Will podcasting 2.0 be the next usage case for the Lightning Network? The declaration may cause suspicion, however Kevin Rooke presents a remarkably great case. Prepare to get the gas you required to begin your own podcast. The innovation is simply starting, and individuals are simply getting comfy with it. However, the reasoning behind Rooke’s argument stands.
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He begins with a declaration that will shock nobody. “The Lightning Network’s architecture allows creators to earn directly from their biggest fans, in new ways that aren’t even possible on a fiat payment system.” That much we can confess. We understand that closed platforms supply benefit and a large audience. However, “Apple takes a 30% fee on in-app payments, YouTube takes a 45% fee on ad revenues, and Facebook keeps all their ad revenue without paying their creators a penny.”
On the other hand, “Email, websites, podcasts, and Bitcoin are all examples of open platforms.” They don’t provide a currently captive audience, however, “anyone to plug into fully-formed networks of content and users with full interoperability between competing products.” This assists a lot. However, developers utilizing these open platforms, “still rely on closed monetization platforms like PayPal, Amazon Affiliates, Patreon, or Google Adsense to earn income.”
The Lightning Network Comes To Save The Day
You currently understand this, the Lightning Network permits micropayments that are practically totally free. Anyone can utilize it, and it’s approaching mass adoption by the minute. “Not only can creators now plug into an open monetization platform with hundreds of millions of users, they can even access a new type of monetization that was never before possible.” Those brand-new types are, “real-time payment streaming, micro-tipping, and other monetization strategies that simply aren’t possible on fiat payment rails.”
So far, so great. “Real-time payment streaming” by means of the Lightning Network is what Podcasting 2.0 is everything about. However, it’s simple to miss out on why that is essential. Crucial, even.
“Advertising is directly at odds with other monetization strategies like paid subscriptions. If only a small fraction of your listeners are willing to pay subscriptions for your content, any gains made from subscription revenues will cannibalize your ad revenue, as your total listeners fall by 95% or more.”
That’s the issue with Patreon or comparable services. You can monetize your greatest fans’ assistance, sure, however marketers won’t spend for that little audience. Podcasting 2.0 supplies the very best of both worlds.
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We’re Still Early. The Dawn Of Podcasting 2.0
Let’s check the statistics out. That’s constantly enjoyable.
“There are 4,434,920 RSS podcast feeds on the internet today, but only 2,947 of them are on Lightning today. Put another way, only 0.07% of all podcasts on the internet can earn Lightning tips right now.”
And, naturally, just early adopters and individuals in El Salvador are utilizing The Lightning Network. And from that group, just a couple of individuals will tip or pay in real-time for the material. However, “there is zero downside to enabling Lightning tips, and the upside can be a meaningful contribution to total revenue. It’s only a matter of time before the other 99.93% of podcasters figure this out.”
And that’s not all, the Lightning Network makes it possible for a kind of interaction that was not possible for the podcasting medium. Creators can understand the precise minute that their listeners chose to tip them.
“Podcasting 2.0 apps also let listeners send messages and tips to creators while listening to a show, providing direct feedback with timestamps attached to every comment. This innovation represents a shift to a more social podcasting experience.”
And ok, that feedback was currently possible in YouTube livestreams. However, besides the outright censorship, YouTube is a closed platform. The feedback sticks with them and isn’t readily available for individuals taking in the podcast through other apps. That’s not the case with Podcasting 2.0.
“Since RSS and the Lightning Network are both open platforms, comments are also interoperable across Podcasting 2.0 apps, so any creator can receive feedback from any listener using any app.”
Conclusions About Podcasting 2.0
Another benefit that this brand-new basic supplies podcasters is that they can genuinely be platform agnostic.
“Since RSS and Bitcoin are complementary open requirements, podcasters don’t need to run the risk of alienating their existing listeners or stress over moving their material to a brand-new platform.
All podcasters require to do is turn the switch and their Lightning pointers and messages will flawlessly incorporate with their existing RSS feed.”
Kevin Rooke closes his masterclass with this:
“As Podcasting 2.0 apps continue to build easy interfaces for listeners to tip their favorite podcasters, Lightning tips could even become a primary revenue source, without cannibalizing or interfering with a creator’s existing ad revenue.”
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Do you see it now? Or is he overemphasizing? In any case, the Lightning Network doesn’t need to supply a “primary revenue source.” If Podcasting 2.0 supplies a secondary one that wasn’t possible prior to, plus audience interaction, that’s sufficient.
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