How Web3 can prevent Hollywood strikes - Replay joins Cointelegraph Accelerator

cointelegraph.com:

Streaming video is one of the fastest-growing markets in the world, with the OTT video industry alone projected to reach $200 billion in 2023. Short for “over-the-top” video, the OTT video ecosystem includes on-demand video as well as ad-supported video content, and it is mainly driven by the growth of established Web2 streaming platforms, including Netflix, Hulu and Disney+.

The streaming video market is expected to grow at 14.3% CAGR. Source: Replay

While the reports project an $300 billion revenue for the streaming video business by 2027, the lopsided revenue-sharing mechanics of the industry creates an unhealthy balance between the creators of value and the platforms distributing that content. The centralized nature of the video streaming ecosystem allows for opaque distribution and lets platforms capture the vast majority of the revenue, leaving minimal value for video creators.

Although companies – ranging from talent agencies to tech projects – exist to broker and license content on behalf of the creator, they fail to track revenue accurately and mostly rely on manual record-keeping. The recent strikes started by the Writers Guild of America (WGA), Directors Guild of America (DGA) and SAG-AFTRA, the union representing actors in the United States, remind the film industry that the workers behind streamed shows are heavily underpaid and uninformed when they will get paid next, highlighting the issues in the traditional value distribution model.

One potential solution for mainstream media brands managing these issues lies in a decentralized, transparent video distribution ecosystem that utilizes the traceability and accountability qualities of blockchain technology. Replay, a decentralized video streaming protocol,