New business model = win win win? YOUR FEEDBACK IS NEEDED!!!

Suggestions and comments should be left here.
User avatar
lu80
Posts: 20
Joined: Fri Oct 08, 2021 11:31 pm

New business model = win win win? YOUR FEEDBACK IS NEEDED!!!

Post by lu80 »

Actually i didn't want to register for this forum, but i think my idea might be able to take watzatsong a step further.

In addition to making samples premium for money i thought, why not paying people for naming songs?
So here it is:

Lets say you sell WZS-Coins to the users and they can spend those coins on songs they wanna see named.
The more people want a song named, the more coins will be in the pool for that song.

If someone names a song correct, he will get lets say half of the coins from the pool for that song.
So 50% is your profit, 50% is the profit of the user.
And the user can then spent that coins on songs he wanna see named OR (which would be even cooler) could get them payed out as real money, once he reaches a certain amount of coins.

If you think about it, this would be a huge incentive for people to search for songs and name them.
People who don't want to buy or can't afford to buy coins, would be able to get coins by naming songs and if you could even earn real money by naming songs, there would be a lot of people putting real effort into this page.

Watzatsong would win, as they probably would make more profit, users who name a lot of songs would win, as they could earn real money and everyone else would win too, as more songs would be named, cause more people would put effort into it.

Especially for old samples no one is listening to anymore, this could become a new dawn.

Of course it will need some fine-tuning like getting your points back if a song hasn't been named for a month or so after you put some coins on it and things like that.

But all in all i think this could become a bit of a gamechanger for this site.

--------------------------------------------------------------------------------------------
For those who will read this topic for the first time, here is another representation:

We want to integrate WZSCoins reward system to motivate more users to search and name songs. For their efforts they will get WZSCoins. Users that want their songs named faster, can offer a reward in WZSCoins. WZSCoins can be purchased with real money.

Let's say 1 WZSCoin = $0.10
WZSCoins can be purchased as packages with Credit cards or Paypal

Here is a simple scenario:

1. User makes a new post and in the process he/she can offer a reward for the person who finds the right song, lets say 10 WZSCoins. If you want that song identified so badly, you can add more coins as a reward at any time. Users can add rewards for old posts as well, not just for the new ones.
2. More people will be motivated to search for the song as they will get rewarded for their efforts
3. Once the song is identified correctly, the person who found the right answer and it gets confirmed by the poster will get 10 WZSCoins
4. When an user collects 1000 WZSCoins = $100, he/she can cash out for real money
5. Watzatsong.com will keep 50%(just putting 50% to explain the idea. It might be less) of the amount and pays the user $50
6. We can allow any user to add to the reward for those songs that have a lot of subscribers - The more people want a song named, the more coins will be in the pool for that song.

Note: All the numbers and % above are mentioned with the only purpose to give an idea how this can work out.

Pros:
1. Motivation - more people will search for songs as they will also get paid for their efforts
2. More traffic as more people will visit the website to try identify songs and make some extra $
3. More recognized songs as more users will be searching

Cons:
1. As you know we have a lot of music enthusiasts and this might be de-motivational for them and make them feel bad - the fact that we actually commercialize their efforts (biggest concern)
2. Will need more moderating resources as more users will try to cheat
3. Not all users have Paypal and will be hard to make pay-outs. Might integrate other methods once we know what users have.

Waiting for feedback from more users
BookOfBen
Posts: 55
Joined: Sat Oct 02, 2021 12:22 am

Re: new business model = win win win?

Post by BookOfBen »

I don't think it's viable to force people to pay to get their songs identified. Most people aren't willing to pay to have their songs identified, and even if they identify other songs to earn WZS-coins, if few people are willing to pay, then where's the money coming from?

It gets even worse if WZS takes a 50% cut. Suppose I don't want to pay to get my sample ID'd, so I identify a song. But WZS takes half, so I have half as much as I need to pay for my song ID. Ok, so I'll identify another song then. Cool, so 2 people have paid me, and now I have enough to get my song ID'd. For each person that doesn't want to pay for their song to be ID'd, there needs to be 2 people who ARE willing to pay.
User avatar
lu80
Posts: 20
Joined: Fri Oct 08, 2021 11:31 pm

Re: new business model = win win win?

Post by lu80 »

BookOfBen wrote: Sat Oct 09, 2021 5:09 am I don't think it's viable to force people to pay to get their songs identified. Most people aren't willing to pay to have their songs identified, and even if they identify other songs to earn WZS-coins, if few people are willing to pay, then where's the money coming from?

It gets even worse if WZS takes a 50% cut. Suppose I don't want to pay to get my sample ID'd, so I identify a song. But WZS takes half, so I have half as much as I need to pay for my song ID. Ok, so I'll identify another song then. Cool, so 2 people have paid me, and now I have enough to get my song ID'd. For each person that doesn't want to pay for their song to be ID'd, there needs to be 2 people who ARE willing to pay.
Well, i think you're wrong.
You might haven't seen it, but right now you can pay $0.99 for 1 hour premium, $4.99 for 12 hours premium and $9.99 for 48 hours premium.
That's not really cheap either and you don't even encourage people to identify that samples, you just increase the chance that more people listen to it and potentially someone knows the name, yet everyday people pay for that feature on here.

If WZS-Coins would cost like $0.10 each, for just $1 you would give someone the opportunity to earn $0.50.
Also there are a lot of samples that have a lot of followers, which are people who also wanna see that sample named.
So if those people buy some coins for like $1 a month, they can spend 10 coins on samples the are interested in.
One here, two there, another one here, ...
And on top, those coins wouldn't just be an incentive for an hour or 12 or 48, they'd be there for like a month or maybe three.

And yes, you're right, for every coin you could earn, it takes two people to pay for it (or one to pay double), but it's still better than it is right now, where just one pays and no other user earns anything, right?

In my eyes right now, this page is nothing more than a hobby for music-enthusiasts who get a sense of well-being, if they can identify a song.
If you can actually earn some money, by putting your time into searching for lyrics, listening through dozens of remixes to find the right artists and so on, there's a good chance, a lot more people will put their time into this, instead of just waiting for their own samples to be identified.
User avatar
Czar
Site Admin
Posts: 260
Joined: Tue Aug 31, 2021 6:57 pm

Re: new business model = win win win?

Post by Czar »

First of all, thank you for sharing this.
We are debating on this topic and I am sure more people will want to express their opinion here before we implement anything like that.
User avatar
juance
Posts: 23
Joined: Wed Sep 01, 2021 2:02 am

Re: new business model = win win win?

Post by juance »

I think a bounty system would give people more incentive to find difficult samples. If implemented correctly, I think it could be more effective at finding answers than just bumping a sample to the top of the homepage.

As for whether it would be as effective at generating profits, I'm unsure. If they were to incorporate this system on top of their current temporary promotion system, it might be counterintuitive. For example, people would probably be more inclined to pay to place a bounty rather than temporarily promoting a sample. If the site were to split the cut 50-50, they'd need double the amount of people paying for the service to make it as worthwhile as the current system.
BookOfBen
Posts: 55
Joined: Sat Oct 02, 2021 12:22 am

Re: new business model = win win win?

Post by BookOfBen »

If WZS-coins were to be introduced, I think that WZS should take a cut when a user wants to withdraw it instead of when a Song is identified.

Makes it simpler to code. All you have to do is give an exchange rate that favours WZS when a user converts to cash. It's also less complicated to reverse a decision if a proposal gets mistakenly accepted

Users who don't want to buy WZS-coins only have to identify 1 song to pay for their song to be ID'd

WZS will know what their profits are as soon as WZS-coins are bought. If they take the cut when the WZS-coins are cashed out, then they know that for every $1 spent on WZS-coin, they're getting $0.50.
user3322
Posts: 59
Joined: Sat Sep 04, 2021 7:42 am

Re: new business model = win win win?

Post by user3322 »

In my opinion, not all site members are solvent, so this idea is not entirely correct. But that's just my point of view)
Hernan
Posts: 47
Joined: Thu Sep 02, 2021 5:19 pm
Location: From a Place in Buenos Aires, Argentina
Contact:

Re: new business model = win win win?

Post by Hernan »

I mean, no offense to your idea but I'm not a huge fan. Paying money for naming songs? While rewarding, I think it won't work in the long run. The problem is no idea if you're talking about real cash or bitcoin cash. If it's the latter, then I'm sure the majority of us (including myself) are not into it. The million dollar question would be, where is WZS going to get all of the money to pay people for identifying the tracks?

You have said "no one is listening old samples anyone". This is untrue because sometimes I have old samples identified.

Personally, I think applying money to a hobby site is nothing more than a filthy practice.
- H
User avatar
lu80
Posts: 20
Joined: Fri Oct 08, 2021 11:31 pm

Re: new business model = win win win?

Post by lu80 »

Hernan wrote: Sun Oct 10, 2021 6:04 pm I mean, no offense to your idea but I'm not a huge fan. Paying money for naming songs? While rewarding, I think it won't work in the long run. The problem is no idea if you're talking about real cash or bitcoin cash. If it's the latter, then I'm sure the majority of us (including myself) are not into it. The million dollar question would be, where is WZS going to get all of the money to pay people for identifying the tracks?

You have said "no one is listening old samples anyone". This is untrue because sometimes I have old samples identified.

Personally, I think applying money to a hobby site is nothing more than a filthy practice.
Actually i wanted to just keep this discussion running without interfering anymore, but when i read your comment and also the one of BookOfBen or user3322 it more and more seems to me, that there is a very fundamental misunderstanding here, that i'd like to solve.

No one ever said anything about making people pay for anything! Okay?

The idea is that you CAN buy WZS-Coins and that you CAN spend them as a reward for other people to idenfity samples.
There is no "you have to".
Right now you also don't have to pay for premium to get your samples identified, you CAN buy it to increase your chances.

And it's the same thing with my idea, i don't even want to replace the existing premium thing, i just thought it would be great if you could pay money if you want to for a sample as an additional incentive for other people to identify it, cause they would be rewarded for it.
Hernan
Posts: 47
Joined: Thu Sep 02, 2021 5:19 pm
Location: From a Place in Buenos Aires, Argentina
Contact:

Re: new business model = win win win?

Post by Hernan »

Let me see if I get it... kinda like Reddit coins, right?
- H
Post Reply