How Web3 can Revolutionize Hollywood and Prevent Strikes
The streaming video market is experiencing rapid growth, with the OTT video industry projected to reach $200 billion by 2023. However, the current revenue-sharing mechanics within the industry create an imbalanced distribution of value between content creators and the platforms that distribute their work.
Blockchain technology offers a potential solution to this problem. By leveraging the transparent and decentralized nature of Web3, a new video distribution ecosystem can be built that ensures fair compensation for creators and transparency in revenue tracking.
The Problem of Revenue Distribution
Currently, centralized streaming platforms capture the majority of the revenue generated from video content, leaving minimal value for the creators. This lack of transparency and fairness has led to strikes by industry unions, such as the Writers Guild of America and the Directors Guild of America, highlighting the inequities in the traditional value distribution model.
Introducing Blockchain-based Video Distribution
Replay, a decentralized video streaming protocol, aims to address these issues by leveraging blockchain technology. The protocol enables real-time compensation for content creators by monitoring content usage and recording all data on a distributed ledger. This transparent and accountable system ensures that creators receive fair compensation for their work.
In addition to compensation, Replay also offers features to gamify the video streaming experience. Viewers can earn digital tokens as rewards for their engagement, which can be redeemed for digital goods. This gamified approach enhances user engagement and creates a more interactive and enjoyable experience.
The Benefits for Content Creators
Replay provides content creators with live insights into their content consumption data, allowing them to make informed decisions about their business models. Creators also have the ability to directly control their distribution by building relationships with platforms, publishers, and communities that support their work.
By utilizing Replay’s asset management portal, creators can track their revenue, manage their content, and optimize their monetization strategies. This level of control empowers creators and ensures they receive the recognition and compensation they deserve.
Replay Joins Cointelegraph Accelerator
Recognizing the potential of a Web3-driven video industry, Replay has joined the Cointelegraph Accelerator program. With its experienced team and proven track record within the video industry, Replay is well-positioned to revolutionize the streaming video market.
Krish Arvapally, CEO of Replay, expressed excitement about the partnership, stating, “It’s incredibly exciting to be selected by Cointelegraph for this prestigious accelerator program. In an online world that’s increasingly dedicated to streaming and video, this partnership is a testament to our progress in building the open Web3 standard for tracking and monetizing video engagement.”
As of May 2023, RewardedTV, Replay’s first streaming service, has already achieved significant success with 100,000 registered users, over 4,000 video-on-demand options, and more than 120 linear and live channels. The platform provides access to over 20,000 titles, including content from popular brands such as Yu-Gi-Oh!, The Washington Post, and WatchMojo.
In an era of increasing digital content consumption, it is crucial to ensure fair compensation for the creators behind the content. Replay’s blockchain-based video distribution ecosystem offers a promising solution to address the imbalances in the traditional value distribution model.
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