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Blockchain OTT Platform myNK Looks To Make Streaming More Democratic

Blockchain OTT Platform myNK Looks To Make Streaming More Democratic

One of the major debates about the state of the internet nowadays is ready ultra-powerful tech companies performing as gatekeepers of content material and thereby developing their own version of the net. Google has been accused of doing this on YouTube and on Google News by content material creators and publishers. Similarly, principal aggregators which includes Airbnb, Spotify and Netflix have also been criticised for his or her insular technique closer to showcasing content creators, person listings and provider providers.

Then there may be Facebook, which has a service or presenting in maximum essential net categories, and controls a major portion of communique pipeline of current internet customers way to Instagram, WhatsApp and Facebook Messenger. When you test the predominant net services and the organizations behind them, you're likely to recognize how restrained your picks are.

The contentious issue here is not about monopoly via sales, but monopoly of concept and information. And that’s precisely why blockchain is being hailed because the saviour of the internet.

The largest query posed through the use of blockchain has been if this obvious, decentralised, and immutable generation can disrupt the mega-systems consisting of Google, Facebook, Netflix, Amazon and Spotify. These aggregators provide the appearance of a decentralised model way to personalisations, customised UIs (user interface) and the emphasis on interactivity in the UX (person experience), which makes the consumer sense like they're directly communicating with the content material creator/carrier issuer. In reality, the platforms preserve a huge quantity of manipulate over what these creators are announcing and consequently what their content material is.

It’s no longer an excessive amount of of a stretch to agree with that those information aggregators are the new-age gatekeepers of digital content distribution, and much like the tune labels and movie manufacturing houses they searching for to disrupt. To smash the developing hegemony of such aggregator structures, blockchain platforms which include Dlive, SingularDTV, Creativechain, Musiccoin have attempted to offer an opportunity to the streaming majors.

Blockchain at its middle lets in storage and processing of facts in a distributed manner throughout its network individuals, otherwise referred to as nodes. The key concept is that no crucial frame has singular control over the statistics or content, and thereby it can not be deleted or erased from data. While most blockchain offerings consciousness at the Western marketplace, Singapore-based MinersINC introduced its flagship blockchain platform myNK to India in 2017. The blockchain powered video-on-demand (VoD) platform promises at once to clients from content material creators.

For creators, the predominant advantage is that myNK eliminates the middlemen or intermediary services, at the same time as customers can take benefit of the pay-per-view model, that's pretty distinctive from a subscription model and greater in step with the conventional spending on films.

With this model, MinersINC is looking to resolve problems including revenue dilution for content material creators as they must account for middlemen, piracy, sales leakage, copyright problems and breach of agreement from the artists they paintings with. Additionally, creators also must deal with misplaced monetisation possibilities because of distribution inefficiency, non-obvious income, and unjustified right attributions.

Speaking to CFT, myNK founder Nitin Narkhede explained that because of the extraneous charges for creators to attain consumers, the content material turns into much less low cost and therefore creators should bend to the desire of major structures. “The realisation that proper-holders’ constraints forestall customers from watching movies at home on the discharge date, is what led us to construct an immediate to consumer platform,” Narkhede said.

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Singapore-primarily based myNK changed into founded with the aid of Narkhede and Deepak Jayaram in 2017.  The name myNK is virtually short for ‘My Network’, which is aligned with Narkhede’s vision of a network-driven amusement platform for Indian cinephiles.

MinersINC had raised angel funding from a Singapore-primarily based businessman V.C. Bothra in July 2018. While the app is presently in beta mode, it’s set for an authentic launch in India in June this year.

The organization said it has garnered around 5K registrations in 3 weeks of the beta launch. It is targeting to hit 100K registrations and 1 Mn transactions over the subsequent year.

Debuting International Movies In India

myNK has a library of over 2 hundred feature films sourced from 34 countries and in 23 languages, consisting of critically acclaimed award-winning titles which won recognition at iconic movie gala's along with Tribeca, Cannes, Sundance and Berlin. The organization claims that not one of the movies in its collection had been launched in India before.

To source films and short movies, MinersINC is participating with private and state-run international content proper holders consisting of all3media, Kew Films, Wide Management, Off The Fence, First Hand Films, Dutch Features, ELO, Imagination Worldwide, NFB Canada, and The Film Collaborative, amongst others.

Wendy Bernfeld, myNK’s mentor-curator and founder/coping with director of Rights Stuff in Amsterdam, stated European content stakeholders have constantly been interested by the Indian market, however had apprehensions approximately what Indians might want to watch and approximately the complicated distribution version. “myNK introduces a pioneering model that fuses the efficiency of modern era with a rich content bank,” she added.

MinersINC has also partnered with Indian filmmaker Anurag Kashyap who serves as a mentor and has helped myNK discover adoption and buy-in from the Indian film enterprise which is so tightly managed.

The State Of Streaming In India

According to a BCG record, India’s OTT streaming market is expected to attain $5 Bn by way of 2023, growing from its $0.5 Bn marketplace size remaining 12 months. The video streaming marketplace in India is dominated with the aid of Hotstar, which has over three hundred Mn customers and is setting world records in live sports streaming. Other global players inclusive of YouTube, Amazon Prime and Netflix, along side homegrown gamers along with Voot, Zee5, Arre, SonyLIV, ALT Balaji, EROS Now are building up their unique content library to cater to India.

On the music streaming aspect, Spotify and Youtube Music lately joined the likes of Gaana, Google Play Music, JioSaavn, Hungama, Airtel Wynk, Apple Music, SoundCloud and Amazon Prime Music.

But regardless of the plethora of alternatives, there’s masses of grievance about how streaming services are allowing the very studio version that they sought to disrupt. Youtube’s 2d biggest channel Pewdiepie, run through Felix Kjellberg, announced that it's going to produce movies for the blockchain-based totally stay streaming platform Dlive.

Pewdiepie has been overtly important of YouTube’s algorithms in the beyond, and he’s no longer the only creator to achieve this. Several creators have pronounced that their films had been being demonetised for no apparent motive, depriving them of sales. Other creators together with Lilly ‘Superwoman’ Singh have complained of burnouts due to the revenue pressure created by YouTube on creators. If creators need to take a ruin from the every day churn, they stand to lose out on lots of cash.

How Does Blockchain Help in Streaming?

The enterprise model of myNK is constructed on three factors — the believe and transparency enforced through blockchain, the network empowerment and involvement and finally, the spot incentives and rewards.

The creators’ network and enthusiasts no longer only contribute and expand the enterprise’s portfolio, however also get incentives as rewards for his or her contribution to the surroundings. It can also open up different channels for creators along with micro-distribution to a particular sub-section of customers. This way creators can also redistribute content material to new swimming pools of customers.

Mynk, ott blockchain app for content creators

mynk, ott blockchain app for content creators

mynk, ott blockchain app for content material creators

Photo Description: Screenshots of myNK Android Application

In its contemporary avatar, customers can buy a one-time price tag just like in a film corridor, or purchase the film reel for unlimited viewing in a given time period. All transactions on myNK are accomplished through the in-app foreign money MINC coins. Users even have a danger to earn MINC cash with the aid of generating tickets for other customers inside the network when they have purchased a movie reel.

On myNK, creators can upload content for free and determine the initial rate for their content. The myNK network dynamically adjusts this preliminary rate based totally on call for, critiques and scores. The platform additionally offers obvious dashboards to assist creators tune their profits at a granular stage.


The peer-to-peer network aspect permits micro distribution supported by means of incentives. MINC coins generated in the gadget preserve the distribution chain alive for an extended time period. In addition to being low-priced, the uploaded content is hashed and encrypted this means that it would be substantially harder to pirate.

The myNK app lets in content streaming on both Android and iOS cell gadgets.

Developing A Backbone For Entertainment Industry

In terms of destiny plans and the business roadmap, Narkhede envisions myNK to turn out to be a value chain throughout the leisure enterprise and has exclusive verticals related to it.

“The myNK atmosphere can foray throughout the whole leisure surroundings right from securing investments, manufacturing, distribution, advertising and marketing, consumption and managing operational elements like legalities, copyright safety, automated bills and automatic execution of contracts,” Narkhede said.

The agency has invited creators to distribute their films on myNK and plans to add a music marketplace soon. In addition to the B2C offerings, the platform is likewise actively exploring B2B collaborations.

Narkhede also mentioned the scope for myNK to be an leisure answer transport platform and a content material dealer for present OTT structures by enabling PPV (pay-consistent with-view) models once their subscription sales begin tapering.

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