We’re back with another AMA. There were some great questions submitted by the community over the past few weeks, covering topics around distribution, IEOs, exchanges, , the products, marketing and more! We love doing these, so keep the questions coming. Check out the video and the transcript below. 👇
Do you have any plans to do an IEO?
It’s definitely been something we have been getting asked a lot. We have been exploring the option, and if we find that it is in the best interest of the company and our backers, then we may decide to proceed with it, but that is all we can say for now.
Why will the still be locked when distributed?
During distribution there are a lot of moving parts, so the lock helps us to ensure everything went smoothly before we proceed and allow and exchange. That being said, we don’t see a huge wait between the distribution and the unlock.
Are team unlocked?
No. Team are structured similar to how traditional startups are structured with equity. Team are vested over several periods and can be drawn upon once a year. Another thing to be aware of is that we are legally required to provide public notice of our intent to sell if we ever do choose to do so, so you don’t have to worry about team suddenly being dumped on all of our investors with no warning.
If advertisers buy ad placements using cash, is that cash instantly converted to CRNC? Who are the advertisers buying from?
If advertisers buy with cash instead of CRNC, a portion of the would be converted into CRNC. The method with which we convert their cash into CRNC is essentially using that cash to buy the CRNC off of the market.
Why is Current only buying a set amount of from the market? All fiat should go toward buying , not just a portion.
The reason that only a portion is used because we still need some of the money to help run the company sustainably. While our goal is to have the majority of the fiat be converted into CRNC, we still need to make sure that all of our business expenses are being covered.
Can you please do a deep dive into staking? Why have you added this feature and where will staking rewards be paid from?
Within Current, we have a two-pronged earning system. So 1000 points equals one dollar and these points can be redeemed for a variety of rewards, or converted to CRNC. The idea behind staking was that by buying and locking up these , users would be able to earn more and earn faster than they would be able to normally. As such, there are no new being created and sent to users.
By staking, can you passively generate a return, or do you have to use the app?
It depends on exactly how you define passive returns, but in order to generate additional rewards from staking, you will need to use the app.
How are we positioning ourselves with respect to other music streaming apps?
To answer this question, we have to think about what our target user is. In our case, we are looking largely at budget-conscious people who aren’t able or willing to pay for a typical media subscription. By giving them a platform to listen to music while also earning for doing things that they do habitually anyway, we are providing a tremendous amount of value that easily differentiates us from other platforms. We also have lots of free features that other platforms may not provide or charge for like offline listening and no audio ads.
Why have the earning and redeeming features been removed from the iOS app?
Earning hasn’t been entirely removed from iOS, rather it has been split into two different apps, one app for listening, and the other app for rewards and redemption. The reason that we did this was largely to test various B2B opportunities that we have that are made much easier by having our earning and redemption features separate from the music features. Another thing to keep in mind is that a move like this is not unprecedented as we have seen other large platforms make similar moves like what Facebook did with Messenger. With that said, Android is still staying as one app while we test this two app approach with iOS.
Why haven’t we seen much marketing from the team?
Recently, our focus has been product development and making sure the platform is working well. We haven’t yet released earning on iOS and only just recently released it on Android. Because our product hasn’t fully been finished yet, it doesn’t make sense to spend a lot of money on marketing when we would likely not retain any of the users that we got. With that said, we have started to do more PR and have started marketing our Android app. This past weekend we were on TV and have a lot more coming. We just want to make sure that the money we are spending on marketing and PR is well spent and shows real returns as far as user growth.
How does the company plan to make money?
The main way we make money is through a revenue share with our users. As advertisers come through and buy space within the Current ecosystem, a portion of the money that they pay for ad space goes to the users who see the ads, and the rest goes to us.
Published at Fri, 03 May 2019 22:23:23 +0000
