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Today, we will examine how Web3 is shaping online media, entertainment, and the creator economy.
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Section 1: Key Market Trends
(1) Superfan economy:
- Entertainment companies are adopting a fan-first approach to increase fan engagement, interaction, and retention. “Proof of support” is becoming a mechanism for fan rewards.
- Fanzee closed $2 Million in funding to reward sports fans for completing quizzes and challenges through digital collectibles.
- Fanbase is a platform that allows artists to reward fans who show their support.
- Fave rewards followers who perform “superfans” activities such as social posting, music streaming, attending concerts, etc.
(2) It pays to be a listener:
- Companies are exploring ways to reward music or podcast listeners via listen-to-earn mechanism.
- Fountain pays you when you listen to podcasts, promoted ads, and create clipped content.
- Decibel is piggybacking on social audio apps (e.g. Clubhouse, Twitter Spaces, Discord, Telegram, Spotify Greenroom, Meta) by rewarding users for room listening, speaking, and moderating.
- Current Media lets you earn while playing your favorite music. Users can spend those points on shopping and gift cards.
- RadioEarn pays users who play a radio link. Rewards will be converted into USD, Amazon Gift Cards, or Bitcoin (BTC).
(3) More earning opportunities for musicians: