to articles and content they like on Potentiam Classic. When a token is
awarded to an article it will remain tied to the content for purposes of calculating
PTM reward for a total of 30 days. This value is referred to as Article Power.
After thirty days the token will be burned and the account from which it came will
be replenished. A running total which tracks the complete number of tokens that
have been awarded to the article will also be recorded and serve to determine its
prominence for purposes of curation. This value is referred to as the Article Rating.
Potentiam ICO
A total of 100,000,000 tokens will be minted for the Potentiam platform.
Our aim is to render an extensive and groundbreaking experience with the features
on Potentiam. Funds collected will be used for the technical development, legals,
testing, deployment and marketing. One hundred percent of the total tokens
allocated for our Core Team will be locked into a smart contract with an emission
rate of 5% per month, beginning one month after the end of the public crowdsale.
This is to create incentive for team to deliver, show our commitment and increase
confidence in the value of PTM to the investors. If the crowdsale does not reach the
anticipated amount, we have a strategy to re-adjust our timelines, development and
marketing process to safely accommodate the outcome.
Initial Token Allocation
The token distribution will be allocated as follows:
- 60,000,000 (60%) Public Crowdsale
- 25,000,000 (25%) Potentiam Team (Locked for 20 months)
- 11,000,000 (11%) Platform Development Tokens
- 3,000,000 (3%) Bounty Tokens
- 1,000,000 (1%) Reserve Tokens
Public Crowdsale - Amount of PTM that will available to the public for
purchase during both pre and main sales.
Team Tokens - Allocated to the founders of the potentiam platform.
Platform Development Tokens - Used in conjunction with earnings from
the crowdsale to finance the successful development of each branch of the
potentiam platform.
Bounty Tokens - Used as rewards for various community bounty programs.
Reserve Tokens - Held in reserve in case of extraneous circumstances.
Crowdsale Details
1 ETH = 4000 PTM
Presale Hard Cap = 5000 ETH
Total Hardcap = 15000 ETH
ALL UNSOLD TOKENS WILL BE BURNED (This will happen in the
case of not meeting our cap or in the case of Eth value increasing to the point
where the hard cap cap is met quicker)
Bonuses
Presale Week 1 Cap 3000 Ether = 20%
Presale Week 2 Cap 5000 Ether = 18%
Main-sale Week 1 Cap 9000 Ether = 12%
Main Sale Week 2 Cap 12000 Ether = 8%
Main Sale Week 3 Cap 14000 Ether = 4%
Main Sale Week 4 Cap 15000 Ether = 0%
The Core Team
Marcus O Adetola
CEO
Marcus ventured into the music
industry managing emerging
artists and witnessed the
tremendous difficulties present.
Being one who does not see
obstacles only opportunities, he
founded Britznbeatz a UK music
discovery music platform.
He is an all-round entrepreneur
and a problem solver.
Ali Zain
CTO
Ali Zain has over a decade of
experience in Full-Stack
application development.
He is an expert in blockchain,
cryptocurrency & ICO
development.
He also co-founded Ideofuzion.
Ben Balogun
COO
Ben is a serial entrepreneur who
acquired his Bsc in Accounting
and Finance from the University
of Plymouth.
His passions are music and
fintech. He is a co-founder
Britznbeatz and Potentiam.
He envisions Potentiam giving
the control over creative direction
and reward in the music and
entertainment industry back to
the people with the aid of the
blockchain.
that's the explanation from me about potentiam if you are interested in potentiam project for more details please visit the following link:
author: BUNSEL
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