Slovenia startup looking to level musical playing field invents cryptocurrency for concerts
A Slovenian startup is looking to help local and up-and-coming bands get their name out there while managing live concert costs in cryptocurrency.
By putting new artists on the same level as established music acts, and helping them get paid, too, Slovenia-based Viberate is on a mission to give “every musician on the planet an equal opportunity to get into the spotlight, no matter if they are a garage band or a stadium rock star,” according to the website.
Described as the “IMDB for musicians,” the platform has a database of over 120,000 artists, including Drake and The Chainsmokers, and is finding dozens of acts joining every day.
In a market where there are already a few companies who operate using the cryptocurrency method, Viberate stands out by focusing on live music events.
The founding team is made up of three entrepreneurs who each contribute a unique perspective and wealth of background on the industry.
CEO Matej Gregorcic founded and led one of the biggest event management agencies in the country whilst COO Vasja Veber is a music manager and member of the Recording Academy with Grammy voting rights.
Co-founder and Artist-in-Residence, Uros Umek is a world-renowned techno DJ with over 20 years experience in producing music.
The platform aims to rock the live music booking industry by abandoning traditional payment methods of old. Now, event organizers will be able to use Bitcoin, Ethereum or, Viberate’s own cryptocurrency Vibe, to book acts for their venues and shows.
For established acts, it just seems like a way to simplify the payment process. But for others, perhaps one of the 80% of acts without representation, it could open doors for them to, one day, top the charts of their respective genre.
Viberate’s list of genres covers everything from country to hip-hop to world music. At whilst the big names are all there, there is the opportunity to discover something completely new. The search bar even says “Discover your next favorite artist…”
It can be hard for new bands to get their foot in the door. Even if they have the means to put out their own music, live music income still earns bands far more than recorded music, as seen in the below graph.
Money made from touring accounts for 43% of total revenue, compared with the 38% made from putting their music out there. For this, Viberate is one of the few options for bands wanting to not only get recognition, but also make a living.
The incentives offer musicians innumerable opportunities as opposed to simply slumming around their local bars, hoping to get noticed. Consider the festival circuit. It shouldn’t always be about the multi-millionaire headliners but instead about unearthing some hidden gem on one of the smaller stages.
Starting September 5, Viberate has 120 million Vibe tokens available for its upcoming, public Crowdsale. With the investment goals ranging from $1 million to $12 million and setting their own tokens at a paltry $0.01, there is ample opportunity for investment.