Thus, the ordinary people helped to become famous celebrities, many of whom now have greater influence than TV networks and print media. The same can be said for music streaming services like Spotify and iTunes, which now allow musicians to skip the record label and just upload their songs directly to platforms through services like DistroKid and others.
While this is, to put it mildly, fantastic performance, the model still needs improvement. According to Jack Cheng, co-founder of GazeTV, a blockchain-based social entertainment platform:
“The creators do not have many opportunities until they become popular or have a large following, and even then they can be photographed quite easily. If you think about the early days of YouTube, the platform is not profitable. The platform is making money these days. As part of a great data generation engine. ”
The best content platforms keep ambitious creators in the dark when it comes to their compensation policies, which leads to frequent satanic video operations and also results in many content creators being removed or banned from the shadows. Some have seen feeds completely removed or distribution stopped completely without warning.
Cheng believes blockchain technology can help change this by providing better revenue generation for creators, telling the Cointelegraph: “It is important to have a transparent place for creators that allows viewers to reward creators themselves.”
What’s really going on?
While content creators struggle to monetize their content – in the face of many strict rules, frequent satanic operations, and generally low revenue – ad networks still make millions of dollars from displaying ads and collecting user data. This data is then inadvertently and often inadvertently passed on to third parties to target ads. All this is done without sharing a single bonus with the creators of all that value: the content consumer.
Creative people want to change that. This is already happening with many other industries such as financial services, which have been disrupted by the advent of decentralized finance or DeFi. Now blockchain technology can finally influence the world of entertainment and bring advertisers and creators closer together by removing intermediaries and allowing all parties involved to compensate for this. EllioTrades, a YouTube coder and co-creator of the Superfarm NFT project, told Cointelegraph:
Sharing is what matters, and YouTube and Twitter have unique access. Until a competitor can provide creators with the tools they need to build their own brands, these established companies do not have many options. Almost all creators know this, so despite periodic censorship on these platforms, the creators are expanding their channels there. ”
Incentives that use blockchain technology
Many platforms seek to address controversial revenue generation guidelines for different entertainment platforms by using incentives and rewards so that creators and audiences can interact and form a community.
In GazeTV, for example, users can support creators with ERC-20 GAZE tokens, depending on their preferences and tastes, which can be earned, pledged and exchanged. This way, content creators can track exactly how they are compensated on the blockchain. This gives creators more opportunities to monetize the content. You do not have to leave other platforms like YouTube to get on GazeTV, ”Cheng told Cointelegraph.
Other platforms include You42 and AIOZTube, the leading decentralized app or DApp on the Aioz network. These platforms aim to create new ways to reward content creators fairly, as well as implement improvements in other areas such as privacy and ad fraud.
Is the system not working?
While it is easy to point the finger at greedy companies such as Spotify or YouTube, it is important to gain a comprehensive understanding of all the challenges associated with offering audio and video streaming services such as those mentioned above. Such platforms seem simple to the average user, but they are very complicated and expensive to operate.
Until now, these services run on cloud servers, they are very expensive and can create problems when it comes to the actual delivery of content. Problems such as low broadcasting, poor video quality and picture time, among other things, hinder these services – and blockchain technology can not completely solve this problem.
Yes, at best, blockchain technology can increase incentives by allowing advertisers and creators to interact directly and remove ad networks as intermediaries, but the problem of content delivery remains.