NEW YORK, Feb. 22, 2022 /PRNewswire/ — allrites, the online marketplace for creative content buyers and sellers, is happy to introduce ritestream to its offering in the entertainment industry. The launch of ritestream marks the beginning of a revolution in content creation, monetization and distribution. It was developed with the core aim of democratizing the creator economy at the heart of the film and television industry.
Today, 90 percent of film and TV content does not get fully monetized and only one in 2,200 shows pitched to a network makes it to a series in the USA, thanks to a broken content licensing model. Everything is on-demand in today’s world of instant gratification, and when it comes to entertainment, providers require an extensive and constantly growing catalog of content. A traditional broadcaster may need 600 hours of content, while a streaming platform would need 6,000. Filling this demand through traditional methods is no longer sustainable, as for too long the prospects of TV and film creators have depended solely on the decisions of a select elite: leaving the entertainment industry starved of exciting, original content and in much need of a technological revolution. Enter: ritestream.
ritestream, a launchpad for film and TV content in Web3, will completely transform the way creators and buyers alike handle content. Based on blockchain and NFT technology, ritestream’s revolutionary marketplace will be a refreshing change from traditional content buying and selling methods. The ritestream marketplace is supported by allrites’ content distribution business, with over 5,000 B2B users, more than 82,000 hours of content, and a cumulative reach of 100 million+ consumer viewers. The marketplace operates differently from the rest of the industry, providing a ‘content-as-a-service’ model whereby streaming platforms can access a huge volume of content on a low monthly subscription fee. This innovation also gives subscribers the flexibility to vary that content month-on-month, based on consumer behaviors.
As this marketplace transforms from Web2 to Web3, ritestream becomes an ecosystem comprising four distinct components that work in harmony together. Firstly, content can be distributed and licensed via an online marketplace. Additionally, a Launchpad provides independent creators with the opportunity to source funding for film and TV projects. The third and fourth components are an NFT platform where film and TV NFTs can be traded, and a mobile app where content can be monetized.
Riaz Mehta, CEO and Co-Founder at allrites and ritestream, looks forward to revolutionizing the content industry through a democratized creator’s economy. “It is time that the content distribution industry experienced the kind of technological revolution we have seen in other sectors,” he says. “That’s what ritestream is: the chance to give power back to film and TV creators, to elevate viewer experiences through a wide range of content, and to overhaul old methods of buying and selling in favour of a newer, smarter, fairer system.”
ritestream, a product of allrites, is the platform for content-as-a-service, and the creation and monetization of film and TV NFTs. As a curated filmverse in Web3, it acts as a launchpad for film and TV content. The ritestream ecosystem encompasses an existing content marketplace for global film, TV, and live sports rights that provides streaming platforms flexible access to thousands of hours of content at a low monthly subscription fee. The ritestream launchpad provides creators with a revolutionary platform to fund, monetize and distribute content leveraging the technology of NFTs. The ritestream app offers a distribution mechanism for consumers to watch and interact with content, in addition to supporting their favorite celebrities and actors by purchasing limited edition NFTs. The entire ecosystem is fuelled by RITE coin, a native token used to invest in independent film projects, purchase NFTs and watch content. Consumers can earn RITE coins by rating content on the ritestream app.