This blockchain-powered streaming platform turns TV into a Web3 game

Blockchain technology can solve key challenges the streaming industry faces, including unfair royalties and a lack of transparency.

The entertainment industry has undergone a remarkable transformation in recent years, with video streaming disrupting the traditional television and film industry. The global video streaming market is expected to reach $416.84 billion by 2030, registering a compound annual growth rate of 21.5% from 2023 to 2030.

Despite the growth of the industry, the current streaming models — subscription-based (SVOD), ad-supported (AVOD) and transactional video on demand (TVOD) — have significant drawbacks, including fragmentation, opaque payment structures and a lack of opportunities for engagement for both content owners and viewers.

Top streaming industry challenges

First and foremost, the streaming landscape is characterized by various global and regional platforms, each boasting its unique content library and distribution methods. Viewers must subscribe to multiple services to find the content they want or endure long advertisements. This fragmented environment makes it difficult for viewers to discover their desired content, leading to a frustrating viewing experience.

The video streaming industry is projected to reach $416.84 billion by 2023. Source: Research and Markets

Content creators are also struggling to access real-time viewership data, impeding their ability to make informed decisions about content strategy and distribution, as evidenced by the 2023 Streaming Media Europe report. The lack of transparency can foster accusations of favoritism, bias and the underrepresentation of diverse genres and artists.

The growth of streaming platforms has brought about another challenge for content creators — unfair compensation. In 2023, Hollywood actors and writers joined forces to protest the unfair pay practices of streaming giants like Netflix. Their primary demand was a 2% share of streaming revenue for their work on original shows and films, similar to what they receive for reruns on traditional television. The protestors’ request stems from streaming platforms creating a new content market, but actors and content owners are not receiving a fair share of this revenue.

A unified streaming ecosystem empowering creators and consumers

Tackling all these challenges, Replay, a Web3 streaming platform built on Theta’s Core Blockchain, introduces a unified streaming ecosystem powered by blockchain technology. Instead of relying on intermediaries, Replay aggregates content into an easy-to-navigate platform and directly connects content creators and consumers. Viewers benefit from a more streamlined experience, quickly finding and accessing the content they crave, while content owners can track how their content is being watched in real-time, giving them valuable insights into their audience’s preferences.

The streaming industry raised concerns about the lack of transparency and trust among viewers and content creators. Source: Replay

As mentioned above, traditional payment models for content creators are often unfair and opaque, leaving creators with a small share of the revenue they generate. Conversely, Replay uses blockchain technology to create a transparent and fair payment system for content creators.

With Replay, content creators receive payments directly from viewers through RPLAY tokens, bypassing middlemen and ensuring that creators get paid quickly. All transactions on Replay are recorded on a secure distributed ledger, which gives creators complete visibility into their earnings. The platform’s real-time transparency ensures that creators are always aware of their earnings and are never left wondering when or if they will be paid.

Equipped with Replay’s user-friendly dashboard, content creators can effectively manage their content library, track real-time analytics across connected streaming services, and seamlessly license and syndicate their content to other connected platforms. Replay also automates the calculation of royalties, eliminating the need for manual calculations and negotiations. This feature allows creators to focus on their work without worrying about the administrative side of things.

Replay leverages blockchain technology to provide content creators with a fair, efficient, transparent payment system. Source: Replay

Replay’s streaming service, called Rewarded.TV, is further shaking up the industry by offering a free-watching experience with no ads. The service generates revenue from viewers purchasing or redeeming RPLAY tokens to watch a higher tier of premium content, as well as from nonfungible token (NFT) drops that provide access to premium content and other perks.

RPLAY blockchain is designed to provide transparency across all streaming apps, not just on their own services. To that end, Replay’s Web3 rewards ecosystem functions beyond its own flagship streaming service. Beyond RewardedTV, fans can also earn RPLAY tokens and other Web3 rewards by watching content on other connected platforms like seasonal Roku apps HalloweenFlix.com and ChristmasZone.TV.

Community-led and engaging

In addition, Rewarded.TV also offers various community features, including the ability to invite friends, chat with other viewers while watching, join or host watch parties and earn rewards for participating in the service.

According to Krish Arvapally, CEO of Replay, traditional streaming fails to provide investors and stakeholders with accurate metrics about what viewers really want to consume:

“Traditional streamers have fragmented the video market, making it harder for fans to find the content they love. Producers and film distributors likewise get little insight into their performance from major players in the streaming space, being forced to race to the bottom. The transparent nature of blockchain tech makes it the ideal solution for the growing film and over-the-top TV industry.”

With its focus on transparency, community engagement and rewarding viewers, Replay has the potential to challenge traditional streaming models and redefine how we watch videos. With Web3, content creators are empowered to control their earnings and have the transparency and fairness they deserve, while consumers can enjoy a rewarding and engaging way to consume their favorite content.