The State of Streaming in Web2
There’s been a revolution happening within the TV industry.
For years, everyone relied on cable or satellite to get their entertainment fix. They spent hundreds of dollars on packages filled with channels they rarely (if ever) watched. And the only real choice they had was whether they’d choose the basic or premium option.
But all that has changed.
From TV Sets to Mobile Devices, Everything Has Changed
The past twenty years have ushered in a completely new way to consume movies and tv shows. Video on demand platforms like Netflix and Hulu had given people great options to watch content just through a few clicks of a button.
Smart devices have overtaken televisions as the screen of choice for billions of people craving entertainment. And wi-fi rather than cable line has become the most popular way to get it into their hands. On top of all that, there’s the rise of YouTube and other social media platforms to consider.
The changes that the entertainment industry has navigated over the past two decades have been nothing short of monumental.
The Rise of Pluto.TV
But the revolution isn’t over. It’s just begun. And it’s moving further and further away from traditional television models and into uniquely internet-empowered ones. Just consider some of the more recent platforms that have appeared on the scene.
PlutoTV was founded in 2014 as a streaming service that would provide its users with a mix of live and on-demand TV content. Its founders, two DirectTV executives, saw a need for an affordable, easy-to-use streaming service that would offer a better user experience than traditional cable TV.
Since its launch, PlutoTV has seen steady growth, largely because younger viewers are abandoning traditional TV in favor of streaming services in droves. The company also offers a free, ad-supported option, which has helped it attract a large number of users. And having an app that’s included on many smart TVs doesn’t hurt either.
The Challenges that Lie Ahead
Pluto.TV is only one of the many video streaming platforms out there though. There various web2 companies that have developed a product within the streaming space in the past 10 years, each hoping to take advantage of the problems plaguing many current VOD providers. Although this is a ‘sticky’ industry, with many incumbents generally speaking, the market is large enough to boast significant numbers to various success stories, with the likes of Tubi TV, Roku and Pluto TV having more than 200 million users combined.
However, the weight of this recent surge in streaming has put pressure on traditional video streaming services. This is why many users report longer buffering times. Or a loss of video quality. Or even system-wide failures. The massive number of users is simply too much for legacy systems to handle.
Many of the current streaming platforms realize this and have attempted to patch things up. But we don’t need a band-aid. This problem requires a revolutionary solution that can only come from thinking outside the box.
The Blockchain: A Potential Streaming Solution?
And there’s no better place to look than the blockchain.
The same technology that is used to develop tokenized ecosystems and cryptocurrencies like Ethereum, Bitcoin and other cryptocurrencies can be used to build a decentralized streaming platform that is resistant to censorship, piracy, and outages. With blockchain, it allows technology to sold age old issues in the industry including faster payment to content owners, more transparent contracts, royalties and the ability to reward users — all while cutting streaming and video storage costs.
With a blockchain-enabled, P2P video streaming platform, bandwidth can be spread across the network and shared. This will lead to a faster, more efficient, and more reliable system that won’t struggle as video streaming continues to grow in popularity. Unlike traditional streaming options, a community-operated streaming platform would be scalable, no matter how many new video consumers arrive.
Beyond Streaming to Watch-to-Earn
Several companies have already begun exploring these possibilities. But none of these Web3 streaming platforms has made the most important move of all yet — the implementation of NFTs and watch-to-earn mechanics.
The blockchain’s promise isn’t just a more stable, secure video streaming platforms. It’s one that actively rewards content creators and consumers.
It’s the next step in the evolution of entertainment. And it’s coming faster than most people realize.
Introducing Script Network’s Technology
Before we breakdown Script TV in a little bit more detail, here Is a short summary of some of our core products.
Our video advertising protocol layer is an industry first = no other platform allows you to buy ads on chain with no need to interact with credit cards / sign up forms.
Our multi BFT consensus layer gives the opportunity for bandwidth and data to be shared and supported across the network. Alongside this, having governance over decisions in the ecosystem (like most projects), but decision-making power on content being aired. We are proud to be the first content company working towards true decentralization, rather than just using a small % of what blockchain technology can do.
Content interaction layer: Filmmakers / content owners (beyond getting a tonne of benefits such as faster pay, more distribution and actual data on viewership) — can launch NFTs or bespoke competitions over the top of their film, and have users interact with it at the time.
Example: In simple terms, if I have my film aired on Script TV between 3–5pm, I can launch an NFT spontaneously which gives an opportunity to viewers who are watching the film at that time only, to buy / mint for free / get a reward at that given time. This is a new type of discovery process in NFTs that we cannot wait to bring to the industry in 2023.
Although all of the above is important to the network’s infrastructure, what matters most to Script Network, is the user experience and engagement on the platform.
Script TV is at the vanguard of this entertainment revolution. By taking advantage of a robust decentralized peer-to-peer network, Script TV will make it possible to host streaming content across a wide network. Participating nodes will share the bandwidth load, reducing infrastructure costs and leading to a better experience for everyone.
Script TV’s use of the blockchain will also make its streaming service more secure than any traditional platform. There will be no censorship. No de-platforming. No leaks. No hacks. And no shadowy figures manipulating what you see or prying into your private data.
Content partners will earn money more fairly than with traditional models. Instead of funneling huge percentages to a platform’s overhead costs, Script TV will put it in content providers’ and users’ pockets. Plus, the blockchain will make fractional ownership of videos possible, so users can earn together, without worrying about fighting over profits.
But content partners won’t be the only ones with the ability to earn rewards on Script TV. This platform is leveraging the full potential of the blockchain, creating a space that’s truly watch-to-earn. Consumers will have the chance to earn tokens unique to the Script TV ecosystem, but which can be traded for ETH or other cryptocurrencies.
All these features will make Script TV far more than another streaming platform and will be explained in detail, upon the run up to the launch.
It’s the next step in the digital entertainment revolution.
About Script Network
The Script Network is a video-based blockchain protocol focused on decentralized storage and 24/7 live content. Script Networks products include Script TV, GameFi NFTs, and multiple other dApps currently being built on-chain.
Script TV, (one of the core services of the Script protocol), is a free-to-air live television platform. It features countless channels and offers diverse movies, sports, documentaries, and news content, all of which earn rewards whilst watching content. Script Networks watch to earn elements allow users to develop and grow enhance their NFTs through GameFi mechanisms.
