Here’s How Web3 Will Change Media Businesses
TL;DR
For the release of S3 of 'Love, Death + Robots,' Netflix hid 9 QR codes in online videos, the show itself and even on IRL billboards. If you scanned one, you got an NFT.
This kind of marketing works because it gets shared via word of mouth, which is one of the most powerful forms of marketing.
This kind of marketing is particularly important for streaming platforms - because by giving viewers something they can't get anywhere else, they retain subscribers.
Here's where it could all go from here:
Netflix could notify you, saying you're one of the top ten viewers of a show, and reward you with an NFT.
That NFT could unlock early viewing, sneak peaks, exclusive behind the scenes episodes, and invites to cast meet-n-greets.
You can keep the NFT to use/show off - or sell it to the highest bidder.
Full Story
One of our lovely readers recently filled out our 'Help us write content that's relevant to you!' survey and asked:
"You guys are very light on the impact of Web3/Crypto on MEDIA businesses. Waddup with that?"
Waddup with that indeed
Ask and you shall receive
Turns out Candy Digital and Palm NFT Studio, the folks behind MLB, Netflix, and DC Comics' Web3 experiences, have just merged.
Ok, cool...but...'Web3 experience' - what does that even mean?
Let's look at an example from Netflix:
Around this time last year, the third season of 'Love, Death + Robots' came out on Netflix - and with it came a scavenger hunt.
Netflix posted 9 QR codes, hidden in online promo videos, the show itself and even on IRL billboards.
Every time a viewer scanned one, they got an NFT. Very cool.
Here's why this kind of marketing works:
Our favorite marketing book of all time is 'Contagious: Why Things Catch On.' In it, the author explores all of the different marketing tools at our disposal in today's world.
You know which one is most powerful? The age old technique of: word of mouth.
We'd never had any interest in 'Love, Death + Robots' as a show, but for a few weeks in May of last year, it's all we heard about.
Chevy's mom even mentioned it! (And she hates sci-fi).
Here's why this kind of marketing is more important than ever:
Streaming platforms aren't 'sticky.'
Meaning, we as consumers are happy to bounce between whichever service offers the best content, at the best price.
(We ain't loyal when it comes to streaming).
Which means anywhere that these platforms can carve out an edge, by giving viewers something unique, something they can't get anywhere else - matters!
Here's where it could all go from here:
This doesn't just end at scavenger hunts.
You know how Spotify Wrapped tells you things like 'You were in the top .01% of Natalie Imbruglia listeners'? (No? Just us?).
Imagine applying that to film and television...
Netflix might notify you, saying you're one of the top ten viewers of Married At First Sight (damn, again? Seriously? Just us?) and give you an NFT.
That NFT could unlock early viewing, sneak peaks, exclusive behind the scenes episodes, and invites to cast meet-n-greets.
You can keep the NFT to use/show off - or sell it to the highest bidder.
...can you imagine the level of engagement that kind of rewards system could inspire?
(And the more you collect, the less likely you are to cancel your subscription).
Very exciting.