Monetizing content on the Internet is not an easy task these days, but there are solutions under development as we speak. Stem, a startup using the blockchain to help content creators collect and share revenue, recently announced a US$4.5m funding round.
What Stem is Doing Differently for Content Creators
One of the hardest things to do as a content creator is earning money and keeping track of where all funds are coming from. Thanks to a wide variety of platforms in existence to try and make a living, there are more odds to reach a bigger audience. But at the same time, it also becomes much harder to track earnings and seeing which platform is more profitable.
This is where Stem comes into the picture, as this startup is designed to help content creators keep track of the earnings. It is important to note this company goes well beyond music artists, as they are also a viable solution for vloggers, comedians, or anyone else who is a self-distributing creator.
The software used by Stem, which is based on blockchain technology, lets creators aggregate data from a lot of different distribution platforms. Thanks to the partnerships with these platforms, Stem can create contracts and honor splits, disburse payments and create statements for stakeholders in a particular project. Moreover, the blockchain-based solution provided a visualized performance report for every individual platform as well.
Stem CEO and Co-founder Milana Rabkin told the media:
“We want to ensure a sustainable future for creators and are focused on building the tools they need to be smarter about their business.”
Although Stem is still in beta right now, the blockchain startup is working with a few up-and-coming content creators already. Digital content is becoming the new favorite form of media consumption these days, but the creators still need to make a decent living from it. Insights into how much can be made from each platform will go a long way to making this a success in the coming years.
It comes as no surprise to find out Stem has attracted a lot of attention from investors recently, which has led to a successful US$4.5m funding round. Among the investors are Upfront Ventures and various music management experts. Combining the latest technology with a multi-billion dollar industry is of great value to everyone in the industry and additional funding will help the team grow and expand their features.
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