Manchester, United Kingdom – 1st October 2018: Bidooh, a real-time, real-audience, digital advertising platform, is pleased to announce that is has today launched an Initial Coin Offering (“ICO”) pre-sale of its cryptocurrency, DOOH Token.
Bidooh is the world’s first facial analysis, digital billboard software platform on the blockchain, promising to revolutionise the $34.8 billion Out-of-Home (“OOH”) advertising industry through democratisation, engagement and transparency.
Fully compliant with GDPR, its technology was inspired by the scene in the film Minority Report where Tom Cruise’s character walks towards a screen and it changes. The company provides a complete turnkey platform which allows businesses to create an advert on the Bidooh app or website and book space in real-time. Within 60 seconds, this is displayed on a selected screen around the globe and data analytics is made immediately available for advertisers to measure the performance of their campaign.
Industry regulators consider the process of purchasing outdoor advertising space to be slow, outdated and inefficient. With Bidooh, any business – no matter how small or local – can become an advertiser and any screen can become an advertising screen by plugging a Bidooh Box into the HDMI port.
The company has an MVP in place and screens live in multiple locations, along with an ever-growing number of global partners.
Abdul Alim, Co-founder and CEO, comments: “Out-of-Home advertising is a multi-billion dollar industry that is overdue for innovation. By providing real-time advertising – analysed and verified on the blockchain – Bidooh is presenting the future of digital billboard advertising. The DOOH Token sale will provide the impetus to advance our partnerships, further develop our platform and roll it out at speed. We welcome all those who share our vision and look forward to updating the market on our progress.”
Bidooh’s key features
The OOH advertising industry suffers from inflexibility and overreliance on a small number of expensive media agencies. Bidooh’s end-to-end platform does not restrict advertisers by minimum spend or long-term commitments, meaning that adverts can be created on even the smallest of budgets and immediately displayed on any selected screen. This supports the local economy and provides businesses of all sizes, from startups to multinationals, with access to OOH advertising.
Bidooh Boxes use specific pattern detection algorithms to recognise facial points and assign each person viewing the screen with a unique ID. This allows advertisers to target their campaigns and ensure they reach the right audience, based on demographics such as gender, age, physical attributes or brands and style of clothing. Those who download the consumer app will be rewarded with DOOH Tokens for engaging with the adverts, which can then be used to buy advertising space, traded with network owners or redeemed at participating retailers and restaurants.
In the new world of advertising, businesses must react to the market immediately. Yet, OOH advertising is still analysed based on footfall figures, which are at best inefficient and at worst completely inaccurate. Bidooh’s in-built facial analytics allows marketers to receive real-time impressions and audience data, allowing them to optimise their budget spend. This data is then timestamped and written on to the blockchain to ensure the data is 100% accurate and verifiable.
Bidooh has been developed to address the high-growth global billboard OOH market, which is currently worth $34.8 billion per annum. In total, the global outdoor advertising market is expected to grow to $45.46 billion by 2021 (Technavio & AmaZix).
About the DOOH Token
The DOOH Token is an ERC20 utility token built on the Ethereum blockchain. Each DOOH Token will be redeemable for 10 seconds of advertising space on the Bidooh platform. Once the advertiser has submitted their advert, the transaction will be stored on the Ethereum blockchain along with all data and performance metrics around the advert campaign. The use of self-executing smart contracts will allow DOOH Token transactions to occur and be recorded in real-time.
About the ICO
The pre-sale commences today and will conclude on 30th October at the earliest.
The ICO will take place on 31st October and will conclude on 30th November at the earliest, or until all the tokens allocated for this phase have been distributed.
Bidooh has allocated 70% of its 126bn DOOH Tokens for the token sale. 15% of the tokens are being kept in reserve to be used for the bounty programme, airdrop, partnerships and other promotional activities, and 15% will be allocated to Bidooh’s team and advisers.
The token sale has a soft cap of $5 million USD and a hard cap of $25 million. The company is adopting a 15% bonus scheme for those who purchase DOOH Tokens within the first 10 days of the pre-sale, with the policy to be reviewed subsequently.
The token economics have been calculated to allow token purchasers to benefit from value accretion through holding their tokens. The platform currently charges a minimum of 1p (1.4 cents) to place a 10 second advert on Bidooh screens, or $28 for 2,000 adverts. At the ICO price, the cost is $1 for 2,000 DOOH Tokens, making it 28 times cheaper than paying using fiat.
Until the completion of the ICO, the tokens will not be accepted for use on the Bidooh platform and is not currently being directly offered to advertisers or media agencies. As a result, management believes that this will produce a considerable uplift in the value of the discounted DOOH Token as advertisers seek to engage with the platform.
All DOOH Tokens that are not fully distributed during the entire token sale will be reallocated into the Reserve pool. This will continue to bring value to the ecosystem by allocating those tokens through partnerships.
Use of Proceeds
- 38.9% – Screen acquisition – to install at least 5,000 digital advertising screens
- 28.1% – Development – to complete build of the Ethereum-based blockchain smart contract
- 20.5% – Operational costs
- 12.5% – Sales and marketing