It is no secret that amongst the most powerful driving forces of the digital age is social media. Social Media platforms have a massive following, with some like Facebook even having an average of two billion subscribers. What most people don’t know is that social media platforms make their money and profits from the content they upload, or even by the mere act of logging into them. A lot of people devote huge chunks of their time and attention to these forums.
Generally, social media platforms monetize your attention by including ads and such like features into your feed. For instance, Netflix releases all episodes at once, and more often than not, most Netflix users have admitted to binge-watching. Users then renew their subscription at the end of the month because they want to continue watching shows. Additionally, Google collects user’s data in a bid to improve customer experience and create more attention-grabbing advertisements.
History of Social Media Disruption
In 2015, the Social media platform Tsu was developed. Tsu was unique in that 90% of the revenue that it amassed from advertisements was distributed to content creators. In just five weeks, it had acquired 1 million subscribers. Tsu established the genesis of social media disruption. At its peak with around 4.2 million subscribers, it saw social media giants Facebook and Instagram block users from using the Tsu URL on their platforms.
Sadly, the joy of Tsu was short-lived as it crumbled due to varying reasons. However, Blockchain technology might be able to achieve what Tsu creators had intended. Steemit and Synereo have been established as the two biggest contenders of the current attention economy. – Both platforms are blockchain based.