Web3 is considered the next stage of the internet, promising to revolutionize businesses and industries, including finance and entertainment. Blockchain technology-based applications offer users more control over assets and data in contrast to the centralized power held by today’s tech giants. However, Phil McKenzie, co-founder of MyCo, a Dubai-based streaming platform, believes in the importance of marrying Web2 and Web3 to reap the maximum benefits of both.
McKenzie spoke to Decrypt at the inaugural MetaCannes Festival in France, explaining that Web3 has the potential to solve various issues faced by the entertainment sector, such as content consumption. MyCo rewards users with cryptocurrency for watching content on its platform, flipping traditional content consumption methods. As the company expands its offerings, it is keen to include live sports, podcasts, and short-form content.
Moreover, MyCo plays a role in producing, acquiring, and financing projects showcased on its platform, including movies, TV series, and short films. McKenzie acknowledges the similarities between this approach and traditional media events like MetaCannes, which ran parallel to this year’s Festival de Cannes. He admits Web3 has yet to go mainstream and stressed the importance of engaging with producers, sales agents, distributors, and financiers in the traditional space.
Forging partnerships with established media organizations is crucial for MyCo’s growth. According to McKenzie, the platform’s unique position enables it to serve as a bridge, helping traditional media organizations venture into the emerging era of content distribution. While onboarding people presents challenges, McKenzie is confident that MyCo’s Web3 elements are leveraged primarily by its users rather than the company’s production and procurement methods.
However, the distinctions between the two might blur in the future. McKenzie mentioned potential plans for utilizing the platform to generate funding for future projects. MyCo’s streaming platform splits revenue between users and creators- 35% going to viewers and 65% to content license holders. With MyCo recently surpassing its 2 millionth user, it’s evident that an increasing number of users are earning crypto while watching content on the platform.
This “watch-and-earn” model paves the way for a modern, innovative representation of content streaming and consumption. By integrating Web2 and Web3 elements effectively, companies like MyCo can remain agile while entering uncharted territories in the entertainment sector. The creation of a symbiotic relationship between traditional media and blockchain technology can pave the way for sustainable growth and evolution in the content distribution landscape.
Source: Decrypt
