The Evolution of Media
& The Web
Over the last nearly three centuries, the innovation of media and entertainment has been powered by technology and creativity---with each paradigm shift inventing and applying new methods to engage and entertain consumers.
As we enter into the next stage of innovation in content and media with Web3, we are seeing new monetization, engagement and community models emerge that will forever alter the relationship between media, brands, consumers, builders and creators.
What is Web3?
"Web3 is the internet owned by the builders and users, orchestrated with tokens"
-Chris Dixon, General Partner, a16z
The vast majority of value created for media companies in the post Section 230 era has been concentrated within a small group of “walled gardens” who have built almost insurmountable network effects.
The combination of low cost content, massive scaled observational and indexed consumer behavioral data, dopamine engineered engagement, all reinforced by a defensive M&A and lobbying strategy has entrenched their dominance over traditional media companies and creators.
Web3 decentralization has the potential to replicate the network effect flywheels of the walled gardens - while empowering and rewarding users and contributors for the value created. This dynamic opens up new cooperative engagement and revenue models for the future of media.
Lately, Web3 and crypto has occupied the news for scandals, ponzi schemes, and "rugged" NFT projects, however the philosophy and underlying technologies can serve as a foundation for the next phase of growth for many industries, including media.
Why is Web3 Important?
The power of Web3 lies in the incentive and engagement design model, whereby the community participants, creators and contributors participate in the governance, innovation, and growth of the communities they build.
Unlike traditional media companies who acquire "users", in a Web3 model, the users acquire value for their contribution to the community. This is a powerful shift in how creators and audiences interact. Media companies, creators and brands need to be prepared to embrace this new engagement and operating model.
My goal is to share thought leadership from across the ecosystem to bring new ideas, and inspire enterprises, entrepreneurs, creators and inventors on ways Web3, both as a technology and a philosophy, can transform engagement, ownership and innovation across businesses and communities around the globe.