TV streaming services should begin utilizing NFTs.
It’s difficult to recall a time before subscription-based services were the norm due to their ubiquity. Consider Netflix’s move to begin airing commercials for how streaming firms have attempted to profit from this trend by robbing customers blind.
The ability to leverage streaming services to build communities is another advantage of utilizing NFT technology. We are what we consume, as is true of any consumer culture in the digital age. However, NFTs have the potential to deepen the connection between the consumer and the things they consume.
The problem of streaming “churn” has a fix.
Who would have imagined that digital communities founded on families of JPEGs would grow into billion-dollar businesses ten years ago? NFTs have evolved from Bored Apes to Party Degenerates, becoming identity cards, VIP passes, ownership proof, and digital art. Why not also offer a streaming service?
An NFT could be centered around your love of nature if David Attenborough and similar television personalities dominate your viewing habits. Similar people to you will also buy this specialty membership, and the money will be split equally among the distributors, IP owners, and content producers on all cross-streaming platforms. We would have the foundation of a community with this compounded ultra-niche membership, brought together by a common passion. This community might provide a significant source of income for outside parties and present countless opportunities for collaboration and interaction. Discounted admission to museums and safaris, live stream Q&A sessions with eminent zoologists, and first access to upcoming David Attenborough programming are just a few examples.
Because it becomes a part of their identity, a subscription product that caters to particular interests will surely increase users’ opinion of the value of the streaming service. Many of the streaming industry’s churn disputes can be resolved by converting subscriptions into “memberships.” Platforms may do this by building devoted communities for various types of content producers.
Keeping up with trends.
You might think, “We can finish this all today,” and you wouldn’t be altogether wrong. It is entirely feasible for companies like Netflix, for instance, to develop interactive subscription systems for particular kinds of content. When compared to the Web3 options, the standard credit card, form, and email strategy used by streaming services seem tepid.
Users can access gated content for as long as it interests them by using NFTs for subscription items, and they also have the option to sell their keys to another person without incurring any loss when they are no longer required. A direct 1-on-1 interaction with consumers that are truly engaged will be advantageous for content developers as well. Creators can package content for specific NFTs or encourage specific behavior in place of the “all you can eat” or “nothing at all” approach of ordinary subscriptions. Perhaps completing a season in a short amount of time gives access to a bonus, or offering feedback can provide behind-the-scenes information.
As buyers, we observe the demise of transactional video-on-demand and a-la-carte shopping. Services that wish to stay on the cutting edge should start thinking about the opportunities presented by Web3.