Research Summary
The article explores the potential of blockchain technology to disrupt the traditional media and entertainment industry, focusing on the distribution phase. Rogers argues that the internet and technology have undermined the studios’ traditional gatekeeper position, leading to a shift in how content is monetized and how stars interact with their fans. He also discusses the impact of the iPhone and other smartphones on content consumption and the erosion of the studios’ control over interactions between filmmakers, stars, and fans. The article concludes with a call for a radical reorganization of the studio to prioritize community-building and embrace Web 3.0 tools.
Actionable Insights
- Embrace Web 3.0: Hollywood studios should consider embracing Web 3.0 tools that can support franchise development and enable identity, community formation, participation, collaboration, voting, delegation, loyalty, and rewards.
- Reorganize and Prioritize Community-Building: Studios should undergo a radical reorganization to prioritize community-building. This includes changing the organizational structure and culture to view fans not as a risk but as a community to be engaged and nurtured.
- Empower Fans: Studios should develop mechanisms that allow fans to participate in an official way in the franchises they love and equip those communities to be their best advocates. This could involve sharing success with fans, which aligns with the ethos of Web 3.0.
