The Problem
The current structure of the music industry concentrates power in the
hands of relatively few middlemen, i.e. record labels and their subsidiaries. Labels
invest around $4.5 billion annually into marketing and A&R, and in turn are still
gateways between creatives and potential commercial success. But not only do
they determine which creatives are promoted to a wider audience, those fortunate
enough to achieve commercial success will be lucky to see 10% of the revenue
generated from the proceeds of their creations. In short the problem is the
structure of the industry itself. Its outdated institutions not only restrict growth,
but also consume a majority of the wealth the industry generates.
The Solution
The Potentiam Platform
An all encompassing platform that allows creatives control their own
destiny. At the core, a social network where composers and performers can create
their own accounts to advertise themselves, seek out other artists for collaboration
or to form groups/bands. A digital production studio where all the necessary tools a
composer, performer or producer would need to write compositions and record/edit
audio as well as create master recordings. A catalog management suite where
artists can manage their content, including associated copyrights, that has been
created within or outside of Potentiam Core.
Associated with Potentiam Core will be four main distribution modules.
Digital sales, physical sales, Sync Licensing and P.R.O./broadcast royalties. There
will also be a live performance module which connects performers with promoters.
Parallel to Potentiam Core is Potentiam Classic. Potentiam Classic is the
blockchain answer to $4.5 billion annual investment made by the major record
labels into Marketing and A&R. By creating the “Steemit for Music Culture”,
Potentiam Classic plans on creating the most trusted source for information in the
Music Industry. It will operate in conjunction with a crowdfunder to raise money
for new artists for things such as in home sound studios or travel.
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 share of royalties, traditionally owed to record labels, publishers,
managers and everyone in between, can be upwards of 60-80%. By taking only a
10-15% fee on revenue generated by the Potentiam distribution modules artists
will be able to secure unprecedented returns on the revenue generated from the
exploitation of their intellectual property.
2. Digital Distribution Module
A custom curated web portal for licensing and distributing content to
already established digital service providers such as iTunes, Spotify and Beatport
etc. Under terms yet to be negotiated, content will be provided to various DSP
through the digital distribution module’s client web portal to be sold via digital
download or via music streaming subscription. Payments owed by DSPs will be
made through the client web portal and royalties will be distributed by smart
contract automatically.
3. Physical Distribution Module
In recent years, physical distribution of music has consisted mostly of mix
tapes or compilation albums. The Potentiam physical distribution module’s client
web portal would make content available to manufacturers to lease for the creation
CDs and Vinyls. For a TBD fee manufacturers would be licensed to produce a set
number of copies. Royalties from these fees would be transmitted to rights holders
automatically via smart contracts. The portal will provide curated content, such as
trending or most popular songs. All recordings within users catalogs will be
browseable and can be sorted by Artist, Genre or any other relevant category.
4. Sync Licensing Module
One revenue stream that is often overlooked is income generated from sync
licensing. Businesses such as advertising agencies, video production studios and
video game studios are always looking for the perfect track to synchronize with the
visual content they produce. The Potentiam sync licensing module’s client web
portal will present content which is curated specifically for those needs. User
catalogs will be run through an A.I. music analyzer and tracks will be categorized
according to characteristics such as mood, tempo, style etc. and made available
with or without vocals. These categories will be similar to they way services such
as Pandora analyze a song in order to find similar styles across all genres. Once a
client locates a desired track amongst the browseable content they will submit a bid
to secure both the synchronization license and master use license. Once the offer is
accepted by the relevant rights holders the licenses will be granted and payment of
royalties distributed automatically.
5. Public Performance Licensing Module
Another significant revenue stream are royalties paid for the public use or
broadcast of copywritten music. These licenses are traditionally facilitated by a
performance rights society or PRS. Broadcasters will pay a flat rate to gain access
to the entire catalog and income is divided amongst the composition’s copyright
holders. Due to the level of involvement necessary for policing broadcasters and
pursuing royalties, the Potentiam platform will seek to establish relationships with
leading PRSs such as BMI, ASCAP and SESAC. They will be encouraged to add
Potentiam’s catalog to their own and collect royalties on our artist’s behalf taking a
share of revenue collected as payment. The PPL module will be able to accept
payments and usage reports which will automatically be distributed to the proper
copyrights holders on the platform.
6. Booking Agent Module
The booking agent module will serve as a networking interface that will
connect performers from the Potentiam platform with promoters and venue owners
looking to book talent for live performances. The booking agent module’s client
web portal will allow promoters/venue owners to both browse the accounts of
performers who are looking for gigs and initiate offers as well as advertise venues
and dates they are seeking to fill. This will allow each side to be either active or
passive in terms of booking gigs. All negotiations and information such as
technical rider and transportation will be handled and payment made within this
module.
7. Potentiam Artist Crowdfunder
For the projects that require a capital investment in order to come
to fruition, artists can seek crowdfunding through their Potentiam Core accounts.
This could be an aspiring artist who needs to upgrade their in home studio in order
to produce a truly professional album, or a more established group looking to
create a high end music video. Whatever their career aspiration and capital need
may be, artists can submit crowdfunding proposals that will be advertised on
Potentiam Core’s sister module, Potentiam Classic, where users can contribute
PTM to any of the proposals they find interesting and want to help make the
project a reality.
8. Potentiam Classic
Named in homage to the Potentiam team’s legacy as the founders of the
online music publication Britznbeatz, Potentiam Classic is a crowd sourced, music
centered online magazine. Think of it as Steemit for the music industry.
In 2016 the major record labels invested $4.5 Billion globally into
marketing and promotion. This means a relatively few music execs ultimately
determine what musicians and songwriters get promoted to a wide audience.
Potentiam classic seeks to decentralize this influence by empowering content
creators with an open platform were they can be rewarded for producing content.
Content rewarding and its effects within the potentiam ecosystem will be explained
further in section VI.
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.
Platform Economics
The PTM from transaction fees that are collected throughout the potentiam
platform will all be deposited into in a central location referred to as the Potentiam
Pool. Every 30 days the total balance of the Potentiam Pool will be distributed
amongst three different categories; 30% for content creator rewards, 50% for
Vault Nodes and 20% to the Development Fund.
Content Creator & Vault Node Rewards
The 30% allocated to content creators will be divided amongst articles
based on their relative values of Article Power. For example, if at the time of
distribution an article has a an active Article Power rating of 1,000 CLT and sum
of all active Article Power ratings is 10,000 CLT, the article would receive 10% of
the share of PTM that is allocated for content creators. The 50% allocated to the
Potentiam Vault will be distributed evenly among all Vault Nodes. For example, if
there are a total of 100 Vault Nodes in the Potentiam Vault, each node would
receive 1% of the PTM that is allocated from the Potentiam Pool to the Potentiam
Vault.
Development Fund
20% of the PTM distributed by from the Potentiam Pool will be allocated to
the Development Fund. This fund will be used to crowdsource development
proposals from the community. Anyone can submit a proposal with the aim of
improving the Potentiam Platform in some material way. Development proposals
will be reviewed and approved or disapproved based on the vote of Vault Node
owners. Terms of approval TBD
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
Aspects of Development
Software Development - Vital to the ability to maintain API advancement.
Marketing - Continue advertising to encourage adoption and usage of
Potentiam, develop positive public relations, pursue partnerships with entities that
advance toward these goals.
Consulting - Hire industry experts from a wide spectrum of sectors
including: Business Strategy, Blockchain technology, and Marketing and
Communications to advise Potentiam development, messaging, and overall goals.
Accounting - Ensure responsible management, allow for resources to
improve transparency and accountability, improve overall sustainability, and work
with Legal and Consulting to advance the project.
Marketing - Continue advertising to encourage adoption and usage of
Potentiam, develop positive public relations, pursue partnerships with entities that
advance toward these goals.
Consulting - Hire industry experts from a wide spectrum of sectors
including: Business Strategy, Blockchain technology, and Marketing and
Communications to advise Potentiam development, messaging, and overall goals.
Accounting - Ensure responsible management, allow for resources to
improve transparency and accountability, improve overall sustainability, and work
with Legal and Consulting to advance the project.
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%
Note* Main-sale will begin two weeks after the beginning of the presale, or
the moment that funds raised has reached the presale hard cap, whichever comes
first.
Roadmap and Milestones
The Core Team
Marcus O Adetola - CEO
Marcus ventured into the music industry that manages new artists and witnessed tremendous difficulties today. Being a person who does not see barriers just chance, he founded Britznbeatz a musical discovery music music platform. He is an all-round entrepreneur and problem solver.
Ben Balogun - MENDEKUT
Ben is a serial entrepreneur who earned a BSc degree in Accounting and Finance from the University of Plymouth, his passion is music and fintech. He founded Britznbeatz and now Potentiam. He envisioned Potentiam giving control over creative direction and rewards in the music and entertainment industry back to the people with the help of blockchain.
Ali Zain - CTO
Ali Zain has more than a decade of experience in developing Full-Stack applications. He is an expert in the development of blockchain, cryptocurrency & ICO. He also co-founded Ideofuzion.
For more detailed information and join Petentiam's current social media please follow some sources for reference:
WEBSITE: https://www.potentiam.io/
FACEBOOK: https://facebook.com/potentiam.io
TWITTER: https://twitter.com/potentiam_io
TELEGRAM: https://t.me/potentiamgroup
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