How Web3 can prevent Hollywood strikes
Streaming video is one of the fastest-growing markets in the world, with the OTT video industry alone projected to reach $200 billion in 2023. Short for “over-the-top” video, the OTT video ecosystem includes on-demand video as well as ad-supported video content, and it is mainly driven by the growth of established Web2 streaming platforms, including Netflix, Hulu and Disney+.
The streaming video market is expected to grow at 14.3% CAGR. Source: Replay
While the reports project an $300 billion revenue for the streaming video business by 2027, the lopsided revenue-sharing mechanics of the industry creates an unhealthy balance between the creators of value and the platforms distributing that content. The centralized nature of the video streaming ecosystem allows for opaque distribution and lets platforms capture the vast majority of the revenue, leaving minimal value for video creators.
Although companies – ranging from talent agencies to tech projects – exist to broker and license content on behalf of the creator, they fail to track revenue accurately and mostly rely on manual record-keeping. The recent strikes started by the Writers Guild of America (WGA), Directors Guild of America (DGA) and SAG-AFTRA, the union representing actors in the United States, remind the film industry that the workers behind streamed shows are heavily underpaid and uninformed when they will get paid next, highlighting the issues in the traditional value distribution model.
Blockchain-based video distribution
One potential solution for mainstream media brands managing these issues lies in a decentralized, transparent video distribution ecosystem that utilizes the traceability and accountability qualities of blockchain technology. Replay, a decentralized video streaming protocol, aims to provide transparency and fairness to content creators and owners by building a video ecosystem with real-time compensation by monitoring content usage on playback and recording all data on a distributed ledger. The protocol can also gamify any video app with badges, missions and digital collectibles.
Replay’s first streaming service, RewardedTV, utilizes Web3 to reward viewers with digital tokens. Users can redeem reward tokens for digital goods, and the whole experience is gamified with features such as leaderboards and competitions.
How decentralized video streaming works for the benefit of creators and viewers. Source: Replay
Using Replay’s asset management portal, creators can get live insights into their content consumption data and have direct control over their business models. Replay also lets creators be in charge of their own distribution by allowing them to build first-hand relations with platforms, publishers and communities that wish to support creators.
Replay joins Cointelegraph Accelerator
Replay has become the latest participant of the Cointelegraph Accelerator program. Given the growth potential of a Web3-driven video industry, Cointelegraph Accelerator picked Replay for its U.S.-headquartered experienced team of 10+ employees hailing from within the video industry as well as its proven track record. “It’s incredibly exciting to be selected by Cointelegraph for this prestigious accelerator program,” said Krish Arvapally, CEO of Replay.
“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 hit 100,000 registered users, with over 4,000 video-on-demand (VOD) options and over 120+ linear and live channels. The platform provides access to over 20,000 titles, including those from popular brands like Yu-Gi-Oh!, The Washington Post and WatchMojo.