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Netflix once revolutionized traditional media, but could Netflix now itself be caught in the crosshairs?
As technology evolves, different models are challenging the media status quo and presenting new opportunities for how audiences access content, though user adoption remains a challenge.
Roundtable anchor Rob Nelson and Josh Berger, Co-Founder at PKT, weighed in on how decentralized systems could transform content delivery and the barriers they must overcome.
Nelson voiced concerns about the complexity of these platforms, noting, "I want it, but I won't work that hard for it." He compared the user experience to setting up crypto wallets, emphasizing that if a service needs to be explained, it’s not easy enough. Nelson drew parallels to the early days of Netflix, where the platform's ease of use was a key factor in its success to dethrone Blockbuster.
Josh Berger agreed, adding that many disruptive platforms struggle with building an audience.
He explained that the PKT Network is creating an ecosystem where platforms can coexist and flourish. "We're creating the rails, the ecosystem where this is possible," Berger said, envisioning a future where users can access various platforms and even earn rewards within the network for interacting with media.
Blockchains themselves are also chasing the opportunity to help creators unlock and leverage the value of intellectual property. Story Protocol, for example, has raised $140 million to create a way to let creators tokenize IP, and are seeking to build a platform where people can more easily license content or other IP.
Other community-owned media projects, like Coinage Media are popping up to let viewers co-own media outlets themselves and unlock exclusives. Users can mint NFTs to become members to unlock ad-free content, vote on which guests come on the show, and even earn patronage dividends by doing so.
Berger noted that the PKT Network offers flexibility in how users can pay for content. "The network itself is remunerating people," he said, explaining that users could accumulate balances to either pay for content directly or convert it into fiat currency for traditional purchases like a Netflix subscription.
While no model has necessarily cracked the code just yet, it's interesting to see blockchain technology offer alternatives to the status quo in media.