SnaktCoins: Powering the Next Video Revolution
The internet needs a new creator-centric video platform that can provide revenue to offset the losses of the YouTube #Adpocalypse and the demise of Vine.
Last week in Tubefilter we outlined our analysis that “the #Adpocalypse is here to stay.” Today we announce how we plan to change that.
YouTube’s old marketing slogan was “Broadcast Yourself,” and the very name “YouTube” conveyed that it was an open platform on which anyone could become a creator. YouTube helped to start a revolution in video as a medium: for the first time ever, an individual person could create video and distribute it globally — and, critically, they could become featured creators and get paid to do what they loved.
Those days are gone. YouTube has gone upmarket and is not coming back. They are taking the “You” out of “YouTube.” It is not about you anymore. It is about broadcasting television online. And the same is true of Twitter, Facebook, Instagram, and Snapchat. All of them want to be digital TV. None of them want to be focused on individual creators.
We now need to finish the revolution that YouTube started.
What if we need to start over? What would a new, better platform for creators look like?
What if we could start over?
What if we could have a platform that lets creators make a living from their content without worrying about whether advertisers or brands will approve?
What if we could have a platform where individual creators are featured again, the way they were in the earlier days of YouTube?
What if Viners could just make Vines again if they want to — and get paid on their views, the way YouTubers do?
What if we could have an open platform where anyone can be a creator — not just a select few chosen by a small group of gatekeepers?
What if we had a single platform that could provide multiple revenue options for creators, so that some creators could thrive with family-friendly content supported by advertisers, while other creators could thrive with more edgy content supported by fans — and funded in part by the platform itself?
What if we could have a platform that empowers creators and allows anyone in the world to be a creator?
Today we are proud to announce that Snakt is rolling out a new monetization program, SnaktCoins — combining the best aspects of other revenue models into one creator-centric system.
Creators will be able to earn in three easy ways:
- Views: Creators will earn on their views, with an initial baseline CPM of $3.00, regardless of whether the content is advertiser-friendly.
- Bonuses: Creators will earn bonus payments for the fans they bring to Snakt, plus bonuses for posting more than twice a week, or for posting videos to Snakt first, before they get posted to other platforms.
- Fan Gifts: Creators will also earn bonuses for fan gifts. Fans will earn coins simply by being active, without having to pay for them. Fans can then give those coins to their favorite creators and videos. Coins given to a video containing multiple creators’ content will undergo revenue sharing automatically using our SnaktTrack™ rights management system.
To fund this system, we are initially relying on our own resources and our investors, and in time, this will be funded by advertising dollars. Yet here is a critical point: we are committing to fund SnaktCoins on a sustainable basis by allocating a portion of our sponsored content revenue (which normally goes 100% to the platform). Snakt will provide the capital to the fan-funding system, and the fans will get to decide who gets paid what.
This system has a number of major advantages over any other creator revenue system to date:
- It does not rely solely on advertisers. Make what you want to make; if it gets views, you get paid.
- It works for different types of content. Whether you make vlogs on YouTube or you wish you could still make Vines, you can post them on Snakt and get paid.
- There are no subscriptions. Fans are not forced to pay money, as they were on Vessel, or as they are on YouTube Red or crowdfunding sites like Patreon.
- There are multiple revenue streams all in one place. In the future we will even integrate a portal for brand deals as well.
- Our SnaktTrack system tracks and protects creators’ IP and provides automatic frictionless revenue sharing — paying both curators and creators, disincentivizing freebooting and piracy, and giving creators downstream views and downstream revenue (more on that soon).
SnaktCoins will begin with a group of 50 creators on June 1, with further expansions to follow. Creators are invited to apply from now until May 26, by emailing us at email@example.com.
Our mission and our commitment to creators
Snakt’s mission is to empower creation and communication through video, and to allow anyone in the world to “speak” video. The internet and mobile smartphones are becoming the most dominant consumer technology in the world, and online video is on course to be the most dominant mass medium the world has ever seen, eclipsing even television. And so we need to make sure everyone in the world can communicate in video. The future of human expression, communication, art, and freedom depend on it.
In other words, the revolution will continue. It must continue.
The leading revolutionaries are the individual creators who helped build YouTube into the biggest video community in the world — and who have turned digital video into its own new global medium, across a whole range of platforms, from Vine to Instagram to Snapchat to Dailymotion and beyond. And we believe Snakt will enable a whole new generation of creators to emerge, even if they never had been creators on other platforms.
We want to make sure that these revolutionary creators come first.
We believe in this mission, and we believe in the creators who inspired us to build Snakt in the first place. It is time for the next phase of the revolution, with a creator-centric platform that works for everyone.
Feel free to reach out, or to leave a comment below. We want to hear your ideas, and we will be sharing more about Snakt in the weeks to come.