Streaming video industry and the problem of revenue-sharing
Streaming video is a rapidly growing market, with the OTT video industry projected to reach $200 billion in 2023. However, the revenue-sharing mechanics of the industry are heavily skewed towards the platforms, leaving minimal value for creators. This centralized nature of the ecosystem allows for opaque distribution, resulting in underpaid and uninformed creators.
The potential of blockchain-based video distribution
To address these issues, a decentralized and transparent video distribution ecosystem is needed. Replay, a decentralized video streaming protocol, aims to provide transparency and fairness to content creators and owners by utilizing blockchain technology. The protocol allows real-time compensation for content usage and records all data on a distributed ledger. Creators also have control over their business models and can build direct relationships with platforms and communities.
RewardedTV: A gamified streaming service
Replay’s first streaming service, RewardedTV, rewards viewers with digital tokens using Web3 technology. Users can redeem these tokens for digital goods, and the platform gamifies the experience with features like leaderboards and competitions. As of May 2023, RewardedTV has reached 100,000 registered users and offers a wide range of video-on-demand options and live channels.
Benefits for creators
Replay’s asset management portal provides creators with live insights into their content consumption data, allowing them to have direct control over their business. It also enables creators to build relationships with platforms, publishers, and communities that support them, giving them more control over their distribution.
Replay’s partnership with Cointelegraph Accelerator
Replay’s partnership with Cointelegraph Accelerator is a testament to their progress in building the open Web3 standard for tracking and monetizing video engagement. This collaboration highlights the potential for blockchain technology to revolutionize the streaming video industry and create a more fair and transparent ecosystem for creators and owners.
Hot Take:
The streaming video industry has experienced tremendous growth, but the revenue-sharing model has left creators underpaid and uninformed. Blockchain technology, as demonstrated by Replay’s decentralized video distribution ecosystem, offers a potential solution by providing transparency and fairness. By empowering creators with real-time compensation and control over their business models, blockchain can reshape the industry and create a more equitable environment for all stakeholders.
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