The digital entertainment industry has experienced explosive growth in recent decades, with streaming services like Twitch, YouTube, Amazon, Netflix, and Spotify generating billions of dollars in revenue. However, while these platforms are making substantial profits, many artists and creators are struggling to make a living and only receiving a small share of the earnings.
Enter the PitSnap project, which aims to disrupt traditional payment models and ensure that creators and artists are fairly compensated for their work in a transparent manner.
The media and entertainment industry is one of the most popular and rapidly growing sectors. This growth has been further accelerated during the pandemic, with digital streaming services surpassing traditional ones in popularity. For instance, CD prices have hit a record low, and sales have plummeted. In the United States alone, 99% of households subscribe to at least one streaming service like Hulu or Netflix, with many households subscribing to multiple services.
Despite the significant increase in sales and subscriptions, creators and artists receive only a small portion of the revenue. The lion’s share goes to the big companies behind the scenes, rather than the content creators who are the heart of the industry. This lack of fairness has caused unrest within the creator and artist communities and has led to a decline in the quality of content being produced.
Another challenge in the media and entertainment sector is the various monetization models in use. Most platforms rely heavily on advertising, bombarding viewers with irrelevant ads. Meanwhile, the artists receive only a fraction of the revenue generated through these ads, and fans are forced to watch them or pay for an ad-free experience.
Content creators on platforms like YouTube, Twitch, and Netflix are subject to the rules and policies set by these companies. Due to the limited number of market players, alternatives are scarce, and these platforms hold monopolistic power. This further disadvantages content creators and artists.
The PitSnap project aims to address many of these issues, particularly the low revenue that creators currently receive and the concerns of consumers regarding advertising policies.
To achieve this, the PitSnap project introduces a new Pay per Content model, allowing artists and creators to set their own price for videos, streams, and other content. They will be paid directly for each user who purchases access to their content, with unlimited access for the user to consume the content as many times as desired.
To illustrate the impact of this model, let’s consider an example. On YouTube, it takes around 300,000 views to earn approximately $1,000. With PitSnap, that same amount can be achieved with just 10,000 Pay per Content entries priced at only $0.10 each. Additionally, since the payment process is transparent, there is no opportunity for the platform to withhold the artist’s rightful earnings.
In addition to the Pay per Content model, PitSnap offers other monetization options such as donations, further increasing creators’ revenue. The share of earnings that PitSnap retains is significantly lower compared to other platforms, covering only operational costs and providing a fair gross income that can be used to enhance the platform.
Furthermore, thanks to the Pay per Content model, there is no need for advertisers, allowing users to enjoy an ad-free experience on the platform.
The future for artists and content creators is here with the innovative Pay per Content model offered by PitSnap. The platform not only provides fair monetization options but also offers additional revenue sources and a range of content creation tools, all within the same platform.
PitSnap has garnered significant attention from artists, creators, and industry experts alike. If you are interested in the project and considering an investment, we recommend reviewing the project’s white paper, which is available on their website: www.pitsnap.io.
