Streaming Giant YouNow Starts Initiative to Pay Creators $5 Million
Popular live streaming service YouNow has announced its plan to allocate $5 million worth of cryptocurrency to its content creators. These payments will be distributed through Rize, a new blockchain-based app being developed by YouNow.
According to the company, selected content creators will receive $ 5 million in PROPS — YouNow’s new token — to produce content for Rize as a promotional initiative to kickstart the app. By offering this potential revenue to creators, the app will have content from influencers who already have millions of viewers.
PROPS will be the fuel behind this new video sharing ecosystem, rewarding content creators for their work. YouNow hopes to use this new financial incentive to grow its existing community of creators even larger. In addition to the new revenue stream, creators will have a stake in the Rize platform by holding the PROPS they earn. As their talents grow the ecosystem, YouNow says, their PROPS holdings will become more valuable, further rewarding them for their work.
According to YouNow, the motive behind Rize has several influential content creators ready to start creating on the platform. Reportedly, Emma McGann, Brent Morgan, and veteran YouNow creator RudanC will be in the first group of creators to produce content for the app.
Eligibility for the YouNow Cryptocurrency Reward Program
YouNow intends to make the PROPS reward program available for two groups: creators already using YouNow, and content producers on different social media platforms.
Existing community members will receive PROPS tokens on Rize in proportion to their status level on YouNow. Influencers on other platforms will receive a bonus proportionate to their followings when they purchase PROPS in the upcoming “Token Distribution Event.”
PROPS Reward Distribution System
The PROPS Token Distribution Event is scheduled for November. This token sale is only available to creators from other platforms who intend to make content for Rize. The bonus schedule for these creators is as follows:
- 10 million followers: 40 percent bonus
- 500 thousand followers: 20 percent bonus
- 50 thousand followers, 12 percent bonus.
Looking at the financial potential of his new, cryptocurrency-based platform, YouNow CEO Adi Sideman said:
“Over the past few years, individuals who contributed computing power to Bitcoin and Ethereum, benefited and grew with those networks. Now, social media users can finally get rewarded for their contribution to the network. They can have a real stake in it.”
YouNow itself has a reported 40 million registered users, and 60 thousand transactions per day in its “digital goods economy.” The company — now developing Rize and PROPS — has financial backing from Union Square Ventures, Comcast Ventures, Ze’ev Ventures and Venrock.
Do you think the Rize platform will really help content creators earn more? Share your thoughts in the comments below.
Images via Shorty Awards Blog, Eva