By doing this, they helped ordinary people become celebrities, many of whom are now enjoying more influence than television networks and print media. The same can be said of music streaming services like Spotify and iTunes, which now allow musicians to skip the label and upload their songs directly to platforms through services like DistroKid among others.

While this is an impressive feat, it needs to be improved to say the least. According to Jack Cheng, co-founder of GazeTV, a blockchain-based social entertainment platform:

“Content creators don’t have many options until they become popular or have a large number of followers, and even then, they can be quite easily frowned upon. If you remember the early days of YouTube, the platform did not make money. The platform makes money as part of a great engine. To generate data. ”
Leading content platforms are keeping aspiring creators in the dark when it comes to their reward policies, frequently demonizing videos and many creators deleting their videos or preventing them from being tracked. Some felt that their channels had been completely removed or had their circulation completely canceled without prior notice.

Cheng believes blockchain technology could help change this while providing creators with higher income, telling Cointelegraph, “It’s important to have a transparent place for creators that allows viewers to reward the creators themselves.”

What is really going on?
While it is difficult for content creators to monetize their own content – despite strict regulations, frequent demonization, and generally low revenues – ad networks are still making millions of dollars by serving ads and collecting user data. This data is then transferred unintentionally and is often reluctantly passed on to third parties for further advertising. All of this is done without a single fee that is shared with the creators of all that value: the content consumer.

Creative people want to change that. This is already happening with several other industries such as financial services, which have been disrupted by the rise of decentralized finance, or DeFi. Blockchain technology can now finally impact the entertainment world and bring advertisers and creators together, eliminate middlemen, and allow all parties involved to receive appropriate compensation. EllioTrades, a YouTube crypto creator and co-creator of the Superfarm NFT project, told Cointelegraph:

“Commitment is what matters, and the reality is that YouTube and Twitter have unparalleled reach. Until a competitor can provide the right tools for creators to create their own brands, there aren’t many alternatives to these established brands. Nearly all content creators know this. Despite the periodic censorship of these platforms, the creators are steadily expanding their channels on them.
Incentives using blockchain technology
Multiple platforms aim to address controversial revenue recommendations for different entertainment platforms through the use of incentives and rewards so that the creators and audiences can participate in each other and shape the community.

For example, in GazeTV, users can support creators with ERC-20 GAZE tokens, depending on their preferences and tastes, which can be won, wagered and exchanged. This way, content creators can track exactly how they are receiving compensation. This gives creators more opportunities to benefit from the content. Cheng told Cointelegraph, “I don’t think this is a binary option. You don’t need to leave other platforms like YouTube to be on GazeTV.”

Other platforms include You42 and AIOZTube, the leading decentralized app or DApp on the Aioz network. These platforms are designed to create new ways to reward content creators fairly while providing improvements in other areas such as privacy and ad fraud.

Is the system not working?
While it is easy to point fingers at “greedy” companies like Spotify or YouTube, it is important to get a comprehensive overview of all the issues involved in providing audio and video streaming services such as the ones mentioned. Such platforms seem simple to regular users, but they are very complex and expensive to operate.

So far, these services run on cloud servers, are expensive and can cause problems with actual content delivery. Issues like low bit rates and poor video quality, among others, continue to hamper these services – and blockchain technology cannot completely solve this problem.

Source: CoinTelegraph