Producers of film and tv projects are well aware of the tremendous industry hurdles of successfully financing a new project. Re: the daunting task of pitching to networks, sponsors, and investors feels like a never-ending battle. As a result, thousands of great ideas never make it to the screen.
Additionally, there is a considerable challenge in monetizing existing content. For example, massive amounts of film and tv content are just sitting around and not earning any money for their creators.
Who said it has to be this way, and why are we settling?
The old way didn’t sit well with allrites, so we solved this problem by creating a B2B marketplace where content could be monetized. Using technology, content libraries can have a further reach, be monetized in more geographies, and find their way to a global audience more efficiently.
The historic content licensing model is fundamentally broken and does not cater to the modern world of global streaming services.
Get a close-up of these challenges:
The way film and tv content have been licensed for many years — based on long-term contracts, hefty up-front fees, and inflexible terms — doesn’t work for streaming platforms.
Content is not recycled over long periods, like on a television network.
Everything is on-demand and requires an extensive catalog of content. A traditional broadcaster may need 600 hours of content, while a streaming platform would need 6,000.
Not only does a streaming platform need a lot of content, but they also need the flexibility to switch out content that is not working and replace it with something different.
That’s where allrites CaaS comes in:
We created a new model called allrites CaaS (content as a service), which gives streaming platforms the ability to acquire content without signing long-term deals and committing large amounts of capital upfront. The model also allows the streaming platform to switch content to keep everything fresh.
A streaming platform can access over 100,000 hours of content delivered instantly for a fixed monthly subscription fee.
If the initial content selected isn’t working, they can easily rotate content without extra fees or contract re-negotiation.
The allrites platform will incorporate artificial intelligence to enable audience mapping across different geographies, automated subtitles and language-dubbing assistance.
Our marketplace breaks down borders and allows content to travel freely across geographies. This is currently not being done by anyone else.
This brings us to the next big innovation in the entertainment industry…
The next big thing in show biz
Leveraging the allrites CaaS, we are now embarking on a project to build the ritestream launchpad: a platform for funding, monetizing and distributing film & tv content using blockchain technology and NFTs: a curated filmverse in Web3.
Changing for good
Film and television projects from independent filmmakers will now be funded by the community, which will break the monopoly currently held by film studios and television networks.
Distribution will be revolutionized, too, by monetizing projects in the metaverse. Think about the opportunity: revenues generated from curating films in the metaverse will someday exceed those developed in the real world.
Addressing the pain points
Problem one: funding content.
Did you know? Only 1 in 2,200 shows pitched to a network makes it to a series in the USA!
Because traditionally, content funding has come from studios, broadcasters, brands or private investors. The challenges these sources face result in:
• New projects taking years to fund
• Loss of originality — studios, and funders control the creative
• Creators receive only a small share of revenues
How is this justified or makes sense? It doesn’t!
Problem two: content monetization.
90% of content does not get fully monetized. That’s because:
• The content licensing model is antiquated
• Licenses take months to negotiate
• Content is controlled by middlemen
Advantage. Web3 and the metaverse exponentially increase the scope for content monetization.
In the meantime, check back later this week for some exciting and much-anticipated news on how ritestream is changing the entertainment industry forever with our next product and service launch! Right here on the blog.