Sometimes we overlook what is staring us in the face. It is easy to do this with technology, something that is a bit buggy in its early days. Until the development gets to the point where the masses can get involved, it is difficult to see where things are going.
YouTube is one of the major platforms for content creators. There is no doubt that many are minting a nice sum of money each year from their activities. Of course, we have to keep in mind that platform is now 16 years old. What we see before us today was not what hit the market in 2005.
There is also speculation that YouTube is subsidized to a great degree by Google. Many feel that it does not make money on its own. Either way, there are some nice payouts for those who are successful.
Unfortunately, this is not the case for the majority. Most are aware of the fact that YouTube requires 1,000 subscribers and 4,000 hours to get even the first payout. This means that very few are being compensated for their efforts. Some of the larger YouTube channels are pulling in bucks yet it is a miniscule part of the overall.
We also have to keep in mind that YouTube can alter the payout system at any time.
Now let us look one YouTuber who shared his results.
Dave Lee YouTube
This particular YouTube channel is about investing. Dave Lee covers a variety of topics, one being Tesla. Since the stock took off a couple years ago, this became a huge subject on YouTube. Tesla channels can do very well.
As we can see, this channel has 204,000 subscribers. It was only opened in 2019 so it is safe to say much of that is active. He recently did a video detailing what he made off his TouTube channel last year.
Here is a screenshot from the linked video:
Those are some pretty astounding numbers. Before going any further, he admitted that he does not fully optimize the monetization. Much of the video goes into what he features he omits using that, while they could make him money, impede the user experience.
Nevertheless, he did accumulate 12.8 million views. This is a significant number no matter how we break it down. That resulted in 2.9 million hours of viewing. The payout was $78,000.
Not bad for making videos throughout the year.
In viewing this, he was very open that he was successful with a software company early on that provided him some significant financial resources. He says he piled all his profits from that into Tesla early on. Safe to say this guy is one of those Tesla millionaires.
The point being, he is not too worried about the money rolling in from his YouTube channel. Nevertheless, it is a decent chunk of change.
One of the major keys is to consider how many people actually get channels that get 200K users. It is safe to presume not too many. Therefore, we are going to have to conclude his results are not the norm.
Here is the full video:
As a call-to-action, perhaps everyone will click on the video and leave a comment about 3Speak or Leofinance since this is a financial channel.
Web 3.0: A New Model For Content Creators
We are well aware that a different opportunity is forming. The numbers that we see on Web 3.0 are nowhere near even the subscribers this single channel has.
However, the potential is far greater when you think about it.
At this time, we do not have much that competes with what this channel is earning. That will not be the case in the future.
To start, many are getting rewards today with the price of $HIVE at around a dollar. What happens to those holdings if the price goes to $5? We can see that a $5 payout today will be $25 at that price.
Another component is that Hive has roughly 15,000 accounts transacting each day. This is a very small amount. Over time, we can expect the number of people active to grow. As the token distribution spreads along with other layer 2 additions, people could see their support increase. All of this helps to grow the payouts people receive.
One of the major differences is that individuals have the ability to earn starting with their first or second video. Posting on 3Speak.tv means that any upvote with voting weight will give a portion to the author. There is no requirement for number of subscribers or how long the videos are viewed. If an upvote is placed, it will payout 7 days later.
A few can go to a YouTube and make life changing money. The difference with Hive is that option is open to anyone. Those who dedicate their time and put in the effort will see results. It is a matter of consistently building.
Web 3.0: Community Economies
One of the things that will become obvious in a few years is the ability to not just create communities but also economies. This is one of the greatest values of Web 3.0.
What Dave Lee has is a small city at his disposal. In taking a quick look at Wikipedia, we see names such as Salt Lake City, Little Rock, Birmingham, and Montgomery all come in with populations around 200K.
How much is this worth as an economy? To use Little Rock as an example, that had a GDP in 2020 of $38 billion. When a community is monetized, an economy can spring up. Through commerce, we can see some massive numbers generated. No longer are we focusing only on payouts or simply income streams. We are transitioning to full-blown economic systems.
This is where things such as Velocity of Money and growth rates become important. As development occurs, more "businesses" show up. This allows for commercial activity to keep expanding. It is not different than in the physical realm. The only difference is we are doing this on a digital platform.
With Web 3.0, any network with a couple hundred thousand users, if the development is there, could potentially rival the abovementioned cities in economic activity. Here is where the explosiveness in these networks resides.
Tokenization means monetization. However, it moves a step beyond when we consider all the different facets that make up local economies. These characteristics are possible with networks also. The ability to create one's own money means that any community can become its own blossoming economy. Then it only becomes a question of what is built in that "town" and how many people opt to "live" there.
Sometimes opportunity is staring us right in the face and we do not realize it. Perhaps we should step back and realize how fortunate we are to be a part of Hive and the initial foundation of Web 3.0.
Down the road, there will be many who wished they were part of the early days also.
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