How Web3 can stop Hollywood strikes

Streaming video is likely one of the fastest-growing markets on the earth, with the OTT video trade alone projected to succeed in $200 billion in 2023. Quick for “over-the-top” video, the OTT video ecosystem contains 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 anticipated to develop at 14.3% CAGR. Supply: Replay

Whereas the stories challenge an $300 billion income for the streaming video enterprise by 2027, the lopsided revenue-sharing mechanics of the trade creates an unhealthy stability 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 tasks – exist to dealer and license content material on behalf of the creator, they fail to trace income precisely and largely depend on handbook record-keeping. The recent strikes began by the Writers Guild of America (WGA), Administrators Guild of America (DGA) and SAG-AFTRA, the union representing actors in america, remind the movie trade that the employees behind streamed exhibits are closely underpaid and uninformed when they are going to receives a commission subsequent, highlighting the problems within the conventional worth distribution mannequin.

Blockchain-based video distribution

One potential resolution 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 offer 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 also 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 resembling leaderboards and competitions.

How decentralized video streaming works for the advantage of creators and viewers. Supply: Replay

Utilizing Replay’s asset administration portal, creators can get reside insights into their content material consumption information and have direct management over their enterprise fashions. Replay additionally lets creators be answerable 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 change into the newest participant of the Cointelegraph Accelerator program. Given the expansion potential of a Web3-driven video trade, Cointelegraph Accelerator picked  Replay for its U.S.-headquartered skilled group of 10+ workers hailing from throughout the video trade in addition to its confirmed monitor file. “It’s extremely thrilling to be chosen by Cointelegraph for this prestigious accelerator program,” mentioned Krish Arvapally, CEO of Replay.

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

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