Content Monetization on the LBRY Platform
Github
https://github.com/lbryio/lbry
Website
How does one monetize their content on the LBRY platform? Compared to Youtube, LBRY does not offer its content creators ways to connect with advertisers. Instead, there is a tip function under each video, which viewers can use to donate LBRY tokens to their favourite content creators. Of course, there's nothing stopping you to find suitable advertisers on your own, but LBRY lacks a decently sized viewership to make advertising on the platform sustainable.
In this post I'm going to be looking at more ways to monetize your content on LBRY, while also highlighting some of the challenges LBRY faces to offer decent monetization options, without having huge amounts of regular viewers, as Youtube has.
LBRY Credits - Native Currency of the LBRY Platform
Every transaction on the LBRY platform is facilitated by the use of LBRY credits. You can easily receive LBRY credits for free by completing small tasks within the LBRY application. You can use these credits for tipping your favourite content creators or you can sell them directly on different cryptocurrency exchanges.
The LBRY team also offers a wide range of bounties through their LBRY Fund initiative, which allows you to earn large amounts of LBRY credits by contributing to the LBRY community.
You can earn bounties by:
- Contributing to the development of LBRY
- Hosting LBRY meetups
- Creating promotional videos about the LBRY platform
- Incorporating the LBRY protocol in your own applications or websites
- Creating free speech projects
Alternatively, you can also buy LBRY credits on different cryptocurrency exchanges.
Youtube Partner Program
In order to facilitate and incentivize migration from Youtube to LBRY, there is a Youtube Partner Program that allows you to easily import your existing Youtube channel into LBRY.
Depending on how many subscribers you have on Youtube, LBRY offers you different rewards in the form of LBRY credits for synchronizing your Youtube channel on the LBRY platform.
With the recent developments surrounding possible censorship on Youtube, LBRY offers content creators a way to back up their entire channel and gives them a financial incentive to do so.
Paid Access to Content
By hosting your videos on LBRY, you also have the option to charge viewers a fee in LBRY credits for viewing your videos. It's easy to make certain videos available for purchase, while still being able to offer other videos for free. This option simply doesn't exist for the majority of Youtube video creators and it's one area where LBRY truly innovates.
LBRY does not take any percentage of your content sales, you will always receive the full amount directly into your LBRY wallet.
Tipping Content Creators
Under every video that you watch on the LBRY platform, you'll see a button to send a tip to the creator of the video. You can only tip by sending LBRY credits, but content creators also have the option of listing alternative donation methods in the About section of their channel.
Tipping content creators is easy, after you click on the 'Send a tip' button, a small window will appear that allows you to send them LBRY credits from your own wallet.
Whenever you send a tip to someone, they will always receive the full amount that you've sent them. LBRY does not charge any fees on tips.
The Chicken & Egg Problem
As I've mentioned in my introduction, there's currently little incentive for advertisers to support content creators on the LBRY platform. Due to the inability to find advertisers, this could severely hinder the position of LBRY as a serious competitor for Youtube.
In January 2019, LBRY saw that over 250,000 people had accessed a piece of content on their platform. These numbers are peanuts compared to what Youtube is averaging in monthly views, they boast over 1 billion active users per month.
Because LBRY currently isn't very advertiser friendly, there's little incentive for content creators to switch over from Youtube. With limited amounts of quality content on offer, there's also little incentive for viewers to use LBRY regularly. This creates a bit of a chicken & egg problem.
Luckily, LBRY does provide Youtube content creators with some reasons to switch over from Youtube. Cross-posting content isn't an issue & LBRY provides Youtubers with a free decentralized back up solution for their Youtube videos.
With the negative press that Youtube is receiving, some people might be inclined to start using alternatives, like LBRY more. Wouldn't it be great if the most serious Youtube competitor could be this fully open-source solution called LBRY?
Resources Used
https://lbry.com/news/lbry-in-2018-2019
https://www.brandwatch.com/blog/youtube-stats/
https://lbry.fund/
https://lbry.com/faq
Screenshots from the LBRY app & website
Hi Daan,
Thank you for sharing information about the LBRY platform. It’s amazing how information moves. I have seen the LBRY on Coinmarketcap, but I never took the time to dig deep.
The platform looks great. I think there are cool benefits on the platform. I like the tip and community bounties system. I don’t have a broad idea of how content creators monetize their contents on YouTube, but according to one of my favorite content creator (Kevin David). He said, 1000 views earn him $3, which is cool because he regularly gets thousands of views. Nonetheless, I still believe the LBRY idea is super cool.
The post is well structured, descriptive and informative. I appreciate the few personal touches. However, the post had style and grammar issues, but not to a critical level. If you wish, I’d be happy to cite examples in a follow-up comment.
Thank you!
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[utopian-moderator]
@tykee, I'd really appreciate it if you could point me toward the grammatical & stylistic errors, otherwise I don't think I would ever learn as a non-native English speaker. Thank you for the constructive criticism!
I apologize for the late reply.
The sentence contains excessive words. To enhance readability, it could be: ''Nothing is stopping you from finding suitable advertisers on your own,''
Here, you missed a comma after the introductory phrase. Also, you could rephrase to enhance readability. ''In this post, I will look at more ways to monetize your content on LBRY,''
It appears that own creates a tautology.
These are just examples from the post. Your writing isn't bad, but it could be better. I’d recommend a more thorough check of your future texts.
Thank you for your review, @tykee! Keep up the good work!
Hmmmmm. I've never been particularly into video creation so even You Tube is mostly mysterious to me, but it looks to me that LBRY would do just fine for my little dab of stuff.
I'll check it out. Thanks Daan!
It really sounda great
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Wow, this looks like a cool platform and I think you have brought up some really great ways to fully take advantage of it. If I had a bigger video library than what I do (which is none!) then I would probably look into this a little closer. I wonder how many people that use dtube know about this and/or actually use it.
I recently started playing with LBRY. I like the concept, but it has its limitations. I don't know why it needs a coin. To do what they do, a cryptocurrency isn't necessary. That said, I did list one of my books yesterday. In PDF, Kindle, and ePub formats. Still haven't made a sale.
Congratulations! This post has been chosen as one of the daily Whistle Stops for The STEEM Engine!
You can see your post's place along the track here: The Daily Whistle Stops, Issue 434 (03/20/19)
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