The growth of social media has made it possible for everyone to become a content creator. And while the creator economy grew, incentives to become part of it continued to diminish. Since the $100 billion market is dominated by a handful of centralized platforms, creators hardly ever see a fair compensation for their efforts.
YouTube, for example, has only recently started paying out a minor share (45%) of the ad money from Short videos to creators. Streaming platform Spotify also cuts 30% from ad revenue, leaving creators to share $0.003 to $0.005 with right holders and publishers per stream.
Add to this the growing concerns about data ownership and the lack of sustainable financial models, it becomes clear that the creator economy needs to reestablish itself by placing users and creators at its heart. As the digital landscape evolves, it’s crucial to utilize a decentralized approach to overcome the major challenges of the creator economy.
Web3 social media where users and creators come first
Pop Social, a Web3-friendly social media platform, combines SocialFi, Web3 and artificial intelligence (AI) to address the key pain points of content creation faced by users and creators alike. The platform aims to eliminate the exploitation of creators by providing fair compensation for creators while introducing a new mechanism to reward users for their engagement as well. To achieve this, Pop Social diversifies its revenue streams by including AdTech revenue, nonfungible token (NFT)-related earnings, Phygital Stores and Open-API subscription models, to ensure a sustainable financial foundation.
Using an on-chain unique profile ID and enabling users to bring their own IDs from other decentralized protocols, Pop Social goes all in for true content ownership. With the AI integration, users will be able to see personalized recommendations based on meritocracy rather than popularity. Pop Social uses AI to provide a more balanced experience for users while building a foundation for reliable information flow to prevent fake news through its platform. It aims to create a vibrant and inclusive social ecosystem by focusing on social recovery, user-controlled data privacy and transparent content moderation policies.
An integral part of the Pop Social ecosystem, Pop Labs operates as a launchpad for innovation, driven by generative AI, creator incubation, and project initiatives.
“We envision a future where Social, Web3, and AI convergence redefines how we interact, create, and thrive in the digital realm,” Michael Shen, CEO of Pop Social, told Cointelegraph. “At the heart of this vision is empowering individuals, content creators, and communities through a seamlessly integrated ecosystem.”
“SocialFi should aim to create an exciting and inclusive ecosystem where users, creators, and communities thrive financially while reaping the benefits of a decentralized, transparent, and secure social experience.”
Cointelegraph Accelerator welcomes Pop Social as a participant in its growing roster of promising projects. Given the disruptive potential the Web3-native social decentralized applications (DApps) hold against the $100 billion creator economy. With good traction regarding active users and app downloads, Pop Social has a founding team of experts who have substantial experience in the blockchain industry.