For a number of months we covered how the entertainment industry is going to be completely disrupted over the next decade. This is something that was started years ago with the cord cutting of broadcast television.
Now, we are seeing a number of factors starting to enter the picture. Essentially, technology is going to kill the major media companies. For this reason, it is something for Web3 to seriously look at.
Before getting into all the changes as they are unfolding, let us look at what one of the biggest personalities is up to.
Tucker Carlson is becoming his own media company.
Tucker Carlson
Carlson made news when he left (or was fired) from FoxNews back in the Spring. Since that time, he was doing his "show" on X (formerly Twitter). This was a free series although I am sure it garnered some nice advertising payouts since the clicks were in the millions.
This was only a stepping stone for Carlson. Now, according to most media outlets, Carlson is launching his own streaming service, charging $9 per month. This is the latest in a line of media personalities to start their own company.
Technology is at the core of this. There was a time where the major broadcast networks were the only ones with the equipment to film a show and the distribution channel to get it out there. With the Internet, anyone can go direct.
Of course, the operation could start with the camera on a laptop although we know these entities start at a much higher level. The point is that we are seeing the barrier to entry declining.
For now, we are dealing with Web 2.0 stuff but this will change also.
New Media "Networks"
The story here is not Tucker Carlson per se. Instead, it is the fact that a media personality is becoming a media network. His brand is no longer something that is contracts out to a major network. Technology progressed to the point where the Tucker Carlson Network can come into being.
There is little doubt Carlson is a divisive figure. This means that he is able to stimulate interest. He has a large following that he will now monetize.
Even more important, these viewers will not be placing the attention on broadcast networks. For 30 minutes, or whatever the show run, they will be planted on his stream. If each episode gets 1 million views, that is a lot taken away from legacy media.
Obviously, there are few who command the attention of Carlson. However, this does exemplify what is taking place: the decentralization of the media.
We have no idea if this will be successful or how much money he will make off it. What we can see is how the process is unfolding before our eyes.
The ability to create one's own brand is becoming easier. It is not so much the Carlsons of the world taking this step, which certainly affects things. To me, the more important transition is when there are millions of "networks" out there, covering all kinds of niche markets. Some might only garner a few hundred viewers. Nevertheless, that is a few hundred who are not focused upon the major media companies.
Web 3 and Independent
Independent media is nothing new. We had independent films for decades. Blogging also turned many people into pseudo-journalists. However, this is nothing compared to the next phase that will be unleashed.
Web3 is going to change everything. Carlson could start the process if he was willing to tokenize. Since it is doubtful he is aware of this more, we will see it come from elsewhere. He is still operating from the "I am the owner" and you are the customer. Hence, the latter pays and, if profitable, he (and his investors) get the money.
We know Web3 changes all this. By tokenizing, the customers has stake in the network. They have a financial interest in the success. People are more likely to give Carlson $9 if it could help the value of the token.
This is a market with tens of billions of dollars on the table. This number gets larger if we consider the "social layer" that is not monetized at this point. In other words, Carlson fandom is not captured in a financial sense, especially by those holding it. Tokenization can change this.
Couple this with technological advancements taking place and, suddenly, a small creator with a niche following can become a media company. This might not rival Disney but it will have a minor impact.
Now multiply this 1 million times.
The Destruction of Social Media
We are dealing with the "attention economy". The decline happens one set of eyeballs at a time.
For this reason, when we look at a guy like Carlson, we can see how he immediately affects the mainstream cable news channels. However, this is just the start.
The process works out the same for everything. There are billions of people living on Web 2.0 platforms. The decline of the likes of a Facebook charts a similar path. With each user turning elsewhere, this brings on a decline. Alone it means nothing. However, if 250 million people follow suit, this is going to set of a wave that only accelerates.
Centralized platforms are very powerful. They also lack any resiliency outside their size to combat attacks. The problem, as I see it, is the foes in the future are not going to be major entities rolling in. Instead, we are looking at guerilla warfare with millions of "networks" taking some of their customer base.
Unlike Carlson, there will be an added layer of incentive due to tokenization.
All this is lining up. As Web3 infrastructure gets built out, it will become more evident. YouTube cracked the code with its channels, allowing anyone to enter this realm. That changed the distribution game but did nothing for the creation aspect of things.
Technology will change that. It is going to be easier to enter into this realm with a splintering of eyeballs. Instead of YouTube, it will be an ecosystem such as Hive that houses the customers. Here is where a community of people who are dedicated to their "network-state" will be seeking more. Entrepreneurs who realize this can step in and fill the void.
This is how I see Web3 unfolding in the media world. Carlson is an intermediary step. He is showing the world how it no longer needs the broadcast media. That said, he is stopping short of going the full length.
The future involved ownership. When we discuss the attention economy, we are referring to the ownership of where our attention goes. This means a lot more than simply controlling what we view.