Piction Network is a decentralized peer-to-peer digital content ecosystem. Leveraging blockchain technology, Piction Network intends to cultivate a creator oriented and trustless digital content ecosystem. We aim to disrupt the centralized models of content monetization, distribution, and ownership dominated by extractive intermediaries to return power back to the content creators.
The alignment of incentives via token economic structures opens up a new realms for collaboration between creators and community supporters, a realm untapped in the status quo. Supporters can now provide the creator with various services such as marketings, translations, and sponsorships.
This also provides an opportunity of growth to many creators who were not able to be supported to publish their content before.
The global era is quickly changing the classic business models. In particular, the creative content economy has been undergoing radical changes for more than a decade.
The global digital content market was approximately valued at $1.8 trillion in 2016 and it is anticipated to grow rapidly in the future, at the average rate of more than 10.5% in the period ranging from 2019 to 2025. It is expected that the global digital content market will be valued at $3.6 trillion in 2025.
The so-called digital content industry refers to the use of high-tech digital tools and information technology to integrate text, image, audio, and other content into products and services. The various forms of digital content include information that is digitally broadcasted, streamed, or contained in computer files. Recently, digital content has quickly started to spread as more households get access to the Internet. Therefore, it has become easier for people to get news and watch TV from the online, rather than from the traditional platforms.
In the contemporary global market, companies accumulate power by building carefully designed hyper-specialized service platforms. However, this situation ultimately creates an imbalance between the platform owners and its users, and business owners are not afraid to use their leverage to impose rules that benefit them, at the expense of users. Content providers are initially hard to attract but platforms eventually become an unavoidable part of the market. In this model, distribution is the core value of business.
The large platform players extract $40 billion in platform fees annually. These so-called extractive intermediaries charge a disproportionately high fee whenever a consumer buys content from its creator. Because they often hold a monopoly on their platform, the creators have no choice but to pay these fees. Simply put, the creators have no bargaining power against them. This is precisely why content creators have long been yearning for a fairer means of monetizing, distributing, and exercising ownership of their content.
Piction Network, we envision such an ecosystem and we want you to be part of our vision. Leveraging blockchain technology, Piction Network intends to cultivate a reliable, creator-oriented digital content ecosystem. We aim to disrupt the centralized models of content monetization, distribution, and ownership currently dominated by extractive intermediaries to give the power back to the creators. Piction Network ecosystem leverages smart contracts, allowing creators to directly license their content to consumers. The decentralized and peer-to-peer authentication mechanism can be considered as the ideal right management mechanism.
Under this unfair structure, no stakeholder can win and no stakeholder can be rewarded enough except for the large platforms. For sustainable and healthy growth of all stakeholders, the traditional centralized business model should be changed.
Piction Network is a reverse ICO supported by a strong parent company in Korea – Battle Entertainment that specializes in operating digital content platform and distributing digital content overseas. Battle Entertainment has been operating for 5 years in the content business industry and is trusted by leading venture capitals such as Smilegate Investment, Industrial Bank of Korea, KTB Network, and many more. We have a total of 60 people in the team in Korea and China as well. Battle Entertainment operates Battle Comics, one of the top digital content platform in Korea. It also produces digital content in Korea and China and translates/distributes digital content to overseas. Hence, at the first stage, we can leverage our Piction Network ecosystem with Battle Entertainments’ asset such as digital content and network.
The five years of experiences and insight of the digital content industry and after working in a close consultation with content creators has led us to the conclusion that the industry is mired in deep problems for various stakeholders. In order to solve the aforementioned problems, we intend to create a decentralized content ecosystem, Piction Network.
In Piction Network ecosystem, (1) Content creators raise the production fund required to maintain their creative activities directly from the community. (2) Community can participate as supporters, translators, influencers, and consumers. (3) The value that is generated from the ecosystem is based on blockchain technology and smart contract so that the distribution of benefits and costs can be transparently disclosed and automatically distributed without intermediaries. (4) We will return all the ownership, rights, and responsibilities over the content to the participants who have created, invested in, translated, and promoted the content. (5) In addition, Piction Network ecosystem is also not dependent on any particular platform, country, or language but will be managed through the voluntary incentivised participation between creators and consumers through an interplay of various token economic incentives.Whitepaper_ENG_190208