Why Every Creator Should Care About Web3 Right Now
For decades, a few powerful groups have dominated the entertainment industry. Studios and networks have decided what gets made and how revenues are split. In doing so, many talented creators have lacked the funding or creative control to bring their ideas to life. But things are set to change. New technologies have the potential to give power back to creators and even the fans themselves.
Going beyond Netflix
When it comes to disrupting the entertainment industry, streaming stands out as the obvious example. Netflix, Prime Video, Roku and others have changed how people consume media and the type of content that is trending. As of July 2023, streaming services became the predominant medium for viewers, accounting for over 38% of total TV viewing time.
It's not just the format that has evolved. Streaming has also changed the way people discover new shows or movies. Most famously, Squid Game became the most-watched show of all time on Netflix, generating over 900 million viewing hours in less than 15 days.
A South Korean series dominating English-speaking markets would have been unlikely before. Now, it's common to see non-English speaking shows thrive on streaming. Money Heist, Lupin and All of Us Are Dead are just some of the non-English speaking series that have gained traction through streaming. By having a wider range of choices for consumers, new shows can be discovered, and fan bases can be built.
But it's not all good news. With the rise in popularity, the bar for success has also increased, meaning shows that don't make the cut are quickly axed. From The OA to American Born Chinese, many shows have ended before they've even begun. It's here that we see the limit that streaming services can offer. Like the big incumbent studios of old, sooner or later, creatives get sidelined.
So if traditional streaming has reached its limit, the question becomes: What next?
Related: Web3 Is the Future of the Creator Economy
Going behind the camera
Web3 has the potential to bring creators back into the center stage. While the term automatically conjures up images of the metaverse, the reality is far more practical. Web3 — powered by blockchain, smart contracts and even NFTs — can redefine how we finance shows and movies. Instead of making deals behind closed doors, Web3 levels the playing field. Creators can raise funds directly from their audiences, build engaged communities around their IP and maintain control over their projects.
This solves a few problems with existing funding models in entertainment. Firstly, smaller creators have a greater opportunity to bring their concept to life. Secondly, creators do not have to compromise their IP or lose creative control. But most importantly, the end consumer is directly involved in the process. This means that the show has a committed following before episode one even airs.
This is not an untested approach. Crowdfunding is the standard for many creatives, with Kickstarter revealing that $2.63 billion has been pledged to Games projects alone. Using blockchain formalizes the process and makes it easier to create larger-scale productions.
Related: This Is What Content Creators and Entrepreneurs Need to Know About Web3
All about the fans
We can't underestimate the power fandom has in modern entertainment. Indeed, while many shows are axed, it's not uncommon to see fans help reverse the decision. For example, the Lucifer series was resurrected after it was officially cancelled due to fan outcry. The challenge here is one of perspective. When compared to giants like Game of Thrones or Stranger Things, smaller series may not look as successful. But that does not mean there isn't an appetite for more.
Capturing fan support can transform a passive audience into an active community. Web3 can enable a loyal fanbase to keep a show going, removing risk from streaming giants while enabling a series to continue. Going further, fans can gain benefits through investing and even returns if the series is a huge hit. It's a win-win.
Of course, many may argue that Web3 is redundant in this process when crowdfunding exists. While it's true that a blockchain-funded model would have similarities with the likes of Kickstarter, there are some key differences. Primarily, the use of an on-chain model provides increased safety for investors. For all its benefits, traditional crowdfunding has been riddled with scams and false promises. A blockchain model would provide greater accountability for users.
Related: The New Creative Economy Within Web 3.0
Blockchain streaming
But it's not for fans turned would-be investors. Through using blockchain as part of streaming, we can mitigate some of the challenges in the market. We've already seen how established streaming giants are increasing advertisements in the viewing experience, while still charging a basic subscription fee. In a new blockchain-based model, viewers could now "watch-to-earn" — generating money from viewing ad breaks, i.e., the revenues are fairly distributed to creators as well as consumers.
Going further, a user base can evolve into a Decentralized Autonomous Organization (DAO). This means that streamers can better understand their users, with viewers having a direct say in the voting and funding of shows they want to see. This not only keeps fans happy, but also ensures shows with a small but passionate fan base can still see the light of day.
Many assume that Web3's application in existing well-established markets is a passing trend. But when it comes to streaming, Web3, blockchain and NFTs are a structural evolution of the entertainment industry. They can unlock new ways to fund and distribute content, challenging one of this sector's main legacy issues. The future of entertainment is decentralized, inclusive and community-powered. And it's already underway.
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