#Web3hollywood will be the next subscription video in terms of its watershed impact on Hollywood and the global culture industry. People don’t quite get how big it will be or why.
3 reasons:
Faster innovation and ideation.
Talent gets more Money in web3
Talent gets more Power in web3
First, more Money. Let’s say you’re a TV writer producer. Today, you sell a show to a streamer. It goes 2 seasons x 10 eps/season. You get let’s say $45K per ep. so $900K + scale writing no backend. Minus team and taxes.
Years ago if you made a solid show it might go 5 seasons and go into syndication and you’d get Montecito money. Today the Montecito money is gone except for a few producers.
Web3 version. You take the show to a web3 funding platform. You have a good idea, some personal notoriety, a great actor…
You offer NFTs + 50% of profits bundled in an ERC 1155 (it’s an exempt security). Season one gets funded. Now you (and your new friends) own the show. You can make the show and the key — ownership of the backend and sequels and the freedom to take it where you want.
You make the show and put it on a decentralized permissionless censorship-resistant global SVOD service where revenues are divided automatically by smart contract (WIP)
You didn’t have to take anyone to lunch. You just upload the show and token starts flowing from the protocol wallet to your show wallet to your and your partners’ wallets.
Aggregated data from the platform will be public and transparent so everyone will see how the show is doing. The show will presumably be funded for as long as it appears to be a good proposition.
If it’s Star Wars or Squid Game or even Wings, you and your community win big. You are rolling like George Lucas — with ownership. Montecito is back in prospect. (Do you know that in the 70s TV writers routinely kept their movie rights btw? It’s true.)
Two. Power to artists. Hollywood power has arguably never been as concentrated as it is today.
By directly connecting artists and fans/investors, web3 will make artists beholden only to their own and their communities’ standards.
This dynamic will open the door to more cutting edge and idiosyncratic content. And “cutting edge and idiosyncratic” is what groundbreaking and awesome look like before they go public. The web3 process is naturally more open to original and high quality work.
Talent may not democratize, but gate-keeping authority will. Power will go from 5-6 network heads to all artists. Producers, directors, actors, etc.
Once talent sees peers getting all this, everyone will join in. Perhaps not immediately, but inevitably.
And once all the talent is on web3, it’s game over.
Final advantage: innovation, ideation and community buy in. There are a lot of ideas being born in NFT land. A lot of brands and memes and IP experiments happening in real time.
Open web3 style of ideation > closed Hollywood style. 🔥
People were skeptical about digital video, too. One studio told me “no one will ever download one of our movies.”
But when key variables in the equation of a business change, big changes become inevitable and come quickly.