Web2 media taken over by Web3

Web3 media is changing the game of the past.

We are in an era of peak cultural productivity. In 2020, about 40,000 new songs are uploaded to the spotify platform every day, and in 2021, the number is about 60,000 songs per day. (Note: spotify is a Swedish online music streaming service platform, currently the world’s largest streaming music service provider, with 365 million users as of June 2021)

On Steam alone, 11,773 games will be released in 2021 (about 32 new games per day), up from 6,463 in 2017. It currently hosts over 69,000 games in its game library. (Note: Steam is a digital distribution platform that provides functions such as digital rights management, multiplayer games, streaming media and social networking services. It is currently the largest digital distribution platform in the world of computer games.)

Web2 media taken over by Web3

In the U.S., 559 new original scripted series were released on broadcast and streaming platforms in 2021, more than double the number in 2012.

In the streaming catalog, you can find nearly 160,000 movies and 30,000 movies and TV shows from around the world.

Web2 media taken over by Web3

But with so much output

  • At present, there are about 8 million creative artists on the Spotify platform, but from the perspective of Spotify artist creation revenue, 0.7% of the artists have taken 90% of the total revenue.
  • 98% of games released on Steam come from independent studios, and 78% of games that sell more than 500 copies come from top publishers in the industry.
  • Netflix publishes a list of the top 10 most popular shows (other streamers don’t even have it), but such a top list also has a power-law distribution. The top show may be 5-63 times more popular than the No. 10 show.

The lower the ranking, the bigger the gap with the top program

Web2 media taken over by Web3

Web2 media taken over by Web3

Web2 media taken over by Web3

1. Web2 disrupts the old business model that has dominated decades

  • Sell ​​physical music albums and physical game discs, and go to the cinema with movie tickets
  • A cable (or Internet TV) model that monetizes through traditional TV advertising and subscriptions.

In the long run, this can put content creators in a bind.

A happy distribution of benefits?

This makes it tough for independent producers in various fields to compete.

For music and video, even the most talented artist, his or her income is determined by a few. (This means that there is an upper limit, an upper limit determined by a few people)

While the platform pays top creators huge sums (e.g. JJ Abrams, Shonda Rhimes, Joe Rogan on Spotify) However, the rising stars and these top talents are not on the same starting line, and they lose the opportunity to show their potential and get rewards.

Netflix’s most-watched show ever (watched by more than 142 million households), “The Squid Game,” was purchased for just $21.4 million.

Web2 media taken over by Web3

Web2 media taken over by Web3

The above examples show that in the Web2 era, while artists created benefits for the platform, they did not receive equal due remuneration.

Web3, on the other hand, is changing that – by limiting or even completely eliminating the influence of the platform and reorganizing the new media structure by the community.

A new way to fund, share and distribute creative work

Music NFT is empowered: 1. Fans fund artists 2. Holders gain potential benefits (if the artist is successful)

  • NFTs become a status symbol for participating in DAOs (games or IP creation)
  • Artists Explore New Models of Community Building
  • In the music NFT space, many markets are developing

Music royalty investments (e.g. @join_royal)

Web2 media taken over by Web3

Song and album ownership in NFT (eg @sound.xyz)

Web2 media taken over by Web3

On-chain music creation (e.g. @arpeggi_labs)

Web2 media taken over by Web3

Music crowdfunding (e.g. project on @viamirror: @goodkarmadao)

Web2 media taken over by Web3

So far in 2020, nearly 1.7 million music NFTs have been sold with a total value of over $146 million (@water_and_music data).

Participants include indie musicians like @CallMeLatasha and @Verite, as well as established rappers like @SnoopDogg.

Web2 media taken over by Web3

At the same time, a large number of visual NFT projects have emerged. This makes the entire industrial ecology richer.

for example:

@jenkinsthevalet provides access to the team’s subsequent media projects through Writer’s Room NFT

Web2 media taken over by Web3

@nounsdao’s Nouns NFT was featured in a Super Bowl 2022 ad, which the team hopes will serve as a publicity in reality

Web2 media taken over by Web3

Teams like @Treasure_DAO and @hyperloot_ try to apply @dhof’s Loot NFT to games

Web2 media taken over by Web3

As @Chris Dixon said, these projects not only mean creative freedom, they also free artists and developers from traditional corporate structures.

Tokens have the property of being self-marketing; the success of a project is tied to the holder or participant, not the company.

Traditional media in an endless loop

In traditional media, large corporations invest in games and film projects, but these projects only account for a small percentage of the company’s revenue. Detective Pikachu, for example, was a box-office success, but was still less than 1% of Warner’s total.

Web2 media taken over by Web3

Web2 media taken over by Web3

Traditional media don’t care about the work itself, it means nothing to them.

The permissionless nature and composability of web3 can unlock creative freedom and greater economic potential not possible in Web2.

Where to go?

It is worth pointing out that music NFTs and visual NFTs are at different stages of development, and more attempts are needed in both areas.

Artists who launch musical NFTs are generally unsigned indie musicians (to plan and manage their careers), or stars with established masterpieces (such as Nas, whose fame affects the popularity of NFTs). Their success will encourage more artists to create music in web3.

Then something is necessary:

  • More Recording “Companies” in DAO Form
  • Non-web2 format music recommendation channel
  • Music platforms based on interoperability (composability) between music royalties and NFTs (e.g. @_garretthughes @jzstern)

When it comes to gaming and entertainment, teams should work harder to get the word out in the real world. @nounsdao has done a great job on this.

A few months ago, @FEhrsam posted Virgil Abloh’s early plans to organize a web3 artist collective. This photo impresses me.

Web2 media taken over by Web3

Disney became an iconic brand because they recognized early (since Disneyland opened in the 1950s) that people have an instinct to experience things. But in the near future Disney will be surpassed because we (Web3) have the ability to create a decentralized brand and IP.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/web2-media-taken-over-by-web3/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-03-21 09:17
Next 2022-03-21 09:19

Related articles