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 advances making a more horizontal media ecosystem possible.
In this segment, the panelists discuss how the changing entertainment economy will impact movie studios.
Justin Rezvani sees entertainment shifting from a top-down to a bottom-up model. “The new system will allow the people themselves to self monetize the system and self-own the system. The future movie studios, aren’t Fox and Disney. I think it's Mr. Beast building the next movie studio,” he says, citing the Youtuber whose channel boasts the largest following on the platform. “That's the future of where we're going. There's ownership from the community, not Wall Street.”
Marc LoPresti compares the ongoing shift to the advent of music streaming, and he argues that the future media landscape will be more user-friendly than ever.
“The good news is consumer behavior, consumer demand, consumer consumption patterns is driving a lot of this,” he says. “If you ignore what the consumer wants and how they behave and how they want to consume media, you run the risk of having no business at the end of the day.”
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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