Ritestream is an ecosystem for funding, monetizing, and distributing film content via blockchain technology and NFTs. It’s a curated filmverse in Web3.
The General Manager of Altcoin Buzz, Anindya (Ani) Baidya, anchored the Ritestream AMA session on our Telegram channel with Riaz Mehta, the Chief Executive Officer (CEO) of Ritestream.
Below is a recap of the AMA session with Riaz Mehta to understand what they are about. Besides, the AMA is in three segments: introduction, deep dive, and community questions and answers.
Segment 1: Introduction to Ritestream
Background Information
Q – Tell us about your company. How was the concept of Ritestream created?
I actually came up with this concept almost four years ago and initially launched the business as a B2B marketplace for film and TV content. Through this journey, we did two rounds of institutional fundraises led by billion-dollar funds SOSV and Artesian.
Then, about a year ago, we pivoted and created the Ritestream B2B business model, which is essentially Content As A Service. Our business has scaled dramatically with millions of dollars in revenue, close to 100,000 hours of film and TV content on our platform, and a team of 35 industry professionals across 10 countries. We are now building on this solid foundation to launch into Web3.
Q – Tell us a bit about your team. Where is the team based out of?
Our team is spread globally in Singapore, the USA, Australia, the Middle East, India, Brazil, and Europe.
Segment 2: Deep Dive
More Information About Ritestream
Q – So what is Ritestream? Can you explain your solution?
It is an ecosystem for the creation, monetization, and consumption of film and TV content (NFTs) – the ecosystem empowers creators to bring content ideas to life and the community to participate in these.
Riaz: Do you want me to dive into the details of each part of the ecosystem?
Ani: Yes. Very much interested. We can go as deep as possible.
Riaz: Awesome.
Launchpad
This is where film and TV ideas come to life. As an example, a creator can list their film script on the platform for funding and say the film needs $1 million in funding. We will issue one million $1 NFTs for this film which has rights attached to them, e.g., the right to earn revenues in perpetuity generated by the movie, the right to have access to behind-the-scenes content, etc.
These NFTs are tradeable just like any other NFT. So imagine that a week after the film is funded, a famous actor gets attached to the movie (e.g., Keanu Reeves) – now the value of that NFT is likely to appreciate exponentially so the people that bought these NFTs can choose to sell them if they wish on the open market – this is not possible today with movie investments and is a game-changer for the industry and the community.
Now once the film gets made, it generates revenues through distribution in our existing ecosystem where we have global streaming platforms. It also makes money via streaming in the Metaverse (we have partnerships with Metaverse projects where we are building cinemas).
The other cool thing is that we will take scenes from these movies and have NFT drops – creating further ways for the community to engage with the content and generating additional revenues for everyone that contributed to the making of that film. And then, of course, we have a consumer app where you will be able to watch these movies using our RITE coin.
You will also be able to earn RITE coins by interacting with the content (e.g., by answering a simple question) – it’s our View to Earn mechanism.
So Ritestream is a complete ecosystem for the creation, monetization, and consumption of film/TV NFTs.
Q – I see two prominent modules here. The Launchpad is crowdfunding money for the creators and a platform for View to Earn. It also doubles up as a marketplace.
Yes, these are our community-facing modules – plus we will have an NFT marketplace where these film and TV NFTs can be bought and sold.
The final layer is our B2B platform that is already generating revenues where this content is monetized.
Q – When a creator pitches his idea, what are the different parameters he needs to present? Is there a reputation model?
The higher value projects (e.g., over $1 million) are carefully curated by our team before they get listed on the platform. However, if someone wants to make a short film for $10k, then they can do this on their own through the platform.
We have a mechanism to protect the community as well. Projects are funded based on pre-defined milestones so they don’t get all their money upfront. In the future, each project will have its own DAO to govern the release of funds.
Q – You also provide a fiat on and off-ramp for the creators?
Yes, we do. So, it’s not just RITE coins.
Q – Now the third interesting point. Once a product is delivered, the revenue comes from Web3. How will that value get captured in Web3 so that the NFT holders actually get their share, or is it only the Web3 revenue?
Our B2B platform will generate revenues in Web3 – there however will be opportunities to monetize content via Web2, e.g., selling content to Netflix so in these instances we will buy RITE coins off the exchange to bring the revenues back into Web3. Revenues in the Metaverse are already naturally in Web3.
Q – But will that not create an operational overhead or can the same be automated?
We already automate this on the current platform so it’s just an extension. We are a tech company so we aim to automate as much as possible.
Q – Regarding the consumption, how do the RITE tokens work? What are the different use cases, Funding, Viewing, etc.?
The RITE tokens are used to watch content on our app, and you can earn RITE tokens when watching content (View to Earn). Plus, these can be used to fund content, buy NFTs, etc. Of course, we have staking mechanisms built-in at every stage, e.g., a streaming service will have to stake $100,000 worth of tokens to get exclusive new release content. A creator would need to stake $1000 worth of tokens to list a project, etc.
Q – Any plans for the viewers, let’s say how much I need to stake to watch one year of content or to participate in launches >1m?
Yes, absolutely. There will be different tiers for viewers as well. we will be announcing these shortly.
Q – Is the app available now for download? I saw somewhere that the first one million downloads will get 10 RITE each?
We will be launching our app soon after TGE as our token needs to be launched first. Yes, there will be free RITE tokens with every download so you can watch content immediately as you download the app.
Segment 3: Community Questions and Answers
For this segment, the five best questions shared 550 USDT. One of the questions is as follows:
Q. Twitter – Say Ritestream becomes really successful with the blockchain aspect of operations. What happens if the business gets bought out by a big company, say, Netflix? Will the holders of the token benefit in some way, like shareholders would if there was an offer?
We are building a decentralized business so the value of our business is in the tokens that the community holds. It is not like a centralized business that can be acquired by Netflix.
Also, join us on Telegram to receive free trading signals.
Furthermore, find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.
 Baidya, anchored the Ritestream AMA session with Riaz Mehta, the CEO of Ritestream.){kind=link}