TV streaming providers should start relying on NFTs

Subscription-based services have become so ubiquitous that it’s hard to remember a time when they weren’t the norm. Streaming companies have tried to take advantage of this norm by ripping consumers off for all they’re worth—just look at Netflix’s decision to start running ads.

Another benefit of leveraging NFT technology is that streaming services can increasingly be used to create community. As with all consumer culture in the digital world, we are what we consume. However, NFTs have the potential to deepen the relationship between the consumer and what is consumed.

There is a solution to stream “churn”

A decade ago, who would have thought that digital communities based on families of JPEGs would become billion-dollar businesses? From Bored Apes to Party Degenerates, NFTs have become identity cards, VIP passes, proof of ownership and digital art – all in one product. Why not a streaming service too?

Related: Throw Bored Apes in the trash

If your viewing habits are dominated by the likes of David Attenborough, an NFT can be built around your love of the natural world. Others like yourself will also buy this niche membership – which can cross-stream platforms with the money split proportionally between distributors, IP owners and content creators. With this composite ultra-niche membership, we would have the foundation of a community; forged together by a common interest. For third parties, this community can be a valuable revenue stream and offer endless opportunities for partnership and engagement. This could include discounted museum and safari tickets, live stream Q&As with top zoologists and exclusive first looks at new David Attenborough programming.

A membership product that appeals to niche interests will inevitably improve users’ perception of the value of the streaming service because it becomes part of their identity. The solution to many of the churn wars in the streaming sector is to turn subscriptions into “memberships”. By doing so, platforms can create strong and engaged communities for all kinds of content creators.

Located ahead of the curve

“We can do all this today,” you might say, and you wouldn’t be entirely wrong. The possibility for Netflix — for example — to create interactive subscription services for specific types of content is something that is entirely possible. The massive credit card, fill out form and email approach normalized by mainstream streaming services looks weak compared to the Web3 capabilities.

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By using NFTs for subscription products, users can have access to closed content for as long as it interests them, while having the ability to sell their keys to someone else without a loss when they are no longer needed. Content creators will also benefit from a direct 1-1 relationship with audiences that are truly engaged. Rather than the all-you-can-eat or nothing-at-all approach of regular subscriptions, creators will be able to package content for specific NFTs or incentivize particular behaviors. Maybe watching all the episodes in a short time frame gives access to a bonus, or giving feedback for a season can give you behind-the-scenes content.

As consumers, we watch transactional video-on-demand and à la carte buying goes out of fashion. For services that want to stay ahead of the curve, it would be wise to start considering the possibilities offered by Web3.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.