The rise of social media platforms has created a new avenue for creators to monetize their content. However, the centralized nature of these platforms has led to creators being overcharged and not having complete control over their earnings. This is where the need for a decentralized economy for all creators online through social commerce arises.
Let’s take a look at the past data on how social commerce platforms such as YouTube, Twitch, Facebook, Instagram, and TikTok have been overcharging creators and taking their hard-earned money. In 2020, YouTube was criticized for taking a 45% cut of creators’ ad revenue, leaving them with only 55%. Similarly, Twitch takes a 50% cut of subscription revenue, and Facebook takes a 30% cut of fan support revenue. This means that creators are not receiving the full value of their content.
Moreover, current social media platforms do not provide a real-time cash-out option. This means that the platforms still own everything monetizable by the creator. For example, TikTok only offers weekly payouts, and YouTube offers monthly payouts. This can cause problems for creators who need quick access to their earnings. According to a survey by Morning Consult, 72% of creators said they would be more likely to use a social platform that offered instant payments.
Current social media platforms are also susceptible to fraudulent activities. According to a report by HypeAuditor, the number of fake followers on Instagram increased by 50% from 2018 to 2022. This means that creators are spending money on ads that do not reach their target audience. A study by Cheq found that advertisers lost more than $16 billion to ad fraud in 2022.
Another issue with current social platforms is that they are limited to local payment methods. People in Asia, for example, cannot seamlessly be part of the social commerce economy in the USA. According to a report by Statista, the most popular payment method in the US is credit cards, while in China, it is mobile payments. This makes it difficult for creators to monetise their content globally.
“Tilted app” by QGlobe is makes use of blockchain prepaid card technology to bring more power to creators by providing a decentralised and secure platform for social commerce. Tilted enables real-time cash-outs, so creators can access their earnings immediately. Additionally, blockchain technology is decentralised, meaning that creators have complete control over their earnings and content.
According to a report by Grand View Research, the global prepaid card market is expected to reach $4.5 trillion by 2027. Tilted is leveraging this growth with its Blockchain powered prepaid cards, enabling creators to receive their earnings in any country and currency, making it easier for creators to monetise their content globally. This can also reduce the fees associated with cross-border payments, saving creators money in the long run.
In conclusion, there is a need for a decentralized economy for all creators online through social commerce. Current social media platforms have been overcharging creators and limiting their ability to monetise their content globally. Tilted by QGlobe can provide a solution to these problems, enabling creators to have more control over their earnings and content. It’s time for creators to take control of their earnings and embrace the power of blockchain technology.