The media industry has undergone significant changes since the advent of Web2. Social media paved the way for programmatic advertising, but the overconsumption of information, advertising, and clickbait led to a decline in media quality and global trust. Programmatic advertising transformed users into commodities for brands, blurring the distinction between quality and quantity. Publishers prioritized advertisers over audiences, resulting in web privacy violations. Unfortunately, many Web2 and Web3 media outlets still follow this trend, forcing content creators to conform. The value of content creators in mainstream Web3 media remains undetermined, but as long as this exchange remains unchanged, both sides will continue to lose, primarily affecting media outlets.
The rise of Web3 technology may create fairer models that benefit everyone. Web3 can restore user ownership and bypass traditional gatekeepers controlling media and social platforms. It enables creators and their communities to share the value they create on a blockchain-based network, making direct profits. This tokenizable revolution can redefine story creation, consumption, and long-established relationships.
In Web3, digital ownership is crucial. Media companies and content creators can build communities within a digital asset economy and share the value they create on a blockchain-based network, making direct profits. Traditional media models often take complete ownership of digital assets and usage rights from content creators, making it difficult for creators to make direct profits. Web3 technology creates a new standard for digital ownership by using innovative technologies such as blockchain and smart contracts to verify ownership, copyright, and usage rights of digital assets.
For content creators, joining a suitable Web3 community, using systems and communication tools, and earning from their content is highly recommended.
Some examples of global media decentralization are:
Civil: A decentralized media platform using blockchain technology, enabling independent journalists, editors, and publishers to provide news directly to readers. The platform uses cryptocurrency for reader access and subscriptions.
Steemit: A social media platform using blockchain technology and cryptocurrency, allowing users to earn direct profits from their content. Users earn STEEM cryptocurrency based on content quality.
LBRY: A platform focusing on video content decentralization, enabling content creators to directly broadcast videos, manage copyright, and earn direct profits.
BitTube: A decentralized video platform that allows content creators to earn money through ad revenue and subscriber support.
Smart contracts provide new opportunities for media companies and content creators. These contracts allow direct management of copyright, usage rights, and ownership of digital assets, enabling content creators to make direct profits and media companies to create communities within the digital asset economy.
While many global Web3 media companies have yet to emerge, the ones mentioned above are growing steadily and will soon claim a significant share of the media industry. The distinction between Web2 and Web3 will soon blur, so media outlets and content creators need to discuss integrating these new systems into their daily operations to benefit mutually.