Podcast Summary
The future of social media may shift towards subscription-based models: In the next decade, creators may have a mix of free and paid social media platforms, with subscription-based models becoming more prevalent, allowing for authentic connections and more control over content.
The future of social media may shift towards subscription-based models, allowing creators to have full control over their audience and content, free from manipulation by algorithms and ads. Eamon Hariri, the CEO and co-founder of Vero, discussed his social network that differentiates itself by not using ads or data mining. Instead, Vero focuses on a fully chronological feed and a subscription-based business model. Hariri believes that in the next decade, creators may have a mix of free and paid social media platforms, with the subscription-based model becoming more prevalent as it allows for a more authentic connection between creators and their audiences. This shift towards a subscription model could bring more value to creators and users, making social media more like email communication. Hariri emphasized that Vero is not aiming to replace all existing social media platforms but to offer an alternative that prioritizes user experience and privacy.
A platform focused on value for users and creators: This social media platform aims to provide ad-free content, high-value products, and community ownership for users, while enabling creators to earn shares in the company and have a guaranteed audience.
The focus of this social platform is on providing value to both users and creators through ad-free content, high-value products, and community ownership. For users, this means consuming content without ads and accessing high-value products. For creators, it means having a guaranteed audience and the potential to earn shares in the company. This platform's acquisition of a regulated stock exchange, Tokenize, is a step towards realizing this vision of community ownership and shared success. This was a pivotal moment in the platform's history, marked by micro virality, which occurred several years ago. The speaker was present during this time and played a significant role in the platform's development.
The authentic messaging of 'Vurali' led to its unexpected success without ads or algorithms: Focusing on authenticity and community building led to organic growth and over 6.5 million users for 'Vurali'
The simple and authentic messaging of the app "Vurali" (without ads, algorithms, and data selling) led to its unexpected micro-viral success in 2018. The creators experimented with ads, but the message "no ads, no algorithms, and no data money" resonated strongly with users, making it the number one app in the world. This success was organic and not due to significant advertising efforts. The app's growth has been solely based on community building and organic growth. The team made a conscious decision to focus on scalability and community rather than advertising, resulting in over 6.5 million users and counting. Recently, they have introduced an investment stack, which is an exciting innovation for the platform. This case study highlights the power of authenticity and community in the success of a social network.
Blockchain's potential for creator monetization: Blockchain technology enables creators to monetize their content through more control, transparency, and potential financial stability via subscription models, backers, and commerce.
The blockchain technology has the potential to revolutionize the way creators monetize their content and build a sustainable living, especially for those with smaller followings. While platforms like TikTok provide value to creators through fame and sponsored posts, they don't offer equity value. However, the long-tail opportunity lies in subscription models, backers, and commerce enabled by blockchain technology. Although the regulatory landscape around cryptocurrency and NFTs is still unclear, merging the stock market with blockchain could potentially clarify things and provide a more straightforward monetization method for creators, even in countries where the stock market isn't based in the US. Essentially, blockchain technology offers creators more control, transparency, and potential for financial stability in the digital economy.
Regulatory clarity for crypto, blockchain, and NFTs: Governments are working to clarify regulations for cryptocurrencies, blockchains, and NFTs to protect investors and enable mass adoption. Understanding their true capabilities is crucial during this process.
The regulatory clarity around cryptocurrencies, blockchains, and NFTs is a work in progress, but necessary for mass adoption. The collision of traditional laws and the disruptive nature of these technologies presents a challenge, but the ultimate goal is to marry the concept of securities with the endless creativity offered by these technologies. Regulations are in place to protect investors, and blockchain adds transparency, which is essential for Web 3.0's set of behaviors. However, it will take time for governments around the world to establish clarity, and in the meantime, understanding the true capabilities of these technologies is crucial. The misconception that they are just technologies, rather than behaviors, contributes to the anxiety surrounding them. Ultimately, blockchain's transparency on the back of a profound new technology will address concerns and pave the way for significant innovation.
Transparency and creating a win-win situation: Be clear about value, build for the better, and create equitable ecosystems on multiple platforms
Transparency and creating a win-win situation are key elements for building successful businesses or platforms. The speaker emphasizes the importance of being clear about what you're offering and the value it brings to all parties involved. They also believe that there's value for creators and users on free social networks and that it's not as one-sided as it may seem. Instead of viewing it as an either/or situation, they suggest that it's possible to have multiple platforms that complement each other and offer unique value propositions. Ultimately, the goal is to build for the better and create a more equitable ecosystem for everyone involved. The speaker is also intrigued by the concept of having a smaller, curated social network as a complement to larger platforms, allowing for more focused engagement and connection with a specific audience.
Vero's Subscription Model with Tokenized Stock Exchange: Vero is introducing a subscription model with a tokenized stock exchange, ensuring guaranteed content delivery and full access for users while allowing creators to profit and reach their entire audience using blockchain technology.
Vero, a social media platform, is exploring a subscription model with a tokenized stock exchange, allowing creators and users to benefit financially. This model aims to provide guaranteed delivery and full access to content for users, with everyone paying a small fee. The platform also plans to normalize the use of blockchain technology. Unlike traditional social media where creators don't directly profit, Vero's model ensures sustainability for creators and allows them to reach their entire audience. The platform's framework is based on the idea that emails don't go viral, but content can still reach a wider audience through a more engaged community. The subscription model is expected to become more common in the social world, alongside existing platforms like OnlyFans, Patreon, and Substack. Vero's approach differs in that it aims to make the platform sustainable for all users, not just the creators.
Exploring alternative social media platforms: Vero prioritizes active discovery, enabling users to seek out content and connect with like-minded individuals beyond their core feed.
While platforms like TikTok have gained popularity for their potential to rapidly grow an audience, other social media networks like Vero are focusing on building a more intentional and curated discovery experience. Vero recognizes the value of active discovery, allowing users to seek out content that resonates with them and new creative inspirations outside of their core feed. This approach can be particularly beneficial for individuals who prioritize control over their audience and want to ensure their content reaches specific people. As social media continues to evolve, the importance of both passive and active discovery methods will continue to shape the user experience.
