Media adopts Bitcoin standard

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Below is a direct excerpt from Marty’s Bent issue 1133: “Media on a Bitcoin Standard”. Sign up for the newsletter here.

Bitcoin is revolutionizing the media and very few people pay attention to it. Your Uncle Marty is convinced of this more and more day by day. Especially since he is more familiar with Podcasting 2.0, the app that is currently killing smart contracts in addition to Bitcoin.

We’ve covered Podcasting 2.0 in this rag before, but for those of you who don’t know, here’s a brief explanation; Podcasting 2.0 allows a podcaster to attach one Bitcoin Lightning network address or multiple addresses in the RSS feed which syndicates their audio file to all different podcasting platforms and applications. Podcast platforms and apps that want podcasters and their listeners to enjoy the benefits of Podcasting 2.0 embed bitcoin wallets into their products so that users can send sats to the Lightning addresses included in the RSS feed while they listen. This allows podcasters to directly monetize their content. Users can send hosts an amount of bitcoin that they believe is proportional to the value they have taken from the content. The podcaster can then distribute this value to their team automatically.

This is what our split in the TFTC looks like.

Breakdown of bitcoin among the team behind the TFTC podcast.

I get a solid share, my co-host Matt gets a solid share, and our producer and developer / node manager gets a share for the value they bring to the operation. Our RSS feed acts like a smart contract because that’s where we put our addresses and split between the four of us. When the freaks send sats to the podcast, they are immediately distributed to each of us based on the ratio visualized above. There is no intervention on my part to move the money other than dumping addresses and divisions into the RSS feed.

This is something very simple, but also very deep as it will have massive implications for the monetization of content as time goes on. You can also start implementing this type of direct monetization in written and video content. Artists who produce music could benefit from it and it increases the ability of independent artists to break away from record companies and platforms like Spotify which take a golden hare from the income generated by their art. If they can find a way to create a Lightning-enabled paywall for their songs or integrate sats streaming so listeners pay for microtransactions as they listen, they can directly monetize their music and immediately pay for everything. the people involved in its production.

As I pointed out above, the ads might still be there, but they’ll act differently. Users using Podcasting 2.0 compliant applications while listening to podcast advertisements could potentially be paid for this period. Advertisers could designate part of their advertising budget to make it a reality. Hopefully, we will get much more accurate data on the acquisition cost of users, which will allow them to make better spending decisions.

This is just a rushed and not fully fleshed out version of the vision in my head. I’m about to go out to dinner with my parents, but I hope to commercialize some of these ideas in the next year or so at TFTC. To be fowarding something!

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