The last two decades of technological advances have radically transformed the entertainment landscape. Web2 platforms, from Youtube to Spotify to TikTok, have given individuals the tools for creating and distributing their own content. But the media ecosystem remains linked to the established institutions of yesteryear, and the platforms still pose barriers for creators seeking to both monetize their work and remain independent. Web3 technology could change that. A group of experts joined Roundtable to discuss how the blockchain makes a more horizontal media ecosystem possible. In this segment, the panelists discuss the barriers that existing media platforms pose to independent creators.
Justin Rezvani explains that advertising hasn’t yet caught up with the rapid shift in how media is produced and disseminated.
“We're just seeing media become more decentralized. Now an individual with a cell phone can create content anywhere in the world, and that content is now disseminated onto more of these phones,” he says.
“What's been broken in the system is the path to the monetization. You used to have these things called 'up-fronts,' where advertisers would go to one place and spend all their money on these big broadcasts. That's not how people consume anymore.”
Taylor Ferber notes that tech companies continue betting on content for massive audiences, while creators are moving towards developing smaller, more committed fanbases.
“Don't even get me started with the dinosaurs running these companies," she says. "From an advertising point of view, they want to see huge numbers, but they have no vision. They want to see that you have five million followers, and it doesn't always translate. I just think it's so shortsighted. I'm really looking forward to this new era where we're in control. We can reach the consumers directly.”
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Watch the full discussion below:
Taylor Ferber, Host, Cancel Me! Podcast
Justin Rezvani, CEO, Zion
Marc X. LoPresti, Co-Founder, Battlefin Group