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6 years ago in #steempress by nickyhavey (69)
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Fantastic read Nick, upvoted and resteemed, you have done your homework pal \m/ it is exciting to see all these new platforms and their different approaches to change the music industry forever, and thankfully we are early on the boat....Thanks a lot for the information..
Thanks a lot Dave man! Appreciate the feedback and your thoughts. I know it was a very deep post this time round so glad your scuba diving kit was working!
Yea I have been following these guys for a while and have learnt quite a lot about the team. Really has a different feel about it with so many ways to earn on the platform but we shall see how it all works when they launch the platform.
Very exciting time to be involved in this space I would say, missed the Bitcoin boat but that was proof of concept of blockchain technology with economics. Now the tech is being developed so much and into other real life applications I think the next 5 years will see a lot more stability with platforms. Can't wait!
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I'm saving this to read in more detail later; but just skimming it I learned quite a bit! Great job! I love the meme images, too!
Thanks a lot man and come back with your crypto scuba diving kit, we go deep in to Inmusik here. Glad you learnt a fair bit by skimming it too, maybe I can do a skimmers version of the whole series at some point! Let me know how you find the full article when you read it and if there's another platform that has caught your eye.
Glad you like the memes too! Did some of them myself and helps put some humour in 😊
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Finally got round to reading this after seeing your second post that follows on from it (which I haven't read yet).
I'd like to give an opposing view on the subscription model as I believe this may come back to haunt them unless they have some amazing marketing plan up their sleeve or there's a USP that I haven't quite understood yet!
I agree that nothing is free however in the new decentralised world ALL content is valuable so by creating content on the platform we will be adding value, which helps the service become more valuable.
Now if they were not going to have an ICO then I could see why they would need to try this subscription model but doing both seems greedy to me! Maybe I'm missing something obvious but with so many platforms out there offering similar services without the need for a subscription (and more coming at an alarming rate!) I am struggling to see why someone would pay to use this?
What am I missing (or maybe you cover it in the next post which I will read soon)?
Well, you may find out more in part 3 but I did ask them how they intend to get listeners on to the platform but it'll be more along the lines of "we will wait and see". As that was my first question after reading about the subscription model!
I understand why it may be considered greedy given the fact they are doing an ICO on top of a potential subscription model. But is there really another way around it? I have been involved with some crypto projects that failed because of a simple reason that they didn't have a way for their platform to make money. It was set up on an idea but no business model.
ICOs are good for funding initial salaries, marketing and getting the project off the mark but how can that be sustained? You can't just ask for more money from your investors because they will say "not until I get a return on my initial investment". Subscription model is one of the best ways of doing it so that the whole thing can be maintained, or some "incentivised" system.
If it's "free", then the user will pay in some way (so it's not really free). In the example of steemit, the user pays with RC otherwise they can't post. Maybe they will adopt a similar system. It's still 6 months away from launch but in their next webinar it will be worth asking the question about whether their subscription model in the whitepaper is still the way they will go.
I just try to break down what I read in these whitepapers and provide some opinion. Hard to really know what is going on without sneaking a peak at the platform and you can sell a dream in a whitepaper right?
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From a purely accounting perspective I totally hear what you are saying but users don't care about their profit & loss :P
I'm not sure using a traditional financial model to launch a business that uses crypto is the way to go to be honest. The idea of only using the ICO to launch but then expecting subscribers to pay in FIAT (if that's what they are suggesting?) just seems to go against the whole ethos of crypto. However the amount of development that is required to launch a platform with all this functionality is substantial and needs to be paid for so it is a dilemma.
I like the idea of "proof of stake" a lot more and then the company selling some of their own coins on a regular basis to fund the project.
You only have to look at Soundcloud's failed attempt at a subscription model to see what kind of challenge they have in front of them.
I will watch with interest and hope to be proved wrong!
Quite right, users care about how easy the platform is to use and, most likely, if they can make a quick buck.
I don't think they are suggesting fiat payments if you have enough SOUND tokens accrued. Although if you spend all the tokens in your wallet you may have to find other ways to get tokens. They also mention that you can either buy your way in or work your way up so this suggests you may not need to spend fiat and that it's going along the stakes route, particularly with the Cash wallet system they are proposing.
The ethos of crypto is changing though. For a place that used to not be regulated at all to now having regulation suggests to me that it's not as decentralised as it once was. The masses will not come into the crypto world until things are a lot simpler, there's some benefit to it and there's some regulation in place. Mainstream media will always pick the horror stories to ward away potential interested parties.
Soundcloud destroyed itself somehow but then Spotify uses a subscription service doesn't it? I don't use spotify really so don't know that much about it.
There's still a long way to go with Inmusik. Hard to speculate exactly how it will work when there's just a whitepaper and some webinars to work with. Worth keeping an eye on in this Bluffer's eyes
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Spotify does indeed have a subscription model but that's because they spend years, and A LOT of money, getting the labels on board.
If InMusik has the clout to do that then maybe it will work but if they are offering a "buy in" or "work your way up" then that could work well!
Ah, well it may interest you to know that that in those webinar videos from part 3, Stephen Brett (CEO) talks a lot about getting the main labels on board as part of their financial model in the initial instance.
This then sparked my question - What about us independents? We got an answer for that too. It seems that they have considered a LOT of things and I am certainly looking forward to seeing it being implemented. Better get plenty of logs to light the fire and keep the hands warm through this winter and to Q2 2019 :D
I must admit I have not had time to watch them. If they can pull that off then they have a great chance!
Absolutely, this crypto magic show is pretty entertaining!
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