The digital entertainment industry has been exploding over the past decades, with streaming services such as Twitch, YouTube, Amazon, Netflix and Spotify making billions of dollars. However, while the platforms are ramping up considerable profits, most artists and creators only get a small share and are struggling to make a living.
This is where the PitSnap project comes into play. The idea: breaking the traditional payment models and allowing creators and artists to be fairly compensated for their efforts in a transparent way.
The Media and Entertainment industry: an overview
Few industries are as popular and as fast growing as the media and entertainment sector. Especially during the pandemic, digital services such as streaming have seen a huge increase. By now, digital streaming and entertainment services are far more popular than traditional ones. For example, the prices of CDs are lower than ever, with sales being on an all-time low. In the USA alone 99 % of households pay for at least one subscription service such as Hulu or Netflix. Many households pay for more than one service.
Despite this big increase and huge sales of subscriptions and content, the share creators and artists get is relatively small. The biggest chunk of the cake is for the big companies behind the scenes and not for the content creator or artist that is the main character of the story. This is not fair at all and is one of the biggest issues the media and entertainment branch is facing, causing often unrest within the creator and artists communities and leading to a decline in the quality of content that is produced today.
Monetization Models in Media and Entertainment
Another issue the media and entertainment sector is facing is related to the many monetization models in the sector. Most services rely on advertising, constantly bombarding the viewers with irrelevant ads. At the same time, the artists receive only a fraction of the revenue made through these ads while their fans are forced to watch them or subscribe to the platform for an ad-free experience.
Content creators using the streaming platforms such as YouTube, Twitch, Netflix, etc. are required to obey the rules these companies decide to come up with. The reason is the fact that there are only very few market players and as such, there are no alternatives and the platforms have monopolistic power. This adds another burden to the already disadvantaged content creators and artists.
How PitSnap solves most of the issues the entertainment and media industry is facing
The PitSnap project is dedicated to fixing many of the above issues, specifically the low revenue and rewards creators receive on current platforms and the issues of consumers with the advertising policies of such platforms.
To achieve this, The PitSnap project will be using a new Pay per Content model, which allows artists and creators to set their own price for videos, streams and content and get paid directly for each user who purchases access to it. The access is unlimited and the user can consume the content as many times as he wants once acquired.
To put this into perspective, here is a practical example. In order to make about a thousand US-Dollars on YouTube, you need about 300k views. With PitSnap, this amount can be reached with only 10k Pay per Content entries at a price of only 0,10 cents. In addition, since the payment is fully transparent, there is no way for the platform to rob the artist off their fairly earned rewards.
In addition to the Pay per Content model, PitSnap offers other monetization options, such as donations, that further allow for an increased revenue received by the creators. The share PitSnap receives of all this, is significantly lower compared to other platforms, aimed to only cover operational costs and providing a fair gross income, which can be used to further develop the platform.
Last but not least, thanks to the Pay per Content model, the need for advertisers is removed, allowing users to enjoy an ad free experience on the platform.
The future for artists and content creators is here
The innovative Pay per Content model will allow PitSnap to provide creators and artists with fair monetization options, while the platform will provide further monetization sources and a variety of content creation tools, all within the same platform.
PitSnap has already received a lot of attention from both artists and creators, as well as from crypto and industry experts. If you are interested in the project and considering an investment, we recommend that you take a look at the project’s white paper, which is available on the website: www.pitsnap.io
