The Future of Monetization (10 of 10)
OK, one last part of this whole series on internet trends, how it affects us, and the future. In the last one, I talked about how I believe cryptocurrency and blockchain represent a new, distributed structure for the internet in the future.
It will solve a lot of problems, to be sure.
But, what does monetization look like? Is blogging still a thing, then?
I don’t think blogging is going anywhere. Content publishing is as old as writing, whether it’s been via cave walls, papyrus, paper, a blog or a Kindle book. There will always be publishing and publishers.
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But, how will we make money?
Well, the business fundamentals I base my training on (namely, the sale of actual products and services) will always be alive and well. In fact, I think the field of online education is going to get bigger and bigger as the college bubble pops. We will always have traditional schools, of course. But, I think that on-demand, specialized, results-oriented training powered by the internet will do very well. If you’re in the business of online course creation, you’ll be fine. 🙂
Of course, you’ll probably be taking payments in crypto. 🙂
Everything we do now to monetize will remain. But… banner advertising?
Nah, see… that model is already dying.
We’ve talked about it before, and surely this series put the final nail in it. Consumers are taking control and… people just don’t like ads. So, just like TV has quickly moved to a customized, on-demand, no-commercial model like Netflix, the same is happening online.
So, I think the days of monetizing thru advertising are dying… and will eventually be dead altogether.
As I also said in this series, building that relationship with an audience is paramount. Being able to connect with them on your own, without going through the gatekeepers.
Today, you’re finding many good content creators build audiences and then those audiences will support them through the likes of Patreon. Publishers who create content people want make money. In some cases, very good money.
I also think the world of cryptocurrency is going to introduce some cool opportunities for publishers as times goes on.
Steemit, for instance, is a new content platform and social network powered by blockchain. Publishers are rewarded for attention (aka engagement) with Steem, the cryptocurrency of this environment. Readers can comment and upvote content. It is a massive environment for sharing ideas and content, but incentivized in a decentralized way.
Steem, tho, isn’t just some funny little token. It is a cryptocurrency, exchangeable on all the major crypto exchanges. This means, ultimately, you can make actual dollars out of it if you like. As I write this, one Steem token exchanges for about $2.00.
It is a super creative concept, but I think a major look at what content monetization will look like in the future.
And I don’t see any reason why that same concept couldn’t be distributed wide. This way you don’t have to go to a central site to publish, but could do so on your own homebase (your blog) and still tap into this value-driven internet.
Another concept… Basic Attention Token (or BAT). This token is tailor made to solve the ad wars (the war between advertisers and the end user we’ve talked about). The BAT token creates an incentivized system that solves problems for the advertiser, the publisher and the end user. It is designed to work with the Brave web browser currently.
Anyway, as you can see, this world of cryptocurrency isn’t just about Bitcoin and people trying to buy their lambos or a trip to da moon! 😉
The tech behind this will change the world and how the internet works.
It is a new internet of value, driven my multiple interconnected blockchains, with a whole lot of various “coins” and tokens used for various purposes. All these tokens create incentive and it is all done without the need for a trusted third party. In other words, no Googles. No Facebooks. No gatekeepers.
But, these tokens are exchangeable for other tokens, and into other currencies.
Now, you tell me…
If you had a de-centralized content platform, where nobody could take your profile away from you. Where if you provide content people want and engage with, that you make money in the form of the token which powers that system.
Would that be more attractive than something like Youtube? Where they can take down your profile if they don’t like what you say? Or turn off your monetization (which is interruptive ads) on a whim?
I think so. People will be financially incentivized to build profiles on the new system.
This is going to be a massive disruption. Moving from a centralized model to a distributed model for the internet is going to be an interesting ride.
But, it’ll be full of opportunity. 🙂