The digital entertainment industry has been experiencing tremendous growth in recent decades, with streaming services like Twitch, YouTube, Amazon, Netflix, and Spotify generating billions of dollars in revenue. However, despite the platforms’ substantial profits, many artists and creators struggle to make a living and receive only a small share of the earnings.
Enter the PitSnap project, a revolutionary initiative aiming to disrupt traditional payment models and ensure fair compensation for creators and artists in a transparent manner.
The Media and Entertainment industry: an overview
Few industries can rival the popularity and rapid growth of the media and entertainment sector. This trend has only been amplified during the pandemic, with digital streaming services experiencing a significant surge in demand. Traditional forms of entertainment, such as CDs, have seen a decline in sales, and digital streaming has become the preferred choice for consumers. In fact, nearly 99% of households in the USA subscribe to at least one streaming service like Hulu or Netflix, with many households opting for multiple subscriptions.
Despite the immense growth and high revenue generated by subscriptions and content sales, creators and artists receive a relatively small portion of the profits. The lion’s share goes to the big companies behind the scenes, leaving the content creators, who are the heart of the industry, at a disadvantage. This unfair distribution of earnings has sparked unrest within the creator and artist communities and has led to a decline in the quality of content being produced.
Monetization Models in Media and Entertainment
Another challenge faced by the media and entertainment sector lies in the various monetization models employed. Most services heavily rely on advertising, bombarding viewers with irrelevant ads. Meanwhile, artists receive only a fraction of the revenue generated through these ads, and fans are forced to endure them or pay for an ad-free experience.
Content creators using streaming platforms like YouTube, Twitch, and Netflix are beholden to the rules set by these companies. Due to the limited number of market players, there are no viable alternatives, giving these platforms monopolistic power. This further disadvantages content creators and artists.
How PitSnap solves the issues plaguing the entertainment and media industry
The PitSnap project aims to address many of the aforementioned challenges, particularly the low revenue and rewards received by creators on existing platforms, as well as the concerns of consumers regarding advertising policies.
To achieve this, PitSnap will introduce a new Pay per Content model, allowing artists and creators to set their own prices for videos, streams, and content, and directly receive payment for each user who purchases access to their work. Once acquired, users have unlimited access to the content, enabling them to consume it as many times as they desire.
To illustrate the impact of this model, let’s consider a practical example. On YouTube, one would need approximately 300,000 views to earn around $1,000. With PitSnap, that same amount can be achieved with just 10,000 Pay per Content entries priced at a mere $0.10. Additionally, since the payment process is fully transparent, the platform cannot withhold the artist’s rightful earnings.
In addition to the Pay per Content model, PitSnap offers other monetization options, including donations, to further increase creators’ revenue. The platform’s share of these earnings is significantly lower compared to other platforms, as it is primarily intended to cover operational costs and provide a fair gross income that can be used for further platform development.
Lastly, thanks to the Pay per Content model, the need for advertisers is eliminated, allowing users to enjoy an ad-free experience on the platform.
The future for artists and content creators is here
With its innovative Pay per Content model, PitSnap empowers creators and artists by providing them with fair monetization options. The platform also offers additional revenue streams and a range of content creation tools, all within a single platform.
PitSnap has already garnered significant attention from artists, creators, and experts in both the crypto and entertainment industries. If you are interested in the project and considering an investment, we encourage you to explore the project’s white paper, which is available on the website: www.pitsnap.io.
