The advent of the internet has brought revolutionary changes to almost every industry known to man. For example, the rise of Netflix directly coincides with the fall of video renting giant Blockbuster, in part due to Blockbuster’s arrogant assumption that they could outlast a company they should have bought out. But, hindsight is always 20/20.
With mega companies like Netflix, Amazon, Hulu, and YouTube / Google heavily involved in the video streaming industry, DVD and blu-ray sales have slumped dramatically. It is truly a new era for video streaming services. But what’s next on the horizon?
Blockchain companies like StreamSpace are entering the video streaming field with hopes of fixing some of the more glaring industry problems. The platform aims to expand content creator liberties, increase viewing choices, and cut down on third party costs.
How Blockchain Technology Promotes Creator Freedom
For content creators, centralized authorities call the shots. Traditional video streaming platforms control what is published and what is not–there’s no other way around it. No matter how much potential a film or project has, if the platform doesn’t want to air it, it won’t get aired. For existing and aspiring filmmakers, this means working at the mercy of large studios who have zero reason to reward hard work and creativity.
Unsurprisingly, this power can lead to censorship, which companies like Google / YouTube and Netflix have been accused of. In contrast to this prison-like landscape, blockchain technology gives content creators the ability to publish the materials they choose.
The traditional industry relies on brand names, multi-billion dollar advertising markets, and high profile studios to build audiences, but through the blockchain platform content creators can build their own audiences through direct interaction and product publishing. They can take matters into their own hands instead of relying on a system that continually crowds out the little guys.
How Blockchain Technology Promotes Viewer Freedom
For viewers, watching the same type of videos on the same platform can get boring. Additionally, traditional streaming platforms like Netflix, Amazon, and Hulu limit viewing choices in an attempt to predict which movies and shows will attract the most viewers. In essence, this is yet another example of a centralized body limiting the choices of individuals. Viewers are not in control of what they watch–they must choose from a selective, predetermined pool.
With StreamSpace’s platform, users have no such limitations. They are free to watch whatever they please. Because content creators are also free to publish the content they choose, the viewing pool is theoretically limitless. Viewers also have the opportunity to directly engage with content creators through forums and chat rooms, giving them the ability to recommend content or provide feedback. The symbiotic ecosystem can lead to satisfactory results for creators and viewers alike.
The platform’s flexibility is also accommodative to emerging technologies like virtual / augmented reality and immersive film content. For viewers, the genre choices are greatly expanded as are the video types.
How Blockchain Technology Makes Content Creation More Profitable
Like any industry, video streaming is dominated by money. The unfortunate reality is that centralized corporations like Amazon, Netflix, and Google / YouTube have all the power and can cut off content creators as they please, simply replacing them for in-kind creators. Or, if they choose, central entities can increase their cut as they please leaving creators with a decline in revenue. With major streaming sites like YouTube, this isn’t unheard of.
The decentralized blockchain marketplace puts content creators in control of their own content. They have the ability to set their own prices for their work, rather than following along with the decisions of a central authority who runs the network.
Thus content creators can price their products based on supply and demand as well as the quality of their products. The truly free market system allows creators to receive their fair share of the revenues. The removal of third party mediating entities dramatically cuts production costs for content creators and decreases prices for viewers. StreamSpace’s white paper notes that the platform will allow creators to take home over 90% of payments.
These platform features comprise the next revolutionary step in the video streaming industry, and they’re all empowered by blockchain technology.
More information in: StreamSpace
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