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Previously, you have been informed about the problems occur in the digital content industry that deal with distribution and domination of content marketplace. Based on the principles that it holds, Wemark is proposing some solutions to overcome the existing problems.
Use Case: Photography
Because stock photography is considered as one of the most centralized markets in digital content industry, a use case about it will be presented here. Do you know that the two biggest players in the market, Getty Images and Shutterstock, take up to more than 85% of the licensing price? This, of course, disadvantages the photographers. Because it’s difficult for them to reach a global audience on their own, they have to rely on agencies, resulting in losing 60-85% of the revenue. Furthermore, they also do not fully own the right of distributing right and determine the price.
Usually, conventional marketplace won’t let content creators, in this way, photographers, to regulate the way the content is distributed. For instance, a photographer can do nothing when his photos which were previously aimed for commercial use, is used for an offensive advertisement. Different agencies set different restrictions yet photographers are not given the right to control over the restrictions. It is almost impossible to find which agency issued the license of the photos to that customers. It happens because there is no transparency.
The Advantages to Photographers
The main advantage that photographers can get from the platform is that they will own all the rights to their photos. Wemark protocol will serve as the protocol through which all licenses are issues. Wemark can distribute the content but does not own the right to either sell or license it without the protocol. Through Wemark, photographers do not need to rely on marketplace any longer just to get their content licensed.
Besides, they have the ability to control the price of their contents or photos. Different pricing options and tiers will be introduced by Wemark. Then, photographers decide the price of their photos so they can keep much more of their revenue. The royalty payment to creators is set to be 5 times bigger than any agencies offer.
Furthermore, distributions are immutable, leading in higher transparency. The Wemark protocol guarantees full transparency of licenses, pricing, payment, and revenue distribution. The blockchain-based immutable and autonomous system can be trusted by photographers as there is no way to manipulate the system.
Market Opportunity
Stock photography is growing very fast. Yet, existing agencies are full of outdated and irrelevant photos that disturb customers to find photos they want. Besides, customers have to pay very high to buy photos they like. From the photographers’ side, stock photography market takes most of their revenue and rights to control over their photos. This gap gives a great opportunity to Wemark to offer some solutions to solve some of the burning needs of both creators and their customers.
ICO Timeline
The sale period for a Wemark token (WMK) is starting soon. The TGE will be conducted from 24th July – 8th August 2018. There are no more tokens produced. The tokens will be distributed soon to the holders. Token holders can use WMK tokens to have any transactions within Wemark platform.
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