LTS currently has two confirmed customers and two major POC projects in play:
Confirmed:
- manage the royalty payments for an animated show produced in Nigeria and South Africa, which has been signed by a major international cartoon channel. Total show value +/- USD$20 million. Project would handle the royalties for show airing and any subsequent merchandise sales
- manage the royalties and payments for the 25+ participants in a major documentary series (pending final show approval). Contract would manage the payments to participants in 20+ countries across five continents to ensure each is paid the same amount and give them contract protection
POCs:
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Manage the royalty payments for a large entertainment segment across South Africa that currently experiences mismanagement and delays in payment of said royalties. This project aims to supplement then replace the existing payment repatriation process, with the total market worth approximately R500 - R750 million per year (USD$33 to USD$50 million). As these entertainment royalties are accumulated and dispersed every year, this would be an ongoing concern, providing entertainers with security and transparency around their payments.
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Implement smart contract payment solution for an entire team in a major professional league in North America. Payments include base game payments plus performance targets. If successful, the POC will be carried over to a second team in the league in 2023, with a proposal made to the entire league for adoption.
LTS is a going business concern, and requires funding to expand our development team to deliver on these POCs, which in turn will be used as a basis for our confirmed customers. LTS's business aim is to deliver an affordable smart contract service for performance-based earners and organisations to better handle their contract requirements. With specific attention to the South African POC leg, we have been mapping and planning this project since mid-2020.
With actual business contracts and POC opportunities in place, servicing projects totaling over USD$50 million in yearly revenue, LTS is well placed to deliver an effective smart contract solution that will address trust and transparency issues in multiple markets in South Africa and North America.
Our solutions would provide a working model for the sports industry, where players are regularly subjected to delayed payments based on manual calculations of performance-based targets, as well as complicated tiering of compensation. Currently, the National Basketball Association spends USD$600,000 annually on contract compliance for player payments.
We currently have one smart contract developer committed, however with the scope of the POCs and existing opportunities, we need to expand in this area.
Our proposal targets multiple KPIs in the B2B:B2C challenge
- A Feasibility Study / Proof of Concept / Minimum Viable Product that could be built on Cardano - CHECK
- An existing business-ready product or service that could be converted to run on Cardano - CHECK
- A business-oriented training or consultancy service - CHECK
- A prototype or demo in operational environment - CHECK
- A creation of model of a system or subsystem - CHECK
Our main challenges are around:
- Speed of delivery: the POC/MVP for the sporting environment is time-sensitive. This is a professional sports league in North America, and a working MVP solution is required by the end of September, to run alongside existing systems before the end of the
- Adoption: in the South African royalties space, there is a danger of non-acceptance of new technologies, even though it will definitely solve a raft of issues. Education and clarity will be required
- Securing of additional skills: with very little time to start on our solutions, securing the right smart contract developer skills will be a challenge.