concertVR (ICO): The Future of Entertainment

ConcertVR is owned by a Berlin based Company, Goodstuff-Media. They bring the experience of a concert directly to a user through VR technology. The company is looking to raise about $30M USD through the sale of their own CVT Token at 0.00015ETH each for a total of 60,000 ETH. The token enables users to purchase concert tickets, on-demand events, songs, and more.

Their pre-sale sold out in less than 4 days and raised about 1.1M € through 1,200 ETH. Originally the company was planning on launching their ICO on April 2nd, 2018. But due to Google’s Message regarding ICOs, they have delayed this decision by two weeks. Their main ICO will be now open from April 15th to May 15th, 2018. The company has already won multiple awards, and is currently increasing the roster of artists and partners, with new ones every week.

Introducing concerTVR

With VR, we no longer have to travel halfway across the globe to experience an event when we can do it right in our bedrooms. And this is exactly the premise that concertVR is built upon. By creating the first blockchain based cross-platform marketplace for high-quality
VR content from the music and entertainment sector, concertVR strives to revolutionize the entertainment industry one concert at a time.

Statistics show that audiences attending concerts and festivals are reaching record highs and are expected to generate sales of over $1.1 billion annually in Germany alone. Nevertheless, this potential is still not fully reached. Due to popular demand, concerts of artists like Bruno Mars and U2 are usually sold out in hours, if not minutes. This results in thousands of potential concertgoers unable to purchase any tickets.

But what if it is possible to sell an unlimited number of tickets for a live concert? The music industry could generate a substantially higher revenue stream if a larger audience is reached.
With concertVR, all this is possible.

ConcertVR’s idea is straightforward. They want to bring concerts and festivals to Virtual Reality. Their attempt to make this market a reality includes the utilization of their cryptocurrency to enable artists, vendors, and and ticketing platform to communicate and trade with each other in an ecosystem. The purpose is to make the visual and economic experiences much better for multiple players in the music industry.

The Token

ConcertVR utilizes a standard ERC20 Token, the company subtly points throughout the white paper, that they will initially use Ethereum, which may mean that the company is ready to utilize other platforms in addition or substitution of just using Ethereum smart contracts. This probably points out to some concerns regarding the scalability of the Ethereum network in the upcoming years.

The company is planning on hosting a big portion of the data in a decentralized fashion through the Ethereum Virtual Machine. The company is planning to use a strategy similar to filecoin to decentralize the user information using ethereum. The concertVR will not be holding user information themselves.

Technology

The company has built a prototype that enables mobile users to watch concerts using 360 degree cameras, and also technologies like Google Cardboard. The company has mentioned that the current version of the software also enables the use of VR headsets such as Occulus Rift, HTC Vibe, and others.

ConcertVR has also mentioned that they have developed an eye tracking technology that would enable the user to be “anywhere in the concert hall”. The company currently provides three points of view:

The Stage: The users will feel what it’s like to be a rockstar by essentially looking at the audience and seeing what artists see
The Audience: Users will be able to experience the concert from the usual point of view as the audience
The Back: This section is a general way of seeing the concert as a whole and experience its size

The ConcertVR Solution

ConcertVR wishes to make this possible by ensuring fans get to enjoy real-time live concerts from all over the globe at the comfort of their homes. Fans also get to choose their position in the hall even sitting right next to their favourite artists. Fans also get to share the good news of which concerts they are watching on their social media sites. The artists and sellers of the tickets will also be able to sell an unlimited amount of tickets for existing live concerts and on-demand content.

The unique product from ConcertVR will create a win-win situation for both the artists and the fans. Fans will watch live concerts from their homes at an affordable price. The solution will also have additional features such as backstage coverage, 1-1 performances and social media integration that will enhance the user's experience, ConcertVR will establish long-term contracts with artists and organizers of concerts which will ensure that there are always shows and music available for the fans. Viewers will need to download the concerVR app or buy a code via the standard payment systems or cryptocurrencies and enjoy the concerts while wearing their VR glasses. Users can purchase the access codes from the app, from the concertVR website, from ticket vendors, or the merchandising concert booth.

Main features of ConcertVR

The key features of concertVR include:

• Users will get to enjoy concerts in virtual reality or on demand
• Once they buy the concerts tickets, they get to enjoy the content on different platforms including on their smartTV, browsers, smartphone or VR glasses
• Users get to choose the camera perspective they want to experience the concert from
• One can enter a coupon code and get to select the content they want for free from a wide selection
• Viewers can tell their friends what concert they are watching using social media
• Users get to know their friend's reaction in real time
• Users can invite friends directly as the concert is going on and chat with them.
• The CVT token is a utility token that will be used to enable different transactions on the site. The ICO will take place on 15th April to 15th May 2018. The total tokens that will be sold during the public sale are 220,000,000. Each of the tokens is valued at 0.00015 ETH. The CVT token can be bought using Bitcoin or Ethereum. The site is also set to start accepting credit cards and payment via PayPal soon. The CVT token will be listed on various exchanges for trading.

Business Model

The company has multiple revenue streams regarding the sale and distribution of music and events. Their idea is to enable users to be able to purchase concerts and songs individually, and also enable users to purchase a monthly subscription.

The company is pricing each product as follows:

• Subscription (monthly): 8.99€
• Live-concert: 24.99€
• Recorded concert: 14.99€
• Single song: 2.49€

The song pricing is slightly higher than what you would find on a digital store, the reason for the higher cost, is that the songs that are being purchased are technically complete 360 degree video portions of an event or festival, so you are getting much more than a song.

The company is expecting to make over 250,000€ in its first three months of operation, over €8M in its second year (3,200% increase in revenue) and over 23M€ in its third year (300% increase). The goal is ambitious, but the company thinks it is conservative based on the traction they’ve received already.

The purpose of the tokenization of the platform is to create a microeconomy similar to that of kik’s kin and other social network platforms, that enable multiple players to pay and sell the creation of their content. In the case of concertVR, they will enable artists to sell their music directly to the public through the platform, through tickets, subscriptions, and even enabling the sale of merchandise and other licensed products.

The CVT Token

TOKEN NAME: CVT
Total tokens: 400,000,000
The fixed cost of a token: 0.00015 ETH
Pre ICO had a hard cap: 1,200 ETH
Main ICO will lead to a market capitalization capped at 60,000 ETH
Pre ICO sold out in less than 4 days
Main ICO will last for 31 days or until hard cap has been reached

Token Distribution

Based on their white paper this is how their token distribution looks like:

55% sold during token sale
18% used to develop the platform and maintenance
12% will be given to advisors
10% held by the company
5% will be reserved for partnerships with artists and others
The biggest challenges the company will face will be to convince users that they will continue to grow as fast as they need to, and the fact that they are arbitrarily fundraising at a valuation of over $50M USD pre-revenue, may bring considerable difficulties to the companies ability to fundraise.

Team

ConcertVR is currently a product by Goodstuff-Media in Berlin. Their CEO, Sebastian Deyle is an experienced producer hosting multiple TV shows in Germany. He has also worked in the entertainment industry for over 15 years and has also worked with Virtual Reality technologies, however he’s never been happy with the current solutions offered.

Their CCO, Andreas Knuffman is an awarded executive producer, and freelance director that has worked in the industry for over 25 years. Most importantly, Andreas and Sebastian have worked together in the past building other technologies and working in entertainment.

Lastly, their head of development, Frank Zahn, is the CEO of Exozet, another Berlin-based company with over 150 employees, that specializes in what they describe as the “Digital Transformation” of companies through the use of Digital Marketing.

The company also has a wide range of other talent in the music and digital marketing industry, including Stefan Schulz, a veteran in the entertainment industry who worked Universal Music group and serves as a board member to multiple other entertainment companies.

More Information:

Website: https://www.concertvr.io/index.html
Whitepaper: https://www.concertvr.io/wp-content/uploads/2018/03/concertVR-Whitepaper.compressed.pdf
Telegram: https://t.me/ConcertVR1
Twitter: https://twitter.com/simplybethere
Facebook: https://www.facebook.com/concertvr/

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