Will podcasting 2.0 be the following use case for the Lightning Network? The assertion would possibly induce skepticism, however Kevin Rooke presents a surprisingly good case. Prepare to obtain the fuel you wanted to begin your individual podcast. The know-how is simply getting began, and the individuals are simply getting snug with it. However, the logic behind Rooke’s argument stands.
Related Reading | Spiral BTC Releases Lightning Development Kit. Jack Dorsey’s Puppet Promotes It
He begins with an announcement that may 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 a lot we are able to admit. Also, closed platforms present comfort and a large viewers. 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 opposite hand, “Email, websites, podcasts, and Bitcoin are all examples of open platforms.” They don’t provide an already captive viewers, however, “anyone to plug into fully-formed networks of content and users with full interoperability between competing products.” This helps quite a bit. However, creators 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 already know this, the Lightning Network permits for micropayments which might be virtually free. Anyone can use 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 new sorts are, “real-time payment streaming, micro-tipping, and other monetization strategies that simply aren’t possible on fiat payment rails.”
So far, so good. “Real-time payment streaming” through the Lightning Network is what Podcasting 2.0 is all about. However, it’s straightforward to overlook why that’s vital. 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 companies. You can monetize your greatest followers’ help, positive, however advertisers received’t pay for that small viewers. Podcasting 2.0 offers the perfect of each worlds.
BTC price chart for 12/11/2021 on Bitstamp | Source: BTC/USD on TradingView.com
We’re Still Early. The Dawn Of Podcasting 2.0
Let’s verify the stats out. That’s all the time 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, in fact, solely early adopters and other people in El Salvador are utilizing The Lightning Network. And from that group, only some individuals will tip or pay in real-time for the content 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 permits a sort of interplay that was not attainable for the podcasting medium. Creators can know the precise second that their listeners determined 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 okay, that suggestions was already attainable in YouTube livestreams. However, YouTube is a closed platform. The suggestions stayed with them and wasn’t obtainable for individuals consuming the podcast via different 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 new commonplace offers podcasters is that they’ll actually be platform agnostic.
“Since RSS and Bitcoin are complementary open requirements, podcasters don’t must danger alienating their present listeners or fear about migrating their content material to a brand new platform.
All podcasters must do is flip the change and their Lightning ideas and messages will seamlessly combine with their present 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.”
Related Reading | Lightning Speed: Eight Mind-blowing Facts About The Lightning Network
Do you see it now? Or is he exaggerating? In any case, the Lightning Network doesn’t have to supply a “primary revenue source.” If Podcasting 2.0 offers a secondary one which wasn’t attainable earlier than, plus viewers interplay, that’s greater than sufficient.
Featured Image by CoWomen on Unsplash | Charts by TradingView