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Blockchain technology is already proving disruptive, and for the good, within finance, banking and investment. With new industries being penetrated by blockchain enabled innovations and industry giants mulling their options, whether to adopt blockchain applications or not, one industry where changes are already birthing, is entertainment and media.
Online Entertainment: the Current Dynamic
The revenue sharing model of the large online platforms, such as Google, Instagram, and Facebook, is one where the majority of proceeds (mostly from ads) is retained by the distribution platforms. This model has gained ill favor recently, and to illustrate this point: breaking into the top 3% of YouTubers with 1.4 million monthly views may only translate into $17,000 USD per annum unless you have a celebrity covering your back.
By exploiting smart contract technology and node content distribution on the blockchain network, a system can be created the users of a specific content network are in turn the owners and beneficiaries. This enables content and revenues to be distributed equally among all participants, and eliminates unnecessary intermediaries through direct interaction of the network members, regardless of whether they are content creators, users, or both.
The BUCKY House Model
By using the BUCKY House ecosystem creators such as authors, designers, musicians, actors, and developers are directly connected with their audience. Within their network of users who share their interests and passions, the creators set the fees for use of their content. This is managed by the ethereum smart contract system, and the billing is transparent from the outset. Payments are automatically authorized by smart contracts when specific criteria are met.
By utilizing this model, subscribers effectively pay less for exactly what they want and nothing more while the content developers receive the majority of the revenues with a portion distributed between the followers who host their content. Advertising doesn’t fall into the equation.
The Underpinning Philosophy
The philosophy forming the foundation of the BUCKY House platform is one where creative individuals and groups can publicize themselves and their work to establish a network of followers. Through the open source ecosystem they can distribute their content unbounded by geography, demographics, politics etc. and have complete freedom to decide their own fees and monetization model.
“Your Content - Your Rules - Your Billing”
The BUCKY House slogan in effect means that creators have complete freedom to decide their content and are unrestricted by others (production houses in particular). They create the rules for distributing their material among their follower network. The creators and followers together decide and agree upon the parameters of the smart contract, including the proportion of revenues allocated to the various parties.
Blockchain Uptake of Media & Entertainment Subscribers
The more cynical-minded reader may be thinking: “these blockchain tech companies are basically replacing production houses.” However, the shift is more fundamental than this. While blockchain networks require maintenance, and of course need a revenue source, the financial structuring completely departs from previous models. Through creating an ecosystem where users control their own content and directly interact with their followers, the control fees shifted away from a central hub and directly into the hands of those involved in creating and using that content.
Furthermore, blockchain is efficient at handling micropayments, something which large corporations and banks avoid, and the transaction costs are minimal. Through regular micropayments between users, the platform receives sufficient revenues from minimal percentage fees to maintain its costs.
Upcoming Token Sale (BUCKY)
Visit us today to learn more. If you are interested in creating, promoting and viewing world-leading content, knowing that your proceeds are going directly to the creative community, then you are welcome to participate in the upcoming BUCKY Coin token sale and contribute to the platform development. www.buckycoin.io