How Web3 Can Prevent Hollywood Strikes: Replay Joins Cointelegraph Accelerator

Streaming video is one of the fastest-growing markets globally, with the over-the-top (OTT) video industry alone projected to reach $200 billion in 2023. The OTT video ecosystem encompasses on-demand video and ad-supported content, driven primarily by the expansion of established Web2 streaming platforms such as Netflix, Hulu, and Disney+.

The streaming video market is expected to grow at a 14.3% compound annual growth rate (CAGR). Source: Replay

While projections estimate $300 billion in revenue for the streaming video sector by 2027, the industry’s skewed revenue-sharing mechanics create an imbalance between value creators and content-distributing platforms. The centralized nature of the video streaming ecosystem allows for opaque distribution, enabling platforms to capture the vast majority of revenue while leaving minimal value for video creators.

Although companies ranging from talent agencies to tech projects exist to broker and license content on behalf of creators, they often fail to track revenue accurately and rely heavily on manual record-keeping. Recent strikes initiated by the Writers Guild of America (WGA), Directors Guild of America (DGA), and SAG-AFTRA—the union representing actors in the United States—highlighted that workers behind streamed shows are heavily underpaid and often uninformed about when they will receive their next payment, underscoring the flaws in the traditional value distribution model.

Blockchain-based video distribution

A potential solution for mainstream media brands managing these issues lies in a decentralized, transparent video distribution ecosystem that leverages the traceability and accountability of blockchain technology. Replay, a decentralized video streaming protocol, aims to provide transparency and fairness to content creators and owners by building a video ecosystem with real-time compensation. It monitors content usage during playback and records all data on a distributed ledger. Additionally, the protocol can gamify any video application with badges, missions, and digital collectibles.

Replay’s first streaming service, RewardedTV, utilizes Web3 to reward viewers with digital tokens. Users can redeem these reward tokens for digital goods, and the entire experience is gamified with features such as leaderboards and competitions.

How decentralized video streaming works for the benefit of creators and viewers. Source: Replay

Using Replay’s asset management portal, creators gain live insights into their content consumption data and maintain direct control over their business models. Replay also empowers creators to manage their own distribution by allowing them to build direct relationships with platforms, publishers, and communities that wish to support them.

Replay joins Cointelegraph Accelerator

Replay has become the latest participant in the Cointelegraph Accelerator program. Given the growth potential of a Web3-driven video industry, Cointelegraph Accelerator selected Replay for its experienced U.S.-headquartered team of over 10 employees with backgrounds in the video industry, as well as its proven track record. “It’s incredibly exciting to be selected by Cointelegraph for this prestigious accelerator program,” said Krish Arvapally, CEO of Replay.

“In an online world increasingly dedicated to streaming and video, this partnership is a testament to our progress in building the open Web3 standard for tracking and monetizing video engagement.”

As of May 2023, RewardedTV had reached 100,000 registered users, offering over 4,000 video-on-demand (VOD) options and more than 120 linear and live channels. The platform provides access to over 20,000 titles, including content from popular brands such as Yu-Gi-Oh!, The Washington Post, and WatchMojo.