Most people fear revolution, but they should not fear the revolutionary Vice Industry cryptocurrency token or its role in the burgeoning Attention Economy. If you are interested in cryptocurrency and in knowing the future of content online then what you are about to hear is a must know! Whatever you do, prepare to be immersed in a revolutionary disruption that will change and disrupt forever the way video and TV content is watched online.
Ripe for Disruption and Revolution
If you talk to players in the adult entertainment industry, most are ok with the current commercial economic model. The adult entertainment industry corners 30% of all internet traffic globally and generates 62% of the industry’s revenue. The remainder comes from paid content at 24% and real-world accessories at 14%.
What we know and understand is that Increasingly, in a crowded media landscape, entire industries are competing with more and more players for viewer attention. Globally, the volume of content has exploded. However, online advertising revenues have declined. In general terms means the majority of global revenue is under threat.
The Free Content Model Is Broken
Today, advertisers, content providers and their distribution partners compete voraciously for consumer attention. In the adult entertainment industry, viewership is conditioned to watch free, lower-quality content in exchange for tolerating advertising. This model is not unique. Consumers now expect content to be free. Paid media is under siege! Media outlets and owners managing paid models are disappearing at an alarming rate. We think, and it is a bold argument, that this segment is about to disappear forever regardless of the content being served to viewers
Free, ad-supported content is no longer unique, or even particularly successful.
Because of ad blocking and multi-tasking, the level of genuine user engagement with any ad is questionable, advertisers are frustrated and revenue returns of advertising are diminishing.
Today’s producers of paid content are seeing a decline in consumption. Because of the low levels of financial compensation necessary to offset advertising costs, there is little incentive to keep producing high quality content.
The only way for online content to survive in an attention economy is for a full revolutionary disruption of the current commercial model to occur.
The Future of Online Television and Video
We’re now at a crucial tipping point. As veteran of over 20 years in the adult industry, I believe our industry is poised through to lead the way for every other media industry on the planet. We did it with film, tapes, DVD, Cds, paid websites, affiliates and then tube sites. We are poised now to do it again. How? We think the future of our industry lies in recognizing that consumer attention is a valuable and scarce resource — and effectively, an entirely new economy: the Attention Economy — is now being born.
We envision an Attention Economy where content producers, curators and consumers will all be financially rewarded for their participation. We feel the best way to accomplish this is by using a special type of blockchain. While the blockchain technology required to underpin an Attention Economy is slightly complex, the commercial model is relatively straightforward to explain. In a nutshell: everyone is paid for their involvement.
In the Attention Economy, Content is produced, tagged by a blockchain-enabled platform, and curated by channel owners. Consumers view content for free, in exchange for engaging with it in specific ways — for example, commenting, upvoting, or simply viewing a video for a set period of time.
To incent participation in our version of an Attention Economy, these digital engagements generate a proprietary cryptocurrency associated with the platform, called a Vice Industry Token (VIT), which is then used to compensate consumers, curators and content producers for their participation.
Using a cryptocurrency, rather than a traditional currency, facilitates making the high volume of small payments — micropayments — that the model demands. And should there be multiple content producers — for example, when a third party creates a mashup from two existing videos — the underlying blockchain technology will be able to identify fractional ownership and allocate cryptocurrency micropayments accordingly. Likewise, our blockchain anticipates billions of potential users and has been designed and scaled to permit billions to use it an an ongoing basis. Honestly, the Vice Industry Token could easily be the most highly used cryptocurrency on the planet in a very short period of time.
Show Them The Money!
The result? In the Attention Economy, producers are financially compensated for content consumption, even in cases where their content is mashed up or otherwise re-used. This leads them to invest in creating better quality content that appeals to consumers; popular content creates higher engagement levels, which generates more revenue, and the cycle continues.
Curators are paid for their contribution — finding and making content available. They too are financially incentivised to offer higher quality, more popular content, and to attract the viewing public. The combination of high volumes of traffic and popular content lead to greater consumer engagement, which means greater revenue.
Finally, consumers are paid for their engagement with content that they’re genuinely interested in watching. This engagement model creates a more authentic brand-consumer relationship than the current advertising model, as well as eliminating common — and painful — advertising industry problems like click fraud.
Spontaneous Revolution and Disruption is Profitable!
The growth in new, free content isn’t going to stop anytime soon. With click fraud rising, and ad revenues falling, media creators and owners urgently need to move away from the current operating model.
The Attention Economy fundamentally changes the way in which we all operate — everything operates — both in the adult entertainment industry, as well as across other media segments. By incentivising and rewarding all participants — from creator to consumer — we not only secure our audience base, but our commercial future as an industry as well. We always lead the way.
Crowdsale starts on the 19th February 2018 and is open to all of the public .To get involved in the Vice Industry Token, read the Whitepaper here and join the discussion in Telegram https://t.me/viceindustrytoken.