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It is estimated that the volume of daily content generated from social media platforms is over 2.5 quintillion bytes with over 300 hours of video shared on YouTube in every minute. At this rate, such a content shared on these platforms in 30 days alone is more than what the major U.S. T.V networks have created in the last 30 years!
The growth of the Internet and social media (web 2.0) platforms have allowed users to create and share content easily. But the Internet and web 2.0 platforms have not only revolutionized how content is produced and distributed. Today, more and more content creators are increasingly finding a means to monetize their content.
However, the problem with conventional platforms is that they are heavily centralized and do not offer the necessary transparency and openness to allow content creators to share and monetize their content. Besides, these platforms are general and do not provide location-based content which delivers the right content to the target location where it is required.
BLABBER—a Blockchain-based start-up—intends to flip the model of conventional content monetization and democratize it to create a community of values.
Problems bedeviling conventional content platforms
The problems bedeviling this industry can be summarized as follows:
- Lack of location-based content system; and
- Centralization problems.
#1: Lack of a location-based system
In the past era of advertising, finding an audience for your content was as easy as publishing that content and widely circulating it in magazines, newspapers, running a TV or radio spot or putting up billboards in the relevant regions.
With the introduction of the Internet and explosion of new media types, however, generating such an audience is the least efficient way of attracting audiences. As the attention spans continue to decline in proportion to the number of competing for content in our periphery, content creators must focus their content on specific audiences more than ever.
For start-ups and unestablished content creators, targeting is particularly vital. Content must be created and sharpened on multiple levels by geographical location and demographics. The idea is not merely to generate traffic into their store, but for it to be the appropriate kind of content.
To serve these requirements, location-based content advertising emerged. Location-based content advertising can help brick and mortar shops by combining geo-targeting technologies with mobile advertising to create a platform that generates revenue. But current location based content platforms have their inherent problems.
While centralized platforms offer location-based content, they are centralized and share users’ data with third-parties. For instance, 50 million Facebook users had their profiles (including their locations) harvested by Cambridge Analytica to compromise the 2016 U.S. election. Consequently, these led to many governments to start enforcing user data protection.
European countries were the first to formulate GDPR which came into effect May 2018. Since other countries are yet to follow suit, it means that placing users’ data on these platforms compromises their identities and privacies.
Since 2008—when YouTube unveiled an ad platform where users can monetize their content—content creators are increasingly trying to monetize their content on web 2.0 platforms. This program allowed its growing partner community to generate money from videos shared on the website. In the process, advertisers saw an opportunity to connect to one of the most massive online viewers on the platform.
When YouTube was launched as video distribution and monetization platform, its primary objective was to facilitate free development of content and allow creators to earn from it. Later, when ads were incorporated into the platform, Google began changing content monetization rules.
Consequently, content creators are increasingly being disenfranchised when it comes to monetizing their content. For instance, the requirement that a video shared must have more than 1 million views before it can be monetized is punishing to unestablished content creators.
Today, YouTube and other web 2.0 platforms have hired a team of “moderators” who can to demonetize channels they consider “not suitable for advertisers” at any time. This means that many content creators have little choice but to cater to the whims, demands, and expectations of these platforms which are dependent on advertising revenue from advertisers.
For instance, in 2017, major brands like Verizon and Walmart pulled their content from YouTube after finding their ads appearing next to content promoting extremist views and hate speech. As a result of the pullout, YouTube incurred massive losses. While YouTube changed content guidelines to prevent this problem, rules created continue to punish unestablished content creators.
How is BLABBER revolutionizing location-based content monetization?
BLABBER is a decentralized, location-based social platform where content and data is monetized by the creator. Monetizing content will incentivize content creators to create quality content that shapes a community of values on the Platform.
BLABBER will establish a tokenized ecosystem, where content creators are rewarded for their content while the audience is incentivized to consuming targeted content based on content availability. BLABBER hypothesizes that decentralizing location-based content monetization will help promote transparency and trust for content creators and users to earn an honest living from their work.
With BLABBER users can influence events by supporting it with BLA Tokens, predict social trends and make profits. Collected BLA Tokens of viral posts will be distributed to participants after a certain period of time. The earlier a user backed up, the higher the user’s share.
BLA Tokens will fuel all the transactions on the platform. The Platform will consist of the following parties:
- Users: Users will be incentivized via increased chances of profit by investing tokens in viral content;
- Content creators: Content creators will be incentivized via increased revenue, reduced fraud, and better reporting capabilities;
- Content consumers: Consumers will be incentivized via increased revenue, enhanced privacy, robust security while accessing location-based content; and
- Advertisers: Advertisers will be incentivized via minimized fraud, less costly customer attention, and improved attribution.
Web 2.0 platforms like YouTube and Facebook have allowed content creators to generate, share and monetize content. However, a paradigm shift is needed in the way content monetization is managed with respect to location-based content. Blockchain is the solution to the centralized problems in these platforms.
BLABBER is implementing a web 3.0 platform that fosters transparency and trust for creators, advertisers and consumers and advertisers in the location-based content industry.