Recent Hollywood strikes, stirred over the unbalanced distribution of streaming video industry value, found a remarkable new-smithy in the concept of Web3. With the streaming video industry projected to reach a staggering $200 billion by 2023, it’s worth noting the escalating dangers inherent in centralized systems.
Web2 streaming platforms, led by established entities such as Netflix, Hulu, and Disney+, have driven the growth of this sector. Yet, the prediction of the streaming video market hitting $300 billion revenue by 2027 uncovers an unhealthy balance between the creators and the platforms distributing content. This, unfortunately, leaves minimal value for video creators, shining a light on the profound loopholes within the traditional value distribution system.
From striking Writers Guild of America (WGA) members to the Directors Guild of America (DGA) and SAG-AFTRA, there’s clear evidence that the workforce behind the streamed shows is underpaid and uninformed about their subsequent payment schedules.
However, blockchain-based video distribution could be the answer. Replay, a decentralized video streaming protocol, aims to bring fairness and transparency to content creators and owners by constructing a video ecosystem that utilizes blockchain’s traceability and accountability properties. Real-time compensation, monitoring content usage on playback and ensuring every data’s decentralized record-keeping — these are some of the beneficial solutions proposed by the protocol.
Replay’s first streaming service, RewardedTV, takes advantage of Web3 to reward users with digital tokens. The emphasis is on offering an engaging experience, through gamified features including leaderboards and competitive events.
The creators can also tap into their consumption data live and control their business models. Replay puts the creators in the driver’s seat of their distribution, offering direct links to platforms, publishers and supporting communities.
Replay is now part of the Cointelegraph Accelerator program, hinting at the potential growth of a Web3-driven video industry. Krish Arvapally, CEO of Replay, projected excitement about their partnership and stressed their commitment to developing the open Web3 standard for tracking and monetizing video engagement.
This initiative in the crypto world is a promising stride towards an equitable value-distribution model and more comprehensive transparency within the streaming video industry. As Replay basks in its new partnership with the Cointelegraph Accelerator, there is a wealth of expectation and promise blooming in this niche. The Web3-driven future, if executed correctly, could indeed prevent future Hollywood strikes while providing a more balanced ecosystem for all parties involved.
Source: Cointelegraph
