Hollywood elite are closely following the development of Web3 — and for good reason. Web2 birthed a new breed of content creators, rocking the studio-driven entertainment industry to its core. Now, every time a celebrity sells an NFT, or a new audio clip is released into the metaverse, studios and talent agencies see even more potential revenue heading out the door.
It’s clear that we’re heading into what CNET describes as “an internet owned by users.” And according to Amanda Whitcroft, co-founder and CEO of Web3 agency Project Panda, it’s the logical next step.
“Web3 is a natural response to the rise of the creator economy,” Whitcroft explains. “Taking back control of our data and the rights to our content and not letting algorithms rule our lives is the way the tide is turning.”
But that doesn’t mean everyone is ready. For example, Web3 means Hollywood execs no longer need to pay attention to certain metrics, such as box office returns. Instead, all of the focus now is on quality. Blockchain technology also removes the need for a middleman, and in Hollywood terms, that means talent agencies, production companies and studios are on high alert.
If musicians and artists can create, own and sell their own content, why wouldn’t they? In Web3, artists no longer need to sell in galleries, and musicians no longer rely on contracts with big labels. Last year, Taylor Swift re-recorded her catalog of music because she was unable to buy the rights to the original versions. “Artists should own their own work for so many reasons,” she posted on Instagram in March 2021. “But the most screamingly obvious one is that the artist is the only one who really knows that body of work.”
Swift’s move to own her content is the most public example of an artist fighting for their ownership rights, but it’s a daily point of contention in Hollywood. Time captured the debate in a recent article: “The rise of NFTs, cryptocurrencies and other Web3 technologies is giving talent and content creators new opportunities to interact with fans, which opens entirely new frontiers: Could fans use the intellectual property contained on NFTs to create their own content and ideas? Will artists start to sell their own videos, music and even long-form work directly to their followers?” As a result, Whitcroft explains, creators can get projects off the ground through new monetization streams. And doing that changes the ownership model, giving more rights to the creator and their community instead of studios and agencies.
In fact, community plays a major role in this Web3 shift. It’s less about how many followers a creator has, and more about finding the right fanbase, no matter the size, that appreciates their specific art. “The three pillars of Web3 are community, utility, and innovation. People cannot rely on static art or PFPs to create strategy. This is about real innovation and creativity, and that makes me passionate about this space.”
Whitcroft has always been a passionate supporter of individual artists. Prior to launching Project Panda, she was founder and owner of Panda PR & Marketing and represented creators and clients across the crypto, healthcare, technology, and lifestyle spaces. Whitcroft also spent many years in Hollywood working on all sides, from a talent agency to production company and ultimately in talent management. She’s worked with industry A-listers including director Luc Besson, Billy Magnussen, Frank Grillo, and Julia Garner.
These days, her focus is all on what’s next. Whitcroft completed ECornell’s Blockchain Fundamentals certificate in 2020 to further prepare herself for the disruption of Web3.
“My hope is that, especially with regard to entertainment, we are giving power back to the underdog,” Whitcroft says. “That’s been a mission of mine since day one, particularly after working in talent agency and management companies. I hope one day in this space, we’ll no longer be focused on a creator’s following, and instead, really focused on their talent. I do think Web3 will be a disrupter.”
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.
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