Breaking Down Walled Gardens for Superior Fan Engagement: Key Takeaways from Interview with Push Entertainment

TL;DR

• Fracturing Creator-Fan Relationships: The article discusses the growing divide between artists and their audiences in the digital age. It notes how historical direct connections, like mailing lists and personal appearances, have been replaced by impersonal digital platforms, making it challenging for artists to maintain personal connections and effectively monetize their work.
• Technological Evolution in Fan Engagement: Insights from Simon Scott of Push Entertainment highlight significant shifts in the music industry's fan engagement methods. The transition from physical media to digital platforms has changed how fans interact with music and artists. The article emphasizes the role of evolving technologies like streaming, mobile, and Web3 in offering new opportunities and challenges in fan engagement.
• Embracing Direct Connections via Fan Pass and Blockchain: The article underscores a movement towards technologies that foster direct interactions between creators and fans. It introduces Fan Pass, a blockchain-based solution, as an innovative way to establish direct and secure connections. This technology, focusing on non-tradable NFTs, offers creators better opportunities for meaningful engagement and monetization, contrasting with the impersonal nature of large digital platforms.

In our recent discussion with Simon Scott and Jenn Morgan from Push Entertainment and Magic’s Dylan Hattem, we explore the transformation of the media and entertainment sector, particularly in music and content creation. The focus is on how innovative technologies, like Fan Pass, are reshaping the interaction between artists and their fans, highlighting the need for closer creator-audience relationships in the digital era. Here are the key takeaways:

Here are the key takeaways:

#Fracture Between Creators and Fans

• We address the growing divide between artists and their audiences, particularly in how digital platforms have reshaped interactions. Historically, artists had more direct connections with their fans, like through mailing lists or personal appearances. However, with the advent of digital platforms, this connection has become more mediated and impersonal. Artists now often rely on social media and streaming services to reach their audience, which can dilute the personal connection and make it harder for artists to stand out and monetize their work effectively.

#Evolution of Fan Engagement Technologies

• Simon Scott's insights into the evolution of fan engagement highlight significant shifts in the music industry. He notes how Push Entertainment has adapted over the years, initially focusing on verifying the authenticity of CDs and capturing user data for record companies. This evolution reflects broader industry trends, from physical media to digital platforms like streaming services, which have dramatically changed how fans consume music and interact with artists. Each technological wave (streaming, mobile, social media, Web3) has brought new challenges and opportunities for fan engagement.

#Challenges of the Attention Economy

• The discussion touches on the detrimental effects of the attention economy, where the focus is on capturing as much of the audience's time and attention as possible, often at the expense of content quality. In this economy, content is often tailored to be more about what is most easily consumed (the lowest common denominator), rather than what is most innovative or creative. This dynamic can lead to a "race to the bottom" in terms of content quality, where creators are incentivized to produce what is most likely to get views or clicks, rather than what is genuinely creative or engaging.

#Direct Connection Between Creators and Fans

• The conversation highlights a shift towards technologies enabling more direct interactions between creators and their audience. This shift is seen as a counter to the impersonal nature of large platforms. Web3 technologies, like NFTs (Non-Fungible Tokens), are seen as tools that can facilitate these direct interactions. By leveraging these technologies, creators can bypass traditional gatekeepers (like streaming services or record labels) and interact with their fans more directly, potentially leading to more meaningful engagement and better monetization opportunities.

#Fan Pass and Blockchain Technology

• Fan Pass is discussed as a novel solution that leverages blockchain technology to create a more direct and secure connection between creators and fans. The use of non-tradable NFTs on the Polygon blockchain is crucial here; it prevents speculation and focuses on authentication and access. This technology allows creators to offer exclusive content, experiences, or merchandise to their fans. Unlike traditional NFTs, which are often associated with speculation and trading, these non-tradable tokens are purely for access and authentication, making the relationship between creators and fans more straightforward and genuine.

#Practical Implementation of Fan Pass

• The application of Fan Pass in real-world scenarios is exemplified by the 'Girls Who Read' community. This Facebook group, which consists of avid readers, utilizes Fan Pass to manage and monetize their community effectively. For instance, Fan Pass holders can unlock exclusive benefits from book publishers, like discounts or access to special content. This example demonstrates how Fan Pass can be used to add value to both creators (or community managers) and fans by providing a more organized, exclusive, and rewarding way to interact, which stands in contrast to the often chaotic and impersonal nature of large digital platforms.

#Most insightful Quotes:

• On the Evolution of the Creator Economy:
• Simon Scott: "We've witnessed the streaming, mobile, and social media waves. Recently, we began observing the Web3 Wave, which brought our work on FPAs to light."
• On Monetization and Value in the Music Industry:
• Jen Morgan: "A fan paying should be a natural part of the order, just as consumers pay for what they consume in other industries. However, this concept seems to have been lost in the music industry."
• On the Importance of Direct Creator-Fan Connections:
• Simon Scott: "The next 10 to 20 years won’t be about the big platforms. It will focus on proper direct connections."
• On the Role of Fan Pass and Blockchain Technology:
• Dylan Hattem: "The creator industry currently lacks a direct relationship between creatives and fans, as well as a way to monetize those fans while offering them something special in return."
• On Simplifying Blockchain for Practical Use:
• Simon Scott: "The main question is whether we can monetize the connection. Our initial belief is that monetizing the connection could be worth between five and ten dollars a year."
• On the Role of Technology in Artist-Fan Relationships:
• Dylan Hattem: "The creator industry is missing a direct relationship between creatives and their fans, along with a way to monetize these fans by offering them unique returns."

#Conclusion 

The conversation highlights the evolving landscape of media and entertainment. It emphasizes the potential of technologies like blockchain in enhancing creator-fan connections and the strategic role of platforms like Push in monetization. This discussion points towards a future where technology empowers more direct and meaningful engagements between artists and their audiences.