Hollywood is dead.
This is something I discussed in detail. We are seeing a major transition due to technology. While many offer up theories as to why Hollywood studios are in decline, there is a major technological shift taking place that makes it obsolete.
For the moment, it is not truly evident. However, over the next few years it will become clear.
The future of entertainment is personalized.
If you watch the first few minutes of this video, you will see the basis for what we are discussing.
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Web 3.0: Personalized Entertainment
We are moving into an era of decentralization.
Let us look back at history to see how things unfolds. There are many examples to choose from but I will use photography in this article.
Have you ever noticed that family portraits in the 1700s and most of the 1800s were of well-to-do people? There was the royalty and wealthy who had portraits done.
The all changed with photography. By the turn of the 20th century, we saw more pictures starting to show up. Of course, the early cameras requires some level of expertise. Professional photographers were the ones who took the photos.
As the century progressed, technology improved and people became hobbyists. Certainly the professionals still had jobs but people were taking photos of kids' birthday parties or family vacations.
If we jump ahead to the present moment, we are over 2 trillion pictures taken per year, a number that keeps moving higher.
People now have the ability to take photos of whatever they want and distribute them through a variety of social media platforms.
In other words, photography is personal.
As the video showed, we are moving towards a time when the technology will be such that others forms of entertainment follow this path.
Image generated by Ideogram
AI And Entertainment
Web 3.0 is ushering in a new era that is disrupting everything.
Take a look at the image above. That is a personalized image, one that was created by an image generator. I entered in the prompt and a few seconds later the image emerged. That was a never before creation, unique to me.
Naturally, it is now being shared with the world. It is on the platform that I used in addition to this article. We can bet the ranch Google is going to scrape it at some point, adding it to its mix. Then there is the image server it was uploaded to.
This image is now out there. What was personal to me will be in a variety of places.
Naturally, the inclination is to think "big deal". However, if we analyze this, it really is. A few years ago, this was not possible.
It also provides insight into the future.
We only have to extrapolate the technology out a few years to realize this will be possible with video. It will not be long before personalized films will be the norm. It is also why Hollywood is cooked.
There is no need for a massive, centralized epicenter, at least not to that scale, going forward. We could see some films still being very popular from the major studios. However, it will be far fewer than we are accustomed to.
The new era of entertainment will reflect Web 2.0. Films will not become popular; they will go viral.
Hollywood's monopoly on distribution was broken. This means we are dealing with new avenues. The Internet is known for the spreading of content, regardless of the media. Article, podcasts, or video all can go viral.
When people are prompting films, most likely in natural language, we will see how this will change everything. Like we see now, the major of this will be lackluster. That will result in very few views.
That said, some will explode. Those with followings might start the process where a film goes viral simply by sharing it those people. From there, the Internet can take over.
Web 3.0
Where does Web 3.0 enter into this?
Here is where the monetization enters. If people are sharing stuff that goes viral, how are they compensated? We know how platforms such as YouTube work. Quite frankly, that isn't the best option for people.
Web 3.0 enhances the ability to monetize. The options available far exceed the scope of this article. However, if we keep in mind the value of a platform, we can see how tokenization alters things.
As a business developed, in the digital realm, it can become its own network. When this occurs, the simplest way is to capture the value with a token. This does not mean simply issuing a token for the sake of doing it. Instead, we are referring to a value capture of a developing business model.
Naturally, this can be done many times as communities form.
The future is not video for many but, rather, for one. Nevertheless, simply because it is created for an individual, that does not mean that others would not be interested.
We can see how this process will play out. Simply extrapolate the process of what I can do with an image (meme if that provides a better framework) and substitute video for it.
By the end of the decade, this will be a reality.