The digital entertainment industry has experienced tremendous growth in recent decades, with streaming services like Twitch, YouTube, Amazon, Netflix, and Spotify generating billions of dollars. However, while these platforms are reaping substantial profits, many artists and creators are struggling to make a living and only receiving a small share of the earnings.
This is where the PitSnap project comes in. Its concept aims to disrupt traditional payment models and ensure that creators and artists are fairly compensated for their work 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. Particularly during the pandemic, digital services such as streaming have witnessed a significant surge in demand. In fact, digital streaming and entertainment services now surpass traditional ones in popularity. For instance, the prices of CDs have dropped to all-time lows, and sales have plummeted. In the United States alone, 99% of households subscribe to at least one streaming service like Hulu or Netflix, with many households subscribing to multiple services.
Despite this substantial increase in sales and subscriptions, creators and artists receive a relatively small portion of the revenue. The bulk of the profits go to the major companies operating behind the scenes, rather than to the content creators and artists who are the main protagonists. This lack of fairness is a major issue plaguing the media and entertainment industry, often resulting in unrest among creators and artists and a decline in the quality of content produced.
Monetization Models in Media and Entertainment
Another challenge faced by the media and entertainment sector is the multitude of monetization models in use. Most services heavily rely on advertising, bombarding viewers with irrelevant ads. However, the artists themselves only receive a fraction of the revenue generated from these ads, while their fans are compelled to endure them or pay for an ad-free experience.
Content creators on platforms like YouTube, Twitch, and Netflix are obligated to adhere to the rules set by these companies. This is due to the limited number of players in the market, which leaves creators with no viable alternatives and grants the platforms monopolistic power. Consequently, content creators and artists face additional burdens that further disadvantage them.
How PitSnap Addresses the Challenges in the Entertainment and Media Industry
The PitSnap project aims to address many of the aforementioned issues, particularly the low revenue and rewards received by creators on existing platforms, as well as the concerns consumers have regarding advertising policies.
To achieve this, PitSnap will utilize a new Pay per Content model, allowing artists and creators to set their own prices for videos, streams, and content. They will then be directly compensated for each user who purchases access to their content. Once acquired, users will enjoy unlimited access and can consume the content as many times as they desire.
To provide some perspective, let’s consider a practical example. On YouTube, you would need about 300,000 views to earn approximately $1,000. With PitSnap, you can achieve the same amount with just 10,000 Pay per Content entries priced at only $0.10 each. Additionally, since the payment process is fully transparent, the platform cannot cheat artists out of their rightful earnings.
In addition to the Pay per Content model, PitSnap offers other monetization options, such as donations, which further enhance creators’ revenue. The share that PitSnap receives from these transactions is significantly lower compared to other platforms. Their aim is to cover operational costs while providing a fair gross income that can be utilized for further platform development.
Moreover, 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
The innovative Pay per Content model offered by PitSnap will provide creators and artists with fair monetization options. Furthermore, the platform will offer additional monetization sources and a range of content creation tools, all within the same platform.
PitSnap has already garnered significant attention from artists, creators, and experts in the crypto and entertainment industries. If you are interested in the project and considering an investment, we recommend reviewing the project’s white paper, available on their website: www.pitsnap.io.