What if, major social networks would distribute their profits back to the community?
So in case you are not familiar with the recent financial situation of the top 4 social networks (facebook, instagram, youtube, snapchat) we want to give you a brief introduction to it with some highlighted numbers of the example facebook as it the fastest growing and biggest social network per today.
Average revenue per user reached $5.07 in Q3. Facebook alone made $10.3 billion revenue in Q3 2017 with $4.7 billion in profit.
Facebook’s primary goal is mainly to show you as many ads as possible even though they dont want you to know this. Just imagine if this money would be made available to the complete community in a kind of reward pool how SocialX is planning it. A good example are content creator like video makers, photographers, models you know already that their estimated earnings are way below, compared to the real value they create for the complete ecosystem. SocialX want to change this.
Copyright & Source https://techcrunch.com/2017/11/01/facebook-q3-2017-earnings/
..but yeah now you say well they have huge costs and major social networks has a lot of employees and its needed to remove explicit content from the network and satisfy advertisers right?
think again, technology like AI is able to detect explicit content faster than a human can do, maybe sometimes in 5% of the cases the machine is not able to identify and there for a human has to interact — but this is not why you need 3000 community managers. What you need is a self governed system which is very uncommon these days but with the blockchain technology you are able to embrace this to the maximum and reward people who do a great job for the community.
And if we take a look at the actual revenue of major social networks there could be much more available funds for the reward pool and the content creators.
So let’s switch back to the calculation of the content creators, $ 5.07 per month per follower/user in the US/Canada it can even range up to $ 21.20 per follower/user
hat could be an estimated income of $ 10,600 if you have 500 daily active followers/users. So where does the money go at the moment? A major point to the corporation which owns your data, a bit to the agency who creates the advertisements and a small percentage to influencers which are distributing the content and the initial content creator.
So you see, the system might need to change right?
Within SocialX you would be able to receive Superlikes which has a monetized value in form of SOCX. The monetized value will be used from the reward pool and not directly from the user to the content creator.
So with the increasing number of users, more reward pool partners would actually work together with us and achieve the goal of a bigger reward pool for the community. That would be the ad revenue the major social networks are charging for you to see the content of the advertising partners of the major social networks.
A few questions based on the latest community feedback.
Who owns the data at SocialX?
You. No one else. You have your private key and with this private key are able to delete everything from socialx.
How will you make sure reward pool partners do want to contribute to the reward pool?
We believe we can connect users, content creators, influencer faster, more affordable with brands than any other social media platform. With our built in SOCX token and social commerce we are able to give every party the value they deserve without abusing the user. And marketers are always open to find new ways to place their products/services to their audience.
How will SocialX integrate influencers or are they useless today?
We will give also influencers a voice inside SocialX as we think they should deserve also proper compensation, if they create real value for the users. But we also know that the influencer system is in its early days and mostly abused with a great example of how easy it is to actually being a fake influencer.
Mark Zuckerberg recently mentioned that they are also looking into crypto currencies is that good or bad for SocialX?
I was amazed how quickly our community shared the post with us, even before the main media took it to generate clicks for their outlet. We know that this is the right step to do, that’s why we started already one Year ago with the idea of SocialX and how a digital currency within a decentralised social network could benefit everyone inside it. So let’s see how they plan to adopt it, but the good thing of an open market is that innovation can be faster sometime done by a startup. And find out why Instagram its acquisition totally made sense back then for $1 Billion.
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