Ethical and efficient financial processes will empower all creators.
The ever increasing pitfalls of third-party platforms has made owning and operating your own platform more attractive to creators of all sizes. Blockchain and smart contracts, empower brands and creators to implement ethical and efficient financial processes that improve the bottom line while cultivating transparency and trust among customers and stakeholders. This article will discuss the financial advantages of owning your own platform and how these innovative financial processes can revolutionize your career as an artist.
Blockchain Means Automation:
One of the most significant advantages of blockchain technology is its ability to automate most, if not all, financial processes. This reduces the need for manual intervention and minimizes the risk of human error. Streamlining these processes, save creators time and money while improving overall efficiency and accuracy.
No 3rd Party Commissions:
Blockchain technology helps creators avoid costly third-party commissions and fees by eliminating the need for intermediaries. This not only reduces expenses and increases profit margins but also simplifies the overall financial process, making it easier for companies to maintain a clear picture of their financial health.
No Waiting on Quarterlies:
Real-time data access and reporting means creators no longer have to wait for quarterly reports to gain insights into their financial performance. This allows for more agile decision-making, faster reallocation of resources and the ability for creators to respond quicker to changes in the market or their industry.
Transparency – Access to Pure Unfiltered Data (Sales):
A lack of universal information and data is one of the biggest impediments to fair and ethical negotiations in the entertainment industry. Blockchain technology provides unparalleled transparency and access to unfiltered data. This means creators can easily track and analyze sales data, allowing them to make more informed decisions about their marketing, capital and sales strategies. It is also entirely possible for creators, producers, investors and talent to access realtime sales data at all times.
Smart Contracts – Automatic Royalty Distribution at Point of Sale:
Smart contracts are self-executing agreements that automatically enforce the terms of a contract once certain conditions are met. This can significantly streamline the royalty distribution process, ensuring that artists, stakeholders and talent can receive their fair share of the profits simultaneously and in a transparent manner.
The implementation of smart contracts in the entertainment industry can dramatically transform the landscape for independent creators. By eliminating intermediaries and streamlining the royalty distribution process, smart contracts provide unparalleled transparency and efficiency. This heightened transparency and automation fosters better investor confidence and encourages top talent to accept backend points, as they can be assured of receiving their fair share of profits. As a result, smart contracts empower creators and foster a more equitable and sustainable ecosystem for the entertainment industry.
Dramatically Reduce P&A:
By eliminating the need for intermediaries and automating various financial processes, creators can significantly reduce the cost of marketing and distributing their products. The more an audience and community know to go directly to the creator or brand to consume their content the lower the advertising budget required to reach profitability. This not only saves money but also allows companies to allocate more resources to other areas of their business, such as product development and customer service.
Incentivize Engagement and Community Actions:
By leveraging blockchain technology and smart contracts, creators can create innovative incentive programs that reward customers for their engagement and participation in community actions. This can help foster a stronger sense of community and loyalty among customers, ultimately driving long-term growth and success for the creator.
The benefits of owning your own platform and implementing ethical, efficient, and cost-effective financial processes are numerous and far-reaching. By embracing cutting-edge technologies such as blockchain and smart contracts, creators can revolutionize the way they operate and interact with their customers, stakeholders, and the broader market. As the digital landscape continues to evolve, the creators who embrace these innovative solutions will be the ones who thrive and succeed in the long run.
However, there is still one major barrier to entry that keeps branded platforms out of the reach of the average independent creator, the cost of developing and maintaining that platform. This is where Gratwick seeks to step in and deliver a universal platform for all creators by crowdsourcing the funding and development of a truly decentralized and altruistic solution.
Get on the Gratwick A-list and join the movement to empower creators and revolutionize the entertainment industry.