The global entertainment industry is worth billions of dollars and growing at a faster pace than ever. Millions of people consume content online on YouTube, Netflix, Twitter, Facebook Shorts and a range of other media platforms and websites, though they rarely get incentivised for watching videos or consuming other content online. Similarly, content creators have limited ways to monetize their content or get paid unfairly as there is a huge platform commission and other charges involved. Blockchain technology can help solve these and many other problems of the traditional entertainment industry.
Problems in the entertainment industry
While it’s fun to watch videos online and listen to music, you as a consumer are not actually getting any real incentives for spending hours of your time watching/listening on these online platforms. While these online media platforms continue to make millions out of the content created by someone else, the actual creators and consumers get very little out of the profits. Moreover, there is a huge lack of transparency in how these online entertainment platforms operate and pay the actual creators.
The biggest problem is that content creators are still being paid with old methods and get a very small portion of the total profits that the platform makes. Even though the online entertainment space has evolved a lot in the past years, content creators are still left behind in terms of monetization methods and capabilities.
Another problem with conventional entertainment platforms is that they pay little attention and zero incentives to the community, i.e. the actual consumers who are a crucial part of the monetization process.
Blockchain as a solution for the entertainment industry problems
Blockchain technology can help bring transparency to monetization in the entertainment industry and help ensure that creators are rewarded fairly for their creative contributions.
Aboat Entertainment is the latest example of how blockchain technology can revolutionise online entertainment and provide more ways for both creators and consumers to monetize their media content/activities. The community-driven entertainment ecosystem uses crypto (and blockchain technology) to reward content consumers for their activities (consumer to earn) while giving creators a fair and transparent way to monetize their work.
For one, Aboat Entertainment will provide a unique, engagement-based rewards system with the provisions to reward content creators and the community equally for their activities. Not only the creators who create content but consumers are also rewarded in the Aboat ecosystem. The platform uses crypto tokens to reward creators and consumers.
Creators in the Aboat Entertainment ecosystem can also launch their own NFTs by tokenizing their unique content to sell them to consumers directly all over the world.
$ABOAT token, which is the native token of the Aboat ecosystem, will provide access to multiple utilities based on the concept of consume-to-earn, from in-game economy and subscriptions to access to exclusive events, governance, advertisement, and the marketplace. More avenues give the community more ways to use the token and earn rewards and profits from it.
Moreover, the use of blockchain-based tokens for payment of entertainment services will ensure complete transparency and security in payments.
By enabling a more promising and fair way for content creators to monetize their content and consumers to monetize their media activities, the blockchain-based Aboat ecosystem can truly revolutionise the future of the entertainment industry.