30s Summary

Blockchain-powered streaming platform Replay seeks to disrupt traditional video content monetisation models, rewarding both creators and viewers. The platform’s transparency and fluency in financial transactions offers a fairer, more immediate system of payment for creators while engaging users through a watch-to-earn model. Replay’s projects include a six-part TV series and a full-length film slated for release in late 2024, supported by community funding. Replay’s future plans involve partnerships with larger blockchain communities and independent creators, with a focus on decentralising content distribution.

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Blockchain tech is a game-changer for the video industry, helping solve the big headaches around how to make money and keep audiences hooked. A big player in this new game is Replay, a streaming platform powered by blockchain that’s all about rewarding both creators and viewers. By using a free ad-supported streaming service, Replay dishes out rewards for every hour you watch, whilst also supporting the creative process.

Replay’s boss, Michael Jelen, chatted to us about how they’re messing with the traditional media’s game, the part Web3 plays in creating content and how watch-to-earn models are leveling up creator success and viewer engagement.

He explained it’s all down to blockchain’s ability to record every transaction and viewership metric on a ledger that can’t be changed. This level of transparency makes sure creators get paid fairly and quickly, users get rewards for engaging, and that helpful user data brings creators and viewers closer together. No longer do creators need big powerful middle-men taking inordinate fees, hoarding data, and creating unnecessary distance between creators and their fans.

In old-school models, platforms might snatch up to 90% of the revenue earned from creative content. But in Web3 models like Replay, the power is put back where it belongs, in the hands of creators and their audience. Users get rewards for helping to build the community, creators benefit from real-time audience data and compensation, and artists have a platform to connect directly with their audience, middle-man free.

Replay gives creators the chance to raise funds directly from their audience, meaning they keep control and get the community involved in the creative process. The first project Replay paid for was the production of the animated TV series Cyko KO, a collaborative effort with Rob Feldman, and the Napoleon Dynamite cast.

Replay is also now working on a six-part TV series healing NFL players using alternative medicine (coming out October 2024). The series is a joint effort with Andi Budman and Ricky Williams, featuring former NFL running back, and a full-length film is set to be released in late 2024.

By buying in-real-life experiences like a day on set, show memorabilia, and exclusive interactions, Replay’s community is helping to fund these productions, support creators, and allows for creative freedom, leaving predatory economic models behind.

Replay arms creators with all the viewership data and target user profiles they need, providing valuable leverage to help creators negotiate a better deal for their content. Creators get real metrics and audience insights, setting them up for successful deals with other distributors.

Replay enables users to get the benefits of blockchain, like transparency and direct ownership, while also still giving them familiar interfaces. By doing this, Replay is helping to introduce users to how decentralized models work without overwhelming them. Replay content is rolled out through RewardedTV, which can be accessed on a web browser or their app, as well as most streaming services.

By using the watch-to-earn model, Replay gives users rewards for every hour they spend on the app, which helps increase engagement. The added bonus of gamification also helps create a more interactive experience, promoting exclusive content and experiences which helps build a more loyal audience.

Michael Jelen shared that Replay is really excited about an upcoming partnership with larger blockchain communities, independent creators, and new onchain IP tools that aim to bring even more opportunities for creatives. They’re expanding their content library and advertiser network to make the most of the ad-supported TV model and bring in more money to their ecosystem.

Jelen believes that the next five years will see Web3 decentralize the way content is distributed, returning power back to the creators and cutting out the middleman. He sees blockchain’s transparency and decentralized finance as the drivers of a fairer monetization system. Jelen reckons we’ll see more content than ever created by direct artist and community collaborations, making content that people actually want to watch.

Replay envisages a future where they play a big role in reshaping video production. They want to democratize the way content is monetised, by creating real-time payments and viewer engagement to set a new industry standard. The ultimate goal is to create a fairer, more rewarding experience for everyone involved, shaking up the current unfair system and giving a much-needed boost to the film and TV industry.

Source: Cointelegraph