How Web3 can forestall Hollywood strikes

by Jeremy

Streaming video is among the fastest-growing markets on the earth, with the OTT video business alone projected to achieve $200 billion in 2023. Quick for “over-the-top” video, the OTT video ecosystem consists of on-demand video in addition to ad-supported video content material, and it’s primarily pushed by the expansion of established Web2 streaming platforms, together with Netflix, Hulu and Disney+.

The streaming video market is expected to grow at 14.3% CAGR. Source: Replay

The streaming video market is predicted to develop at 14.3% CAGR. Supply: Replay

Whereas the experiences venture an $300 billion income for the streaming video enterprise by 2027, the lopsided revenue-sharing mechanics of the business creates an unhealthy steadiness between the creators of worth and the platforms distributing that content material. The centralized nature of the video streaming ecosystem permits for opaque distribution and lets platforms seize the overwhelming majority of the income, leaving minimal worth for video creators.

Though corporations – starting from expertise businesses to tech initiatives – exist to dealer and license content material on behalf of the creator, they fail to trace income precisely and largely depend on guide record-keeping. The latest strikes began by the Writers Guild of America (WGA), Administrators Guild of America (DGA) and SAG-AFTRA, the union representing actors in the US, remind the movie business that the employees behind streamed exhibits are closely underpaid and uninformed when they’ll receives a commission subsequent, highlighting the problems within the conventional worth distribution mannequin.

Blockchain-based video distribution

One potential answer for mainstream media manufacturers managing these points lies in a decentralized, clear video distribution ecosystem that makes use of the traceability and accountability qualities of blockchain know-how. Replay, a decentralized video streaming protocol, goals to supply transparency and equity to content material creators and house owners by constructing a video ecosystem with real-time compensation by monitoring content material utilization on playback and recording all information on a distributed ledger. The protocol may gamify any video app with badges, missions and digital collectibles.

Replay’s first streaming service, RewardedTV, makes use of Web3 to reward viewers with digital tokens. Customers can redeem reward tokens for digital items, and the entire expertise is gamified with options similar to leaderboards and competitions.

How decentralized video streaming works for the benefit of creators and viewers. Source: Replay​​​​​​​

How decentralized video streaming works for the good thing about creators and viewers. Supply: Replay

Utilizing Replay’s asset administration portal, creators can get stay insights into their content material consumption information and have direct management over their enterprise fashions. Replay additionally lets creators be accountable for their very own distribution by permitting them to construct first-hand relations with platforms, publishers and communities that want to assist creators.

Replay joins Cointelegraph Accelerator

Replay has turn out to be the newest participant of the Cointelegraph Accelerator program. Given the expansion potential of a Web3-driven video business, Cointelegraph Accelerator picked  Replay for its U.S.-headquartered skilled staff of 10+ staff hailing from inside the video business in addition to its confirmed observe file. “It’s extremely thrilling to be chosen by Cointelegraph for this prestigious accelerator program,” mentioned Krish Arvapally, CEO of Replay.

“In an internet world that’s more and more devoted to streaming and video, this partnership is a testomony to our progress in constructing the open Web3 commonplace for monitoring and monetizing video engagement.”

As of Could 2023, RewardedTV hit 100,000 registered customers, with over 4,000 video-on-demand (VOD) choices and over 120+ linear and stay channels. The platform supplies entry to over 20,000 titles, together with these from fashionable manufacturers like Yu-Gi-Oh!, The Washington Put up and WatchMojo.

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