Value Creation Through Web 3 Will Be Immense In Entertainment World
A major churn is happening in Web 3 and many different domains are tapping into this. Web 3 has made the Internet more participatory and accessible. This will very soon increase the range of benefits for the users.
Nidhi S Mittal, Head – Brand Marketing, Saavn, said that as a platform, there are a lot of areas we are working on. One of the things is scalability. Secondly, the content should be up to the mark as this is a competitive industry. The third aspect is brand safety which is to be ensured. Web 3 is very new for us. A lot remains to be seen in this space.”
Prashant Agarwal, Founder and CEO, FanTiger explained that creators struggle on three fronts – funding, discovery and distribution.
He said that the cycle needs to break. We at Fantiger help independent artists to raise money for their growth. Then their content can be published on different platforms. Fantiger keeps 50 per cent of the royalty. This is help create new superstars. People in India look for value for money. Fans can buy NFT of a particular artist and they get many different things.
“The world changes. Internet is the biggest pillar and it is also bound to change. We are at a cusp. For an entertainment company, we can’t be sitting on the fence. Essentially, Web 3 is enabling newer business models through blockchain,” said Rahul Mishra, Head – Web 3.0 Initiatives, Shemaroo.
Kuldeep Ponnada, Co-Founder, The Infinity Sound mentioned, “The beauty of Web3 is that every user becomes a stakeholder in the ecosystem. We help artists tokenise their art. We are Web 3.0 equivalent of entertainment. The performance of the content will drive revenue back to the user. We manage the platform but artists can create an ecosystem with their fans and garner investment.”
The value creation through Web 3 will be huge. Consider each artist as an enterprise and you can own a small piece on that enterprise, this seems to be a game changing effect.
