IdolNetwork

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Idol Network[edit]

In recent years, increasing focus has been channeled into the “Fan experience”, aiming to create immersive, memorable moments. However, to continue to thrive in an increasingly competitive market, businesses must develop new strategies that engage, grow, and generate value for their Fans. Idol understands that a Star’s career would not exist if it were not for their Fans; without Fans the entertainment ecosystem would simply cease to function. However, despite the crucial importance of Fans, entertainment is currently a one-way-street with content being distributed downstream for Fans to either watch or purchase. No longer at the centerpiece of the industry, Fans are subject to boring and unengaging experiences that value payment over passion. Due to this, Idol aims to provide a platform that re-establishes Fans as the driving force within the entertainment ecosystem. To implement its proposed solutions, Idol will be issuing Idol Token (IDOL) in a token generation event. Idol Token will be able to be used universally across all communities, enabling value transactions and asset exchanges. In addition, Idol will be providing a secondary currency within its ecosystem (named Star Coin), designed to act as a Star-unique currency whose value is linked to that Star’s career, able to be tracked on an exchange. In this manner, we open the door for Fans to capture hidden value by supporting their favorite Stars. Idol has a number of distinct advantages that will aid in its success within the entertainment industry:

  1. While many projects focus on the artist or celebrity as their target solution, Idol will be a community with the Fan in mind. This means that all network developments, updates, or improvements will be done with keeping the Fan experience as a top priority. This Fan-centric way of approaching the entertainment industry allows Idol to establish itself over the competition.
  2. Assets such as stocks, real estate, currency, etc., are purchased because of their perceived future increase in value. Similarly, the value of a celebrity can be evaluated through various metrics, all tied to his/her overall popularity. This idea of including Fans into the receiving end of the entertainment revenue model is a fresh and unique perspective with currently no established proof-of-concept. Idol is able to prove its business model through the Idol Application.
  3. Finally, both the management and advisor teams behind Idol have extensive experience within the entertainment industry. Many management members, advisors, and partners are already well-established figures in the industry for over two decades, with experience spread over a diverse set of roles such as entertainment, media, film, artist management, music, TV production, and concert/event production. With this veteran industry experience, Idol will be able to navigate the entertainment industry with a definite edge over any potential competition while preventing any potential unforeseeable complications or downfalls.

The Entertainment Industry[edit]

Background

Encompassing a wide variety of areas such as music, cinema, television, publishing, sports, etc., the global entertainment industry has seen explosive growth following the innovation of technology. However, more recently, the industry is beginning to experience a shift in market forces and consumer behavior. Currently the Global Entertainment Market is valued at $2 Trillion, with the Asia-Pacific Market valued at $702.9 Billion. The Global Entertainment Industry faced a number of fundamental changes the past decade. These changes include the Decline of Traditional Media Channels whereby innovations in technology are causing the fragmentation of audiences, directing viewership online and away from traditional channels. Additionally, crowded marketplace is when an oversaturated market becomes increasingly competitive and congested, requiring ever-changing business models. Other changes include Demands of the Audience Consumer behavior of the industry growth group, projected to be in the range of 18 to 35-year olds, has shifted dramatically. Fans are more connected than ever, with more access to content and deeper engagement with brands. The media market in Asia-Pacific is expected to be the largest source of absolute growth for the global industry over the next five years. Finally, Blockchain as an Enabler is when Disruptive technologies are able to tackle persistent issues regarding IP protection, fragmented markets, demand shifts, etc.

The Connected Fan[edit]

Content that was once only available to consumers via traditional channels of distribution can now be delivered directly to the consumer’s device, driving a digital revolution and blurring traditional media definitions.

  • Increased Content Streaming

60% of consumers engage in streaming services at least once a month

  • Social Media Usage

64% access once a day via computer 47% access once a day via smartphone

  • Second Screen Usage

84% of owners of smartphone and tablet use their devices as second-screens while watching TV

  • Alternative Content Formats

Amongst millennials, we are seeing an increase in interest for shorter forms of content, particularly between 6 to 10 minutes in length.

  • Direct Connection

Social media and the Internet in general have created an enormous opportunity for Stars (and advertisers) to create a direct relationship with their Fans.

The Rise of Entertainment in Asia[edit]

Consumer spending in the Asia-Pacific regions accounts for over a third of the global entertainment market. Countries in Asia are experiencing rapid growth, with a number of shifts that are evident.

  • Demographic Shift: Youth

over 58 billion Yuan was generated through the influence of Internet celebrities from the youth market alone. 100-310 million Fans of Internet celebrities forces brands to transform their sales and marketing strategies. 35% of mainstream customers in the entertainment market by 2020 are forecasted to be young people

  • Competitive Shift: Customizable Content

Customizable Content, Businesses have to customize their content based on local culture and style to meet the needs of local Fans. Pan entertainment strategy, many entertainment businesses develop multi-level products based on its intellectual property. Reduced risk of initial investment, Pan-entertainment leads to a reduced risk of initial investment, marginal cost savings, and customer base expansion

  • Business Model Shift: Direct Access

Stars started with direct audience access. E.g., pop singer Jacky Cheung attracted 18,800,000 on-line viewers, 308 million play views, 2.19 million viewers for a single concert

  • Opportunity Shift: Music

Japan music market $2.7B, South Korea music market $330m, from digital downloads 59%

Industry Pain Points[edit]

With the average Fan now accessible across a variety of media platforms, it would seem straightforward to reach Fans. However, there are still a number of additional issues experienced in the industry itself.

  • Content preferences in local markets

Content preferences and company’s ability to monetize investments are highly influenced by the dynamics and diversity of culture, language, income, and regulation.

  • Hard for Stars to break out

Content that is popular becomes more popular, and an oversaturated market makes it harder for new Stars to stand out and achieve success.

  • IP protection still an issue

Copyright infringement remains a problem in many markets; rights holders are in a constant battle against pirates.

  • Need to reduce fraud and fake news

Fake news and fraud dominated headlines globally in 2017, making transparency and trust key development needs in 2018

Stakeholder Pain Points[edit]

Within the entertainment ecosystem, there are three types of stakeholders: Fans, Stars, and Entertainment Companies. Each stakeholder experiences a host of problems unique to them.

  • Fan Pain Points

Entertainment is a one-way street: In the current business model, Fans can only watch or buy content. However, they are not included in the receiving end of the entertainment industry’s revenue model. Fan interaction is lackluster: Traditional channels of engagement offer low Fan interaction with outdated payment models, and an overcrowded market creates difficulty in discovering new content. Lowest rung of the entertainment hierarchy: Consumer trust is often sacrificed in order to push profits. For example, Fan contributions are often diluted by fees and personal information is sold for financial benefit.

  • Star Pain Points

Slim chance of success: An oversaturated market makes it difficult to stand out and be consistently unique, while the lack of sustainable talent development makes the chances of success very low.
Fragmented social media: Multiple platforms and weak transaction channels causes the experiences provided from a Star to their Fans to be low impact and unengaging.
Branding, intellectual property, copyright are rising issues: Brand security, intellectual property theft, copyright disputes, and rampant piracy are all still issues that plague the industry today, locking away financial opportunity.

  • Company Pain Points

Shifting Consumer Behavior: Customer acquisition and user retention is becoming more difficult as businesses have failed to evolve to accommodate changing consumer behavior.
Unsustainable talent development: Talent development is incredibly risky, costly, and time consuming, draining resources from key areas able to generate growth and profitability.
Pervasive market inefficiencies: Overhead and operational costs such as service or transactions fees quickly add up, cutting into profit margins and creating additional barriers of entry.

Idol Overview[edit]

Platform[edit]

At its core, Idol is a content-based platform that allows for the sharing and consumption of creative content while providing a community for Stars and Entertainment Companies to interact with their Fans through multiple media formats.

  • Idol Token:

A platform-wide currency, Idol Token can be used in any Star’s community to purchase goods and services, license content, contribute to talent development, collect and gift ERC721 tokens, and more.

  • Star Coin:

Created when a Fanbase stakes their Idol Token in support of a Star, Star Coin can only be used within the community of the Star it was created for. Incentives will be given to users who use Star Coin over Idol Token.

  • Idol Marketplace:

Facilitating the buying and selling of Idol Token and Star Coins, the Idol Exchange enables Fans to realize hidden value on their tokens, as market forces dictate the fluctuations in prices.

  • Idol Exchange:

Facilitating the buying and selling of Idol Token and Star Coins, the Idol Exchange enables hidden value to be captured and returned to the Fans since a Star Coin’s price is correlated with that Star’s audience size.

How it works[edit]

Built upon the Ethereum network, Idol utilizes the properties of blockchain technology and the flexibility of smart contracts to provide innovative solutions for Fans, Stars, and Entertainment Companies.

  • Fans

Immersive experiences: Integrated payments allow for an immersive Fan experience, providing opportunity for innovative business models to develop.
Idol Exchange: Community-unique Star Coins allow for a potential return on investment on the Idol Exchange for early Fans and supporters.
Event and contest hosting: A new medium for Fan interaction, where reward conditions and distributions are autonomous and transparent.
Virtual gifts: ERC721 tokens create demand for ecosystem expansion while providing Fans a unique form of entertainment and engagement.

  • Stars

Smart contracts: Stars will be able to set-up and deploy smart contracts to create diverse and unique forms of engagement channels with their Fans.
Star Coin: With Stars able to own their own unique currency, Star Coin innovates brand new business models that rewards dedicated Fans for their support.
Automated profit distribution: Stars can enlist the help of their Fans to promote their products or services, where profits and payments are securely distributed through transparent smart contracts.
Security through blockchain: Blockchain-powered certificates provide brand and content security while smart contracts allow for seamless licensing agreements.

  • Companies

Fan contributions: Allowing Fans to contribute to celebrity services or events enables sustainable talent development while Fan marketing promotes brand awareness and consumer loyalty.
Lower-risk profile events: Fan contributions also allow for events to be of a lower-risk profile, providing opportunity for companies to pursue various creative and ambitious projects that offer memorable Fan experiences.
Additional revenue source: Companies can also choose to invest in the careers of promising Stars through token purchasing, adding another layer of potential future revenue to their business.

Proposed Ecosystem[edit]

The entire Idol Ecosystem is a combination of four layers, each with several functional modules within. As the ecosystem develops, additional modules will be integrated into the Idol Platform.

  • Content Layer

Streaming: Live streaming functionality and Fan engagement.
Tasks: For Users to create their own events or set tasks for their Fans.
Service/Products: For Stars to create engaging transaction channels
New Star Offering: For Stars to issue their own Star Coin

  • Community Layer

Community: For Fans to create preference-based communities.
Virtual Marketplace: For Fans to create, sell, buy, and gift various products/services.
Discovery: For Fans to discover new content and Stars.
Content Aggregation: For Fans to stay up-to-date on all news.

  • Talent & Branding Layer

Copyright & licensing: Allows Stars to protect and license their content and brand.
Advertising: Allows integrated advertisements and agreements.
Community marketing: Enables Fans to personally contribute brand growth and outreach.
Talent Development: Enables Fans to directly contribute to a Star’s development process.

  • Infrastructure Layer

Star coin: Community specific purchasing power.
Idol Exchange: Exchange for currencies and value generation.
Messaging: For Users to communicate throughout the Idol ecosystem.
Idol Token: Universal purchasing power and functionality.

Roadmap[edit]

2018 Q3 Alpha Development: ICO, UI Optimization, MVP (Content, Messaging, Purchases), App Store
2018 Q4 Beta Testing: Idol Token Implementation, Integrated payments, Wallet Functionality, Virtual Gift Marketplace
2019 Q1 Network Development: NSO Capability, Star Coin utilization, Idol Exchange development, Fan Contributions
2019 Q2 Version 1.0 release: Official Launch, Live stream integration, Activity/task manager, Community marketing
2019 Q3 Ecosystem Expansion: Copyright and licensing module, UX Optimization, Exchange monitoring, Project Idol
2019 Q4 Network Guidance: Network Optimization, Advertising module, Advanced smart contract features, Community governance design

Token Sale[edit]

To execute on the described roadmap, Idol will be issuing Idol Token (IDOL) through a token generation event, planned for Q3 2018 (sale details and conversion rate detailed below).
Hard Cap: USD$45 million
ICO Date: Q3 2018
Token Standard: ERC20
Accepted Currencies: ETH
IDOL Token to USD Rate: 1 IDOL = USD$0.01
Token Supply: Total Supply: 11,250,000,000 IDOL, ICO Token Issuance: 4,500,000,000 IDOL

Token Sale Phases[edit]

  • Early Backers

Allocation: USD$20 million
Start Date: June 1st, 2018
Bonus: 20%
Bonus Lock Up: 10% - 3 months 10% - 6 months

  • Pre-Sale

Allocation: USD$15 million
Start Date: TBD
Bonus: 10%
Bonus Lock Up: 5% - 3 months 5% - 6 months

  • Crowdsale

Allocation: USD$10 million
Start Date: Q3 2018
Bonus: N/A
Bonus Lock Up: N/A

Token Distribution & Use of Funds[edit]

  • Token Distribution

Token Sale 40%
Advisors 15%
Founders 15% Long Term Development 12%
Company Reserve 10%
Fan Engagement & Airdrop 8%

  • Use of Funds

Research & Development 32%
Talent Acquisition 22%
Community Building 18%
Operations 14%
Marketing 8%
Legal 6%

High-level breakdown of the use of funds[edit]

Research & Development: Development of the platform and its features (wallet, Idol Token, smart contracts, Star Coin, Idol Exchange, etc.), consideration in protocol migration to solve scalability and speed issues, etc.
Talent Acquisition: Used to incentivize Stars to join the platform and promote it to their fans, used to develop or sign our own talent, etc.
Community Building: Used to promote ecosystem expansion, as incentives for users to join the platform, finding partners in untapped regions, etc.
Operations: Office space and upkeep, employee salaries, technology upkeep, etc.
Marketing: Social media advertisements, promotional videos and/or events, etc.
Legal: Lawyer fees associated with the platform (partnership agreements, signing new talent, paperwork associated with adoption strategies, etc.)

External Links[edit]

Idol Network Official Website Idol Network Official Telegram Group Idol Network Official Twitter Account Idol Network Official Github Idol Network Official Medium Idol Network Official Facebook Page Idol Network Official Reddit

See Also on BitcoinWiki[edit]