There’s nothing like switching your computer on to relax and catch your favorite series, movies and documentaries on Netflix. This service revolutionized the way we consume entertainment, and it did it at a very reasonable price. Netflix also has garnered enough strength as a successful creator of entertainment as well, adding value to the low monthly fees they charge with great original content like House Of Cards. However there is a blockchain project that wants to take it to the next level: a completely decentralized entertainment platform that will connect creators directly with the consumers. That is the story of Ethereum-powered Singular DTV.
The Potential of a Decentralized Streaming Service
The decentralized Ethereum-powered service that Singular DTV is offering, does have a few very important advantages over the existing services. It is a platform that eliminates the ‘expert’ vetting process in favor of a market approach. If there is demand for the entertainment produced, it should find a buyer, albeit within a smaller niche market of blockchain-aware people in the meantime. Here is a short list of potential advantages the service may have for users and producers alike:
- Producers will be able to take their entertainment to market more easily and cheaply.
- Intellectual property should be protected by blockchain mechanisms, which is better than any other mechanism invented to protect intellectual property so far.
- The market will set the price according to pure demand and supply principles.
Blockchain-based Streaming faces Stiff Competition
Apart from all the benefits that this concept might entail, it will be difficult for Singular DTV to crack the market. Ethereum-based dApps and the concept of consumption of blockchain-powered services is still in its infancy. Well established companies like Netflix, which offer highly popular shows and offer prices as low as $8 USD a month for their streaming services, will be hard to beat.
If Singular DTV sets itself up to cater to the needs of cryptocurrency enthusiasts, it might find some advantages down the line. This process will take time and will depend on sizable early adoption rates. This will enable Singular DTV to obtain enough feedback from the blockchain on which kinds of shows or movies the users are consuming, and this coupled with some more investment could eventually bring about competing original series or movies. That could be a real driver of growth for the service, but it will take time.
Final Thoughts
In the meantime this looks like a great first step. Singular DTV is showing us how the consumption of entertainment can also be transformed by the blockchain. It is certainly a great opportunity to change many of the paradigms that rule the production and marketing of content that will become part of our culture. Just like Netflix revolutionized the way we consume entertainment, Singular DTV now has the opportunity to take it a step further, and bring the creators and the market closer together for a kind of blockchain powered cultural interaction that has never been experienced before.
Click here to check out Singular DTV’s official website
