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Web3 for the Media & Entertainment Industry by Neeraj Bhargava, Rahul Parmar, & Arvind Sood
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Nov 15, 2023
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0:00
Thank you, so media engagement is a very large 2.4 trillion industry going at twice the pace of the global GDP. So it's clearly something that Web3 enthusiasts are obviously taking a lot of attention to
0:30
And it's also one of the, since a lot of the consumption happens digitally, it's also very
0:36
applicable for trying new things from a registry standpoint. Within media and entertainment, as you might, we all consume a lot of that. So we probably know
0:46
that you have movies, you have TV, you're streaming, your music, you're gaming, you know
0:52
now letter words and books and you got, so there are several different forms of consumption
0:59
platform content, branded content. So we are forever consuming this. And one of the big trends that has evolved in the last few years
1:08
is that creators or people who are creating, that whole motion of them being a part of large companies
1:17
or a corporate type setup has got unshackled. And you have now people creating in their homes
1:23
in their dorms, in their garage, whatever. And as a consequence, there is a new term
1:29
that has got Connie called the creator economy, because these creators are in some ways
1:34
institutions of themselves, they've got massive millions and millions of followers and connectivity with the audience
1:41
And that becomes the basis to launch their whole business. Which leads me to the second trend is that
1:48
the venture capitalist, Raul and this company included, have noticed that there is something called
1:54
the creator economy, which is a massive business opportunity. And that needs to be backed
1:58
that needs to get funded, that needs to be nurtured to create big businesses
2:04
Now when you come down to that, there are some challenges, which is why something like
2:09
Web 3 comes in, is that first of all, when you create an IP, you got to protect the I
2:15
So there's nothing like blockchain to protect digital rights. So that's point number one
2:19
Point number two is that you also are forever transacting with other people in your community or your business
2:28
and you need the right kinds of contracts. And again, smart contracts on blockchain
2:33
offered the opportunity to do that. And finally, which is a new possibility
2:40
which is the possibility of valuing and making your IP liquid in the market
2:46
through NFTs and tokens and other ways of trading, that is a third big opportunity
2:52
And you can back this up in other forms of financial services like, you know
2:58
or fintech operations like DPI and others. So overall, big industry, creators are coming in the forefront of it
3:05
Creators need to create an entire business around them and blockchain has a big role in
3:13
Very, thanks here. So, you know, as we think about media entertainment, adopting technology, being disrupted by technology
3:23
we've seen what Netflix has done in web too. What principles and solutions and use cases are you seeing emerge in Web 3 specifically
3:36
So when the technology changes, there are two things that typically happen
3:41
One is we try to do what is being already done better
3:46
And secondly, new technology paradigm usually also ends up giving you opportunities to create new things that could not be done before
3:54
So following that sort of logic, if you look at it purely from the first
3:58
perspective of a creator, you have the option of making something going on the Netflix platform
4:05
If you're not able to finance it yourself or make it yourself, you can't own the IP or
4:09
license it. They pretty much take the IP. You end up losing the bulk of your margins as well as a consequence of that
4:15
The alternative is take the risk, possibly raise capital in a decentralized manner and
4:23
make it yourself, own the IP, make it popular. create a community around it, and then go to the streamer or somebody else to license it as a much higher value and create a much lower value for yourself
4:35
So I think that's something comes under their realm of doing the same thing, but doing it better for protecting your interest
4:43
I think the second thing is doing things that have not been done before. I think you're seeing some glimpses of that came in Web 2 as well, but these can be accelerated massively through smart contract from Web 3
4:54
which is the notion of distributed content creation or for like matter distributed business creation
5:02
So you've seen platforms like Web, like Watpad, which allows, allow fans to create fiction along with basic creator
5:11
I think there will be a lot of such co-creation opportunities that will exist with fans and also wonderful that they come up
5:16
because you have the luxury of getting audience feedback and audience being investors, consumers, co-creators
5:23
everything in one bucket. And that's a new kind of possibility in which you exist before
5:29
And once again, blockchain is the right at the forefront of it. And we are the company
5:33
we kind of, with an early initiative to develop a platform to manage an entire community
5:38
It's a platform called rainblocks. So we see there as a matter of opportunity
5:42
for the entire industry and the ecosystem to focus on. Great. Thanks
5:48
Rahul, in your view, how do venture capitalists, and investors view web 3-led startups
5:59
So, Arvin, you know, for the venture capital industry at large, Web3 is happening and happening now
6:05
So, you know, as a tech we see, we are always on the lookout for how technology is going to shape up in the future
6:13
So if you only look at present, it's going to be a myopic view. So we've been tracking Web 3 developments, very, very, you know, in a very focused
6:23
manner, we've seen the meteoric rise of crypto, you know, the exuberance has died down
6:30
you know, the crypto funding has gone from a 32 billion last year to a mere 14 billion first half
6:37
of this year, which is actually good for Web3 development, as Needed pointed out, we need far more
6:43
use cases in Web 3 than just a crypto opportunity. So what we see these days is, you know, large
6:53
format engagement platforms like needed mentioned, you know, gaming and content economy is becoming
7:00
one of the largest use cases for Web 3 development. We are seeing a whole lot of work happening there Defi of course you know has been already kind of has seen a lot of development in the Web3 space
7:19
FinTechs have been a darling of VC investment in the past. Although we see a very strong emergence of the gaming, media and entertainment segment in the whole
7:32
Web3 development space. So, yes, there's a lot happening. transition from web one to web two you know you can't put a date on it but you know
7:43
you know once the wheels were set in motion it happened seamlessly and I think that is
7:47
what is happening in the web three space every day there is something new and you
7:53
know large format engagement platforms are the way for VCs to look at this case
8:00
right yeah just to follow on that point round We've seen in the past that as new technologies emerge, there's always a cycle where
8:12
there's an ephabference, things crash. So if you look at the dot-com bubble of the early 2000, so exactly the same thing happened
8:23
What is your view on what is coming now in terms of new companies
8:29
What is changing in the web-relandscape? So, Erwin, while I would say, you know, I wouldn't like to really focus on companies because, you know, this is such a fast developing space Web3 that if you tend to focus on companies, you lose sight of the bigger aspect
8:47
So we are more focused on developing the entire Web 3 as an industry, as a community
8:52
We feel there is good work to be done in certain areas which will develop probably much earlier than others
8:59
you know, gaming and content takes front-center for that development. So, you know, I'm very happy to see, you know, what rain shine and rainblocks have done in that space
9:13
One of their partners, Polygon, has done a lot of work in developing that space as well
9:18
So that is something which is commendable. We also see a whole lot of scope and two other aspects
9:24
So, you know, real estate is emerging as a very. very, you know, deserving sector for Web3 development. Of course, it gets hit with some regulatory
9:37
you know, issues. But, you know, there is a lot of work happening around overcoming those hurdles
9:43
And we see quite a few, you know, players in global markets focusing on real estate, you know
9:50
the entire tokenization of how, you know, real estate can be looked at. And, you know, the new emergence of
9:58
tokenomics as the backbone of dealing with real estate and defy as a sector, I think that is
10:07
very keenly being watched by us. So those are the areas where I think VCs will probably
10:15
see a lot of opportunity come up in the near future. That's great, thank you
10:21
Niroj, do you really think that Web3 will create new opportunities, new environment
10:28
lines, types of work for the industry? Yeah, I think, I think, firstly, you know, it's really important to look at the evolution
10:46
of a new technology in terms of things happen at different levels before a technology gets ready
10:52
So, I mean, we've had a lot of work done on initially, as you mentioned, it was very, very
10:58
crypto biased. So all the focus on blockchain moved to around crypto exchanges and infrastructure
11:04
and everything make that happen, then DeFi happens, so then again backing that. But I think
11:09
one of the things that Raul mentioned, it's completely residenates that when a new market
11:17
develops, there is an initial excitement and then people realize that, okay, well, this is not
11:21
the complete picture, we are missing pieces. And we need to make sure that those guests get plugged in
11:26
so that a real opportunity comes. So from that standpoint, I think what is really important now
11:31
is that we see actual use cases, actual web-through businesses moving to the Web3 model
11:41
and that required the whole range of developmental opportunities there, which would be, I mean, I think from our standpoint where we are
11:49
since we are more coming at it in a slightly different way
11:52
in the sense that we were traditionally a media entertainment company. And we decided that look, there is a model based on new technology that is interesting for us
12:02
So the developmental efforts are largely around adapting the systems of these industries to Web 3
12:09
which is largely ensuring that commercial contracts, the rights protection and distribution contracts
12:16
all those things are captured on Web 3. And therefore, if I want to single out one area which over and above, you know, infrastructure development
12:26
software development that is there. That would be a massive opportunity for people to focus on
12:31
from a career standpoint. It will be around smart contracts, to be around developing smart contracts
12:37
ensuring that those are appropriately linked to different chains and follow-up. And there'll be coding opportunities
12:48
there'll be opportunities to create no-code SDK for different industries. There'll also be opportunities to create a whole range of services
12:55
it's around that. So I think that to me is the opportunity which is the time has come and
13:00
you'll see a lot of action of that in the next door experience. Great. And Raul, just curious, many startups in the web free space that stand out for you
13:16
So at the moment, like I said, you know, we are watching the space broadly
13:21
you know we're very happy to see how rainblocks has developed there are a few
13:28
companies which are attempting to build around you know capital markets VET3 protocols for capital markets there are a couple of companies which are
13:37
focusing on real estate tokenization as well so while again you know we don't
13:44
focus on particular companies but we're watching the space very closely and it
13:49
looks very interesting to see you know how it is developing okay
13:56
I have a question for you look you're involved in building the tech part of you
14:02
know platform today what technical skill sets do you think are becoming more and
14:08
more relevant and in demand and where there are gaps in the market from a
14:14
technology perspective I think what happening is the based programming languages for creating the support scaffolding websites workflows
14:28
those remain relevant, but the focus on the languages around programming
14:38
So in our case, we're using polygons, so solidity, which is there, their smart contract, their coding language for the protocol
14:46
for the protocol has become important. As these protocols evolve, the ability to write on the Ethereum chain
14:55
on Polygon, Insolana, and code to those specific standards, becomes important. And for us, I think we're trying to find ways to simplify that
15:07
So our approach and our roadmap will take us towards building some of those low-code opportunities
15:13
opportunities where our consumers and our community will actually be able to get onto that
15:20
form and interact with multiple chains at the same time. So that's really part of what we want to focus on
15:28
But I think it's an interesting problem because not all of these changes will survive
15:36
So we're going to have to pick things that we feel are important and I would encourage everyone
15:42
to do their research and pick the ones that don't necessarily hype but actually have usage
15:48
because that will be an important statistic. Okay. Should we open it up to the audience for questions? Absolutely
15:57
Simon, we're happy to take audience questions. So while we wait, Arvin, I just want to follow up on what you said
16:07
I mean, you've chosen, Oligon, as your initial platform and how are you thinking about
16:15
how do you make that choice and, you know, how are you thinking about building on ad
16:21
scalability and those sort of issues? So the reason we looked at a lot
16:27
I think we looked at a total of about 20, 25 that when we were going through this cycle
16:33
about 18 months ago. And it boiled down to our ability to
16:40
interface with Ethereum without running at the full cost of being on an Ethereum chain
16:48
which we wanted to be on the largest platform of the most popular one, but we didn't want to pay those costs
16:56
And Polygon gave us an easy way to do that. And we wanted a platform that had adoption established
17:02
So those are the two key criteria for us. It was a big bonus that Polygon was a big bonus that Polygon was
17:10
you know close enough to us geographically so that we could get in there and need them
17:18
and build that relationship but I think the key criteria were really down to economics
17:26
and scalability and so far we've been really happy with the relevance
17:33
yeah we've got a question now with this I think you can take this how can we find
17:39
more career opportunities in Web 3 as developers are facing a lot of difficulties
17:43
You want to go first? Well, yes, sir, nice question. I think the issue that you're facing today is a result of what the market is doing
17:57
which is in terms of, there is a little bit of a downturn
18:04
The opportunities will still exist over time. exists over time. So my advice to you is look at some of the key chains, make sure you have the
18:15
right skill sets and keep plugging away. Opportunities will come. This industry will is here to
18:23
stay in my opinion and will evolve. But what you will find is as we are doing, we're building
18:32
platforms and we're building use cases for real industries now. You'll find a lot more of that
18:38
happening maybe Raul can also chime in there let me add one thing and then
18:43
the new book Raul is that I think the traditional opportunities in blockchain were largely around startups focusing on crypto infrastructure defy but I
18:53
think if you're looking at the fact that several industries are beginning to
18:58
take this a little bit more serious so clearly the larger IT services companies
19:04
have got groups that are focusing on this and helping their clients build systems
19:08
there so you will begin to see that as a trend I think will my mind accelerate in a
19:14
year or two from now but beginning to see that and secondly I think you will see
19:19
some development developer opportunities in actual consumer slash media entertainment companies where they would start developing their own blockchain expertise
19:29
internally in-house as well so the employment opportunities will be more diversified but I think anyone who's been a bit older like some of us on the panel
19:37
and who had a long career, you go through cycles. The cycles are to do with the state of the economy
19:43
that's also the state of the evolution of the technology. So there is a sort of a down cycle at one level about one aspect of Web 3
19:52
which is largely related to crypto. But we don't see that as a major long-term issue
19:58
maybe the next 12 months or so forth be a bit tougher. But the opportunity will be very significant
20:03
and clearly, Rao, you can add to it in terms of low opportunity get created by VC back companies and how are you thinking about backing companies in the space
20:13
so um need a job completely agree with you nirvin there is huge opportunity as far as tokenization
20:19
is concerned it becomes the core strategy front center of value creation and value monetization
20:26
which brings to light the tokenomics in a big way you know people who can write
20:31
rationale can you know create use cases and write uh uh you know, write the logic to kind of operate those tokens are really needed
20:44
We're seeing that in the VC industry. We're seeing a lot of youngsters come up and write, you know, codes for token logic
20:56
And that's what is, you know, prevalent these days to create multiple use cases
21:01
Like you said, you know, crypto is kind of beyond crypto when it comes to a web
21:07
3 now and as we kind of incorporate more and more industries into the Web 3 protocol
21:13
More of this will be needed. So I personally feel from the perspective of our audience, this is an area which will create a lot of
21:22
jobs in the future. Okay. Great. Any more questions from the audience I mean I want to turn it back to you today as you developing your product and from what I understand which I fortunately do which is that you working
21:40
with a lot third-party developers as well. What sort of talent is today employed on those products
21:46
So we're developing up that form. We're actually building out a fairly complex business
21:55
proposition in the world flows we're dealing with. We're dealing with media
21:59
entertainment contracting and how those contracts interact with each other we've built a
22:06
workflow and we've then a custom set of workflows and then we've then plug that into web 3 so we use a
22:17
lot of Java for the web development and we use a lot of uh we use a lot of uh we use a lot of uh
22:29
you know blockchain development just for transaction processing and tracking and the smart contracts
22:36
So we actually have to develop the platform in two layers and therefore the skills are a combination of Web 2 and Web 3
22:44
I think you have another question. Manchin, what is the what is your opinion about the future application of Web 3 and semantic web
22:56
I can try and take a crack at the future application of Web 3
23:03
I think, and I can, since the sessions about media and it didn't, I can largely talk about
23:10
that, semantic web, I need some help from one of you guys to come onto it
23:15
But basically on Web 3, very simply, we need a lot of work around, I would say, three
23:24
activities one is the integration of digital rights that will reside on
23:32
blockchain with the various aspects of the legal system because it's one thing
23:36
to have immutable rights on blockchain but it's still I've heard of enough
23:42
situations where this has to be recognized by the court of law just as one there
23:47
was a long time they took to get used to what is online versus offline
23:50
there from a legal system standpoint there is a issue about getting used to contracts that are on blockchain. So I think from that
24:00
perspective there is all issue around contracts, you know, in terms of rights and all
24:07
that. I think as I mentioned earlier, development of smart contracts and coding
24:13
around that, creating systems that make things easier for that and that is a universe
24:19
of activity that will apply to every industry. And we're focused on media and entertainment
24:24
and you can do smart contracts for real estate, or any area where there's an asset or an IP
24:30
you could need smart contracts there. So I think that's another aspect that is going to be quite huge
24:37
in terms of the future applications there. And I would just say urge everyone who is in this fear
24:43
to while you will be developing your technical skills, try and develop the ability to translate that skills
24:50
to apply to one or two industries. That will make you a lot more employer
24:54
whether it's real estate plus Web3 knowledge or Web 3 plus gaming knowledge or Web 3 plus something else
24:59
I think that combination will be very valuable for you in your career
25:06
Yeah, just to add to that, yeah. Just to add to that, Neage, in terms of Web 3
25:12
Web 3 is going to generate a lot of data, especially when businesses like ours start moving on to Web 3
25:19
adopting it, we're going to generate a lot of data in the blockchain
25:25
And the semantic web is really poised to take advantage of that because the semantic web is
25:31
all about making that, taking data and making machine readable. So I think it's fairly complementary to what we're doing
25:40
How it actually involves, we will see over time. But I think we are a key input to the evolution of that semantic
25:52
web in terms of the blockchain contracting frameworks and universe that will get created will actually allow semantic web to flourish
26:03
Yeah, we have time for one more question because they're two minutes away
26:08
So, Mayesh has a question about gaming. So, maesh, one thing, I do not know if you're a father and if you have children, but I do
26:17
They've grown up and pretty much realized as they were growing up that
26:22
that the types of entertainment they consume is very different from the types of entertainment
26:27
I consumed when I was growing up or when I grew older
26:30
Kids today don't watch as many movies. They really don't like TV, they don't like to watch TV
26:36
they don't like news. They are essentially onto short-com content on platforms like YouTube or Josh or TikTok or whatever
26:46
they can get access to, which is very big. And they'll not to play games
26:50
And that is their, they're not to play games. their thing too much of everything is bad but at the same time being left out
26:57
of not being able to do what other kids are doing is also not great from the
27:03
perspective of them being included in conversations and socializing so at some
27:08
level I don't think gaming is going away my kids and I had a deal which is that
27:14
look you can play but you cannot fall short on your homework or other things to be
27:20
And they kept that part of the deal. They were gamers and I think a lot of their career, what they're doing is influenced by their gaming feeds
27:28
So I don't think it's such a bad thing as long as they're done in control, as long as they understand that there's some balance to be maintained
27:34
And in some ways, this is the thing they do. People, I mean, just to give you a perspective, the gaming industry is six times the size of the movie industry
27:43
It's not even closing anymore. It's growing faster. So this is the thing
27:48
This is what they do when they grow up. is what they will do. So I think it's good that we embrace it and we also ensure that it is done
27:55
with some sort of balance and that's probably the right thing. Neerj completely agree. I think it's more about knowing how much time to spend on it
28:05
than trying to restrict the access to gaming. I think I completely agree with you
28:12
Okay, great. Thank you very much, Neerj, Rahul. I think we're almost out of time. I can see
28:19
We have about 20 seconds left. So just to very quickly summarize, we think media and entertainment is a great opportunity
28:29
for Web 3. We see great growth potential and applicability in this industry
28:34
And we thank you for your time and thank you for listening to us. Thank you
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