Last Updated on October 10, 2022 by Olivia Anderson
Influential companies like Netflix and Hulu have altered the global media landscape by shifting consumer preferences away from free broadcast television and toward subscription-based, ad-supported online platforms. The original selling point of subscription streaming services was their ability to reduce household expenditures. However, the value proposition has been eroded as the number of streaming platforms offering exclusive content has increased. Streaming bundles now reflect pricing comparable to that of traditional cable contracts. Therefore, a new continuum, characterized by universal access to free streaming media services, will be the impetus for the next wave of change in the media production industry, which Web 3.0 principles will inform.
What, exactly, does Web 3.0 mean?
Web 3.0 represents a new era in the history of the Internet. It is secure, decentralized (as opposed to the Internet or social media monopolies), and widely disseminated. This decentralized network operates on a token-based economy and is powered by blockchain technology.
The goals of Web 3.0 include creating an internet that accurately interprets user input, understands what they’re trying to say, and grants users complete control over the content they view.
Where Do Web 2.0 and Web 3.0 Differ From One Another?
Web 3.0 and Web 2.0 both have the same origins and aim to do the same thing: to make the Internet better for everyone. Internet 2.0 is built on the foundation of reading and writing. Web 3.0, on the other hand, simplifies things. But these two differences are just the tip of a much bigger iceberg. There is more to discover if you look closely:
Characteristics of the Web 2.0
- One of the main goals of Web 2.0 is the development of novel forms of virtual social interaction.
- Web 2.0 presents content with a more individual touch by using cookies to track users’ preferences.
- Information collected can be used at the discretion of powerful organizations.
- Web 2.0 is all about sharing and collaborating online, so it’s not uncommon to find communities devoted to podcasting, video streaming, social networking, and content creation.
What Makes Up Web 3.0’s Top Features
- The empowerment of individuals is a key component of Web 3.0.
- Web 3.0’s presentation of content depends on NFTs for value and incentives.
- Ultimately, the data belongs to whoever created it.
- Intelligent machine learning (ML) and decentralized protocols will be central to Web 3.0 innovations.
- Apps powered by “deep learning” (ML) and “artificial intelligence” (AI), such as AR and VR games and platforms, 3D portals, and integrated applications, will dominate the Web 3.0 app landscape.
What’s the Point of Free Media?
The distributed architecture of Web 3.0 is meant to encourage more peer-to-peer interactions, making it simpler for traditionally marginalized groups to join online communities. Web 3.0’s decentralized blockchain protocol will help people regain control over their time and data while being fairly compensated, in contrast to the current state of affairs, where multinational corporations profit from individual consumer data.
Since increased participation in content consumption can lead to potential benefits for organizations and individuals, it makes sense for individuals to have formalized equitable access to content. The flood of lawsuits filed against P2P file-sharing services in the early 2000s follows a similar pattern. The general tendency is for businesses to adopt new approaches due to changing consumer tastes. Consequently, the current system of free music streaming exists, with users opting to pay for perks like ad-free listening or the ability to download songs for offline listening.
What’s the Plan Here?
There has been an increase in the production of original programming due to the growing popularity of streaming media services, with viewers picking and choosing between providers based on factors like the availability and quality of their content. In this hypothetical world where free streaming media services are widely available, users are willing to watch a series of brief advertisements in exchange for free content protected by law.
However, Web 3.0 can be used more than forcing users to watch ads or restricting their access to the site’s functions. Increased user activity on a free, decentralized media streaming platform could be achieved with the help of NFTs (non-fungible tokens). Rewarding users who participate in and interact with advertisements is a natural fit for the “watch-to-earn” model, which can be easily combined with other “labor-to-earn” models. Regular digital rewards are given to users in exchange for their attention to advertisements; these rewards can be redeemed for in-game currency, premium content, or even physical goods.
While it’s true that no technology is perfect, web3 does have a serious drawback that can’t be ignored. This is especially accurate of its cryptographic and blockchain features. This is because certain blockchain algorithms are extremely resource-intensive, calling for a great deal of computing power and thus potentially resulting in a great deal of energy consumption and emissions. This problem must be fixed if web3-based music solutions are ever going to become mainstream, and established services like Netflix and Spotify will be challenged. The Web3 Marketplace development has been proposed as a possible solution for the creation of “proof-of-stake” blockchain algorithms. Even though it is more efficient and uses much less power, many of the most popular blockchain networks, such as Ethereum, do not currently support it.
Streaming media has aided consumers in transitioning from paid TV to paid web services, but with Web 3.0, free streaming will become the norm. It’s annoying for the thrifty user to be forced to click through ads since only the pirate sites and advertisers who prey on clickbait benefit from using unofficial channels to access the content. By providing a standardized system by which viewers can control their viewing habits and be compensated for their time and data, a Web3 Streaming Platform makes the ecosystem more beneficial for viewers, platforms, and advertisers.