This article is sponsored by cryptoprofile.com
We all love Netflix it seems judging by their huge growth in user numbers, 50% up on the first quarter last years, and the $7 to $8 billion they are planning to spend on making their own content. But we don’t want to live in a world where we have to join countless media platforms in order to watch the shows we love.
Netflix and Amazon Prime are making their own shows so they are not reliant on buying in programming from others such as traditional broadcasters who are direct competitors. But despite the development of these walled gardens much of their exclusive content will eventually be sold to the highest bidder on the open marketplace, because not all of the new content being created will be mega popular.
Sure, the likes of Netflix will keep its crown jewels such as Breaking Bad in order to attract subscriptions but that’s likely to be the exception rather than the rule.
So standing back from the new kids on the block providing the over-the-top content (OTT) from their data farms comprised of content delivery systems, don’t be blinded by the fact that the marketplace for content is not shrinking and is today valued at around $240 billion annually and growing at 10% a year.
There are a number of blockchain projects attacking this space, most of which revolve around the idea of decentralising the delivery of content. These are aimed more at those creating and delivering content ad include the likes of Viuly and Flixxo.
A different approach is being taken by Vuulr. It is not attempting to disrupt the businesses of the current delivery incumbents that dominate the sector. Instead, it seeks to make the marketplace for buying and selling content more efficient for broadcasters and OTTs seeking to acquire film, TV, sports, and, increasingly e-Sports properties.
And in another radical departure, Vuulr wants to incentivize the creation of metadata for the millions of hours of video content that already exists and is being added to every day.
Both legs of the startup’s business depend on blockchain technology. Let’s take a closer look at what’s on offer.
Transforming the film and TV ecosystem with the Vuulr Marketplace
The first part is the Vuulr Marketplace, which brings buyers, content creators and distributors together under one roof and supports industry standards for interacting and making agreements between stakeholders.
A whitepaper vision is one thing but execution is quite another. How does Vuulr hope to being participants to its marketplace?
The startup already has endorsements from Myleeta Aga, senior vice president and general manager of BBC Worldwide, South East Asia and India. That matters because the BBC owns one of the largest content libraries in the world. Then there are the endorsements from the head IMG Media, Asia Pacific Chris Guinness and Rob Gilby, the former managing director The Walt Disney Company, Southeast Asia, to name a few.
Aga from BBC Worldwide has high confidence in Vuulr: “BBC Worldwide has an extensive and deep content catalogue and we know there’s more value locked up in our inventory. In my opinion, Vuulr is developing a very promising set of tools that could help companies like ours to showcase and commercialize this content.”
The Vuulr team includes chief executive and founder Ian McKee who created his own successful brand marketing company, which he sold to advertising giant WPP in 2013. Chief operations officer and co-founder Ben Flint has spent 22 years in the branded content industry and is a former broadcaster with Fox Sports. Prior to joining Vuulr he set up to software as a service marketing businesses. Vuulr is based in Singapore, one of the global hubs for blockchain development and has gathered a proven team of industry and tech insiders to drive the business forward.
The marketplace is free to use for both buyers and sellers, with a small commission charged by the network. And by being on Vuulr no one is foregoing other opportunities as there is no exclusivity clause for platform usage. This is a big deal when you consider the current way of doing business.
Typically deals can take months to put in place with a host of formal and informal meetings, phone call and email, conferences and trade shows to attend and that’s after working out what is hot and how much to pay for it. The extreme lack of transparency in the market means making those judgement calls is particularly difficult. Vuulr aims to allow marketplace participants to do deals in as little as 24 hours. There is a transactional commission paid by the entity listing the content at a rate of 10%, far below the 30-40% often paid by those brokering deals today.
Monetise your movie knowledge with the Vuulr Supply Chain
The other leg of the business complements perfectly the marketplace and is all about making the watching experience better for the audience – it is called the Vuulr Supply Chain and is a non-profit organisation. How often have you watched a film in a language other than your own when the subtitles feel unnatural and inaccurate, or the information about the actors is non-existent or incorrect and the credits haven’t been translated into the language of the viewing audience.
All this “metadata” is expensive to collect and curate, so why not get the watchers and movie buffs themselves to source and create the metadata?
That’s the other brilliant idea behind Vuulr. It’s a win-win because on the one hand the content creators get access to the metadata, while on the other those consuming the content enjoy a richer experience. More than that though, Vuulr incentivizes consumers to take part in the metatdata creation through a rewards system based on the Vuulr token (VUU). The token is ERC20 compliant and being a utility token it provides owners with access to services on the platform and is also used as a unit of account and means of payment. Vuulr conforms to the MovieLabs Digital Distribution Framework (MDDF) common metadata standards for the entertainment industry and is supported by all the major studios and digital platforms, from Sony Pictures to Google Play and Netflix.
Even better, if you take part in the token generation event which started on 9 May, the rewards you receive from the metadata work is multiplied. In fact you don’t even have to be a token owner initially to start curating metadata. The Vuulr Rewards Program will be funded out of the revenues generated by the business.
The Supply Chain also dispenses with other headaches that add to the inefficiencies of current processes – Avails and Unique Identifiers are also managed. These are essential elements for doing business in the entertainment industry.
Vuulr is building a suite of decentralized apps that promises to revolutionise how media companies do business with each other, and with its blockchain technology it puts an immutable record of content at the heart of the system.
Token sale details
The sale is ongoing and contributors can only take part by registering on the Qryptos crypto exchange and ICO platform, owned by Quoine, which helps to cut out the scammers and fraudsters. Quoine already has 500,000 know-your-customer registered users.
Click here to registers for the token sale.
Total token supply is 1 billion of which 32.25% is available in the ICO, of which half were sold in the presale.
Token allocation is shown in the pie chart below:
161.25 million VUU tokens are available in the public token sale endings on 31 May.
1 ETH = 13,000VUU
Minimum contribution is 1,600 VUU (ETH 0.12)
The bonus schedule is as follows:
In phase 1 ending on 17 May there’s a 10% bonus plus an airdrop of an additional 30% bonus shortly after phase 1 ends. 17-22 May the bonus is 20%, falling to 10% during phase 3 ending on 27th and 0% for the last five days up to 31 May.
The funds will be used as follows:
Management, F&A and Professional Services 14%
Product and Engineering 24%
Launch, Content and User Acquisition 24%
Global Offices 23%
Tax, Contingencies, Compliance & Other 15%
The whitepaper is available here.
This article is sponsored by cryptoprofile.com
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane