Web3 and the Disruption of the Entertainment Industry
We are going to see the world of entertainment completely disrupted over the next decade. Broadcast television is on the decline, streaming is not the oasis that it was promised for media companies.
In this video I discuss how Web3 is primed to take over and disrupt entertainment. This is due to tokenization along with the advancement in technologies that make content creation even easier.
▶️ 3Speak
0
0
0.000
Congratulations @taskmaster4450! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPThis is one of the things I am excited about. We have seen glimpses of it with E-sports. Dota2 and LOL championships, which are not considered by many as actual sports, are watched by a lot of people online. Now with Web3, there will be less need for reliance to traditional media. There were concerts in the metaverse before, NFT games can get into Esports once there is mass adoption, generative AI can create promotional pictures and trailers, and even create videos and movies. With the technology becoming more and more easily available to the masses, there can truly be an on-demand creation of media, and Web3 can easily fund that in their ecosystem.
There is a lot going on. I wrote an article this morning about this..the decentralization of media.
We are going to be over run with piss poor content that nobody wants to watch and the good stuff will often be lost in a sea of mediocrity. Look at the music industry, very hard to make a living unless you're a mainstream "big" artist.
I kind of think you contradicted yourself with your statement. If there are a ton of piss poor content that nobody wants to watch, and it is very hard to make a living unless you're a mainstream artist, then they will eventually stop making content anyways. But Web3 can hopefully help those diamond in the roughs get recognition without being supported by big corporations.
Yes I guess I did. I work in drama TV production and see the blood, sweat and tears along with a huge amount of talent that goes into making TV shows, quality also costs... a lot! I think it's very much underestimated by those not involved. "Talking head" type entertainment and opinion pieces are much easier but there is no offer of escapism or suspension of disbelief involved there, most people often want to zone out for an hour or two. You mention e-sports which I absolutely concede can be covered much more easily than mainstream sports but if you've ever watched amateur footage or even footage captured at academy level for post match analysis, it leaves a lot to be desired and there is no way pro sports or even non contemporary drama is being captured on semi pro equipment by people without experience. Having said that (to contradict myself again) I have seen some great low budget short films but they are exclusively produced by students with the back up of academic staff after a couple of years of studying but even the good ones are generally shown within a sea of utter dross. It's complicated, on many levels.
Hopefully, Web3 can help those great low budget short films get the recognition, funding, and support they deserve.
For context - Band 1 - the lowest budget band for scripted TV is £850K per hour of completed programme, to produce something that "cheaply" and it be worth watching you need incredible scripts, then one realises that there are a thousand ways to interpret scripted material by actors/directors/producers, the writer/creator has to let go at that point and trust in the process and the people. Writers are notoriously bad at hitting deadlines and writing stuff that you can afford to actually make. Web3's role may be around the area of script development, people need to eat and pay their rent while writing, and the pay off comes if the show is actually made, its very speculative though.
Sorry, I'm not familiar with it. When was it made? The good news is, a lot of the things you mentioned have drastically changed over the years. Smartphones now have the capability of high quality capture, and there have been a lot of films made through it. Generative AI can handle the script and stills/visuals. It is one of the reasons why the writer's guild went on strike in the US. The generated script are good and fast enough that they already put Hollywood jobs in jeopardy. For the actors, if you don't go for famous ones, and look for those wanting to start their career, you can get them for cheap or even free just to add to their portfolio, and get experience/exposure.
Band 1 isn't a show, budgets for TV are set in bands, Band 1, 2 , 3 etc. Band 1 is the lowest. It helps when offering pay rates to crew etc. I'm a bit sad that you're advocating thousands of people losing their jobs to be honest not that I think it will happen.
Nobody is making any commercial content on smartphones beyond youtube,
In terms of AI, its soulless, is there any Ai art thats selling for millions?
Taskmaster mentions the Superbowl in the video and yes alternative commentary and analysis is welcome (and already exists) but without the insight and expertise it's worthless. I love rugby but there is only 1 maybe 2 analysts on youtube that really add any value.
From my perspective niche interests will be catered for but it wont be Hank down the road making high value content it will still be experts in their field producing content.
I'm not advocating anything. I'm just stating how things are. A lot of artists and programmers have already lost their jobs to Generative AI.
I agree that AI art is soulless, but do your research before making sweeping statements like these. A simple google search showed multiple results. https://motioncue.com/best-movies-shot-on-smartphones/ Some movies there even won awards.
Ok fair enough, I guess I'd just watched the video when I commented and the guy in the video seems to be projecting some hope about the disruption based on his own biases. Ironically making a video on a smartphone by the look of it against a flat background with zero visdual interest. If i had to guess I'd say he has an axe to grind because he never got a job in production but of course I'm probably way off the mark.
Interesting that the image you uploaded shows examples of AI art that hasn't sold for millions, no.13 being 4 pieces that sold for a combined 1.1 mil. Crypto bros may be paying this for computer generated art, I don't see serious collectors buying this stuff, its ape jpegs all over again. Humans are stupid though, people pay 10's of thousands for handbags ffs.
Interesting link re smart phone films, Soderbergh is definitely an established filmmaker, he knows the game, is very skilled and he's experimenting, tell him tomorrow that he's only to make films on smartphones in future and he'd have a fit. Searching for Sugarman is great but I've not heard of the rest. Film festival accolades are sometimes a bit meh, I've sat through so much utter shit at a couple of film festivals you just want to vote for something by the end so you can get to the bar. A member of my family used to curate a festival and the voting is, um, biased at best, corrupt at worst.
I interpreted your millions not as a single purchase, but as a whole. The fact that the transactions are reaching millions shows there is a market. You not liking them doesn't change anything.
You said smartphone films were only for YT, and I showed you multiple examples. Your comments about film festivals and awards are just your opinion and doesn't change the fact that they were appreciated by a group of people over other works.
Absolutely my opinion, what you may not realise about film festivals is that lots of the films are self submitted, i.e. the producers submit their own work and the festivals want to fill screen time outside of the one or two featured films that they have brought in with maybe a retrospective of a famous artists work thrown in for good measure. Go to some festivals, you'll see some of the crap on offer. Anyway, lets agree to disagree, films made on phones aren't going to majorly disrupt the film business with the exception of a few that will hit the sweet spot with an amazing script, skilled technicians who understand the constraints of shooting on a phone.
Unsane - one of the Soderbergh films in the article you posted had over a 100 crew members, Olive - 50 ish crew members plus many more not on the IMDB page for the movie, this is not some guy or girl working out of their parents back bedroom with nothing but an iphone and some bright ideas.
I have faith that humanity will not hand over the joy of art and the human condition to the machines, we may do for the lowest common denominator stuff but that about it.
Absolutely my opinion, what you may not realise about film festivals is that lots of the films are self submitted, i.e. the producers submit their own work and the festivals want to fill screen time outside of the one or two featured films that they have brought in with maybe a retrospective of a famous artists work thrown in for good measure. Go to some festivals, you'll see some of the crap on offer. Anyway, lets agree to disagree, films made on phones aren't going to majorly disrupt the film business with the exception of a few that will hit the sweet spot with an amazing script, skilled technicians who understand the constraints of shooting on a phone.
Unsane - one of the Soderbergh films in the article you posted had over a 100 crew members, Olive - 50 ish crew members plus many more not on the IMDB page for the movie, this is not some guy or girl working out of their parents back bedroom with nothing but an iphone and some bright ideas.
I have faith that humanity will not hand over the joy of art and the human condition to the machines, we may do for the lowest common denominator stuff but that about it.
Summary:
In this video, the speaker discusses how the entertainment industry can be disrupted through the utilization of cryptocurrency and emerging technologies, such as AI and Web3. He highlights the significance of attention in the entertainment field, emphasizing how celebrities like Denzel Washington command high pay due to drawing audiences. The speaker then delves into the evolution of content distribution with platforms like YouTube and the potential for AI-driven content creation. He predicts a shift towards more niche communities and platforms in Web3, leading to a decentralized and diverse entertainment landscape. Ultimately, he foresees a decline in traditional mainstream entities' dominance as Web3 redefines the industry.
Detailed Article:
The speaker begins by addressing the concept of disrupting the entertainment industry using cryptocurrency and innovative technologies. He stresses the importance of attention in the entertainment realm, noting how celebrities like Denzel Washington are rewarded handsomely due to their drawing power. This insight sets the stage for a deeper discussion on the role of attention in determining success and profitability within the entertainment sector.
Moving on, the speaker transitions to the impact of platforms like YouTube on content distribution, highlighting its simplicity and direct reach to audiences. He articulates how advancements in technology, particularly AI, are reshaping content creation processes, with AI-generated movie trailers as an initial example. This discussion underscores the evolving landscape of content creation and distribution facilitated by technological progress.
The focus then shifts to Web3 and its potential to revolutionize the entertainment industry by enabling tokenization and ecosystem development on digital platforms. The speaker envisions a scenario where niche communities are catered to, leading to increased content distribution and audience engagement. This decentralized approach is forecasted to challenge traditional mainstream entities, as new entrants leverage Web3 to target specific interests and hobbies.
In conclusion, the speaker foresees a gradual decline in the dominance of mainstream entertainment platforms as Web3 paves the way for diverse content hubs and communities. He clarifies that this shift does not imply widespread bankruptcies in the industry but rather a redistribution of focus and viewership towards more specialized and decentralized platforms. Through the lens of Web3, the speaker projects a future where social elements and tokenization play integral roles in reshaping the entertainment landscape.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.