Monetizing Video Views with Micropayments the RHOVIT Way
Have you ever watched those YouTube videos where creators try to breakdown what they earned for 1M views and how they earned it?
If not check out this video by Toobz. He has a fairly small channel with 5.6K subscribers. He documents his lifetime earnings after having achieved 1M views. Here are the highlights:
Total Earnings: $398.07
Highest Earning Video: $0.81 per 1000 Views ($.00081 per view)
Lowest Earning Video: $0.09 per 1000 Views ($.00009 per view)
All the money he earned came from ads. The problem with ads are YouTube can easily demonetize videos if they view them as not “ad friendly”. Plus, you have to factor in fluctuating ad rates, skipped ads, YouTube’s percentage and so on.
For creators to ever make real, reliable money video revenue has to move beyond advertising dollars.
Earning a small amount of money for each video view is great in concept, but how do you make it work? We can’t speak for all methods but below we’ll describe how RHOVIT is making it possible.
There are a lot of cryptocurrency backed platforms popping up right now for entertainment. While in theory they solve a lot of problems at the end of the day there are still two major problems:
- On Monday the $100 you hold in “X token” might only be worth $10 on Friday. The market is young and volatile and for creators who are trying to make a living, it’s not stable.
- Redemption gateways to turn “X token” into USD are not nearly as simple as hooking up your bank account or paypal to your platform account which would be a deterrent for a lot of creators.
Virtual currencies, which are what are used in games, provide benefits such as the removal of most transaction fees when purchased in packs, but as the sole backing of a platform they also have their downside:
- Users still have to purchase them. This means your asking a user to take out their credit card and spend money on something they get for free on YouTube.
- You can back them with ads, i.e the more ads a user watches the more currency they get to spend on content. Sounds great except for the fact they’re being forced to watch ads to get content they watch on YouTube - where they can skip them.
The last point leads us to another vital component…Incentivization!
So how does RHOVIT address all the above problems to create a system that works for Creators and Users?
- We use our own cryptocurrency (Rbits) to fund user accounts with virtual money (POINTS). Every week we release a set amount of Rbits into the ecosystem. RHOVIT liquidates 40% of them to give to users.
- The money users receive is in the form of Points (a virtual currency worth $.005 each)
- Creators can set the cost of their videos from 1 Point ($.005) up to 10 Points ($.05)
- Every time a user unlocks a video with Points they are earning something back, mainly in the form of Rbits which they can use to unlock exclusive content to the RHOVIT platform such as: Custom emoji packs, Rbit only Live Streams, discounts on merch and more.
User can also purchase Point Packs if they want to unlock more content and keep earning. How does this impact what creators earn? Here’s the chart above again…
Where it took Toobz 1M views on YouTube to earn $398, he could have earned that in only 79,600 views on RHOVIT by charging the minimum of 1 Point. And just as important all the users who viewed his videos would have earned rewards for themselves.
Creators on RHOVIT also earn Rbit tokens but they are the icing on the USD cake. By using an incentivized crypto and virtual currency system, RHOVIT is able to create a platform that truly benefits everyone.
We are currently doing invite only testing. If you would like to join the waiting list for access please sign up here.
If you’re a creator interested in using the RHOVIT platform please fill out this form.
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Til Next Time,