Creator-consumer intimacy can boost revenue streams of the music industry via blockchain

Data shows that music is the second largest industry after gaming, that seems weird now that I typed it because honestly, I expected it to be top in the entertainment sector, but oh well.

Moving forward, there are quite a number of things the music industry lacks, and one on its topmost list is “intimacy”, the creator-fan relationship is not promoted or can’t really be uplifted due to the restrictive nature of the content distribution system, the highest height there is to get intimate with ones’ fanbase is via centralized social media platforms of which “freedom and freewill” is not vastly expressed and a sense of “reality” isn’t just there, thus the limitation to be in total control of how one evolves is observed.

We can see an example of how having a system that allows one to get more intimate with people can impact income streams. We all know pornhub and the rest, right? Well, this isn’t about them but our focus is “Only fans”.

What is Only Fans?

OnlyFans is an internet content subscription service based in London, United Kingdom. The service is used primarily by sex workers who produce pornography, but it also hosts the work of other content creators, such as physical fitness experts and musicians[s].

What does this have to do with anything?

According to a report, Only fan creators earned about $3.9 billion in 2021, with a top earner hitting about an average of $20 million a month, this opens us to a whole lot of things. We can factor in why companies have “premium products” for example, Netflix, no ads, just a tiny monthly pay which to some seems insignificant until you add up all the users on the platform, little figures make up a great number.

The reality is that with premium services taking over the markets, advertising value drops low as traffic is taken away from displayed ads, the future of advertising may soon become more user-centric and partly integrated into the metaverse, so you see how hive-based content monetization becomes relevant.

These creators stand to earn better from the content published on this platform as they are in control of how much they charge their fans, this beats the idea of earning off ads that a freaking centralized company like Google takes a holy 41-50% cut. Only fan takes a 20% cut of creators' income but with blockchain, we can see how these charges can drop drastically while revenue increases.

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Music on Blockchain, NFTs, and the Metaverse

The music industry draws billions of dollars in yearly revenues, but we can see these numbers in expanded forms as monthly revenue instead.

The metaverse will be a huge part of the uplifting of the creators' economy, we are talking about an innovation that will pull in billions in whatever base currency on a monthly basis, of course, this is pretty easy to speculate as the current space is crazy about “all things virtual” starting with cryptocurrencies to NFTs but that’s not the most important part, what’s more to this is that it could become very beneficial to the world’s economy.

Cryptocurrency and blockchain products tend to have one way or the other to eat into the world’s financial structure and this could create a revenue stream that benefits the company and contributes to the nation’s economy.

We have to understand the impact virtual worlds will have on cryptocurrencies and human lives, this is a potential time-devouring mechanism that will not only suck up human time but also value, but that’s all for the good because any economy needs systems that force people to burn time and value(money).

Creators can interact better with their fanbase by creating intimate relationships, hosting virtual parties, selling unlimited NFTs having personalized value mechanisms, and guess how many fans would want to see their idols up close doing whatever they do? like maybe undressing? naked pole dancing? Creepy? Nah, people spent millions on these entertainments on literal video coverages, why do you think they won’t spend more to have an up-close virtual experience?

Advertisers can target successful meta-influencers through this, more value flows into their pockets, the network gains more authorities, transaction fees run wild, and the marketplaces of whatever shit they are uploaded would have mad streams, perhaps they can build tokenized communities and keep expanding the engagement but the bottom line is that there are just no limits! And differently no unjust revenue cuts, so if you ask me: can blockchain content networks replace the traditional systems? I’d say yes, with time, everything will fall into place.

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