Web3 May Flip ‘Content Consumption on its Head,’ but Still Needs Traditional Media: MyCo Co-Founder

Whereas Web3 is poised to revolutionize current companies and whole industries—from finance to movie—MyCo’s co-founder Phil McKenzie believes matrimony is extra significant than making a martyr out of Web2 and its related enterprise fashions.

“It is about marrying the 2 collectively and bridging them,” McKenzie instructed Decrypt on the inaugural MetaCannes Pageant in France, which he helped co-organize. “Web3 is incredible, and it has numerous promise and alternative—do not simply low cost the whole lot.”

In terms of Web3, the pitch is commonly an evolution of the web, the place purposes constructed utilizing blockchain know-how can supply customers extra management in areas like asset and knowledge possession than is supplied by right this moment’s tech giants.

“This has the potential to resolve numerous issues that we face within the leisure sector, and probably open up all kinds of different doorways,” McKenzie stated.

MyCo, a Dubai-based streaming platform that lets customers earn crypto by viewing content material, is “flipping the entire thought of content material consumption on its head,” stated McKenzie, because it builds out its roster to incorporate content material like dwell sports activities, podcasts, and short-form content material.

The corporate additionally devotes substantial assets to producing, buying, and financing initiatives featured on its platform, like films, brief movies, and TV sequence. And, on the finish of the day, McKenzie stated this course of mirrors conventional media throughout occasions like MetaCannes, which coincided with this 12 months’s Pageant de Cannes.

“Web3 remains to be not mainstream,” he stated. “We wish to be right here and interacting with all the opposite individuals which are on the bottom—whether or not that is producers, gross sales brokers, distributors, [or] financiers.”

Partnerships with established media gamers are key to MyCo’s development, stated McKenzie, including that its platform is in a singular place to function a bridge, serving to conventional media organizations “dip their toe” into an rising period of content material distribution.

“We’re form of interacting in a really conventional method,” McKenzie conceded. “We have to onboard individuals.”

McKenzie stated that MyCo’s Web3 parts are leveraged primarily by its customers, versus how the corporate produces and procures content material for the streaming platform. However McKenzie signaled that separation would possibly fade sooner or later. 

“The Web3 aspect may be very a lot audience-facing for us for the time being,” he stated. “Though we do have some plans up our sleeve for possibly utilizing the platform with a view to assist generate funding for initiatives going ahead as properly.”

Income generated by the streaming platform is break up between its customers and creators: 35% goes to viewers whereas 65% goes to people who maintain the content material’s license, stated McKenzie. And he famous that MyCo lately surpassed its 2 millionth consumer, signaling extra customers are incomes crypto by watching content material on MyCo’s platform.

“The watch-and-earn mannequin is actually catching hearth,” McKenzie stated. “It appears like a contemporary and revolutionary illustration of what content material streaming and consumption ought to seem like.”