How to Manage the Supply and Demand of New Content Technological innovation is nothing without creativity.
By Matt Cimaglia Edited by Bill Schulz
Opinions expressed by Entrepreneur contributors are their own.
When high definition television sets hit the market in the late 1990s, it was hard for consumers to justify the cost as there was little content beyond sports and nature documentaries. Having then just started my production company, I can attest to how difficult it was to create HD content. Corresponding cameras were expensive to begin with, plus productions required large amounts of digital storage space, which weren't widely available and prohibitively expensive.
In the case of HD, the trends leveled out. Today, we have cloud platforms designed to handle enormous files more securely than they were in the past and costs have lowered for everyone as the media became more mainstream.
This hasn't been the case for every new technology.
One recent example is 3D television: Even gadget-obsessed consumers didn't care for wearing goggles throughout an entire film and there was no thriving community making 3D shows and movies beyond a few theatrical releases.
In the last year, Non-Fungible Tokens have suffered from too much supply, not enough demand or education on why they're valuable. Despite the recent crypto winter, I remain optimistic about the future of content and blockchains.
NFTs will eventually become more of a utility resource for content creators by simplifying rights management, guaranteeing royalties and connecting artists to the impending metaverse. At my company, Alteon.io, we're creating the first-ever content management system that publishes directly to blockchains, because we believe creatives should have more possibilities when it comes to monetizing their work.
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Innovation wanes without the want
When Apple originally launched the App Store, there were very few apps available, but they were able to build quickly as the iPhone offered much more. The company understood this potential and saw how consumers flocked to it. Other platforms faded away because they didn't create something unique or comprehensive enough.
The next tech leap on the horizon is augmented reality.
Magic Leap, which has raised an enormous amount of capital in recent years, drastically slashed the price of their inaugural AR headset to pave the way for its successor, which may help newcomers see what it's all about. Meanwhile, Apple has long been rumored to announce there own, newer version soon.
These headsets exist, but they're still relatively obscure and cost thousands of dollars. Apple may want to let the hype percolate a little longer before unveiling their mainstream solution.
Related: How Digital Startups Are Taking the Lead In Innovation
Dawn of a new era
New tech is coming at consumers rapidly and you can't blame companies for diving in headfirst. Consumer demand for new content is higher than it's ever been before, and the pandemic only exacerbated the trend. Innovation is urgent at both the creative and technological levels.
People want to watch, engage and follow content and its creators. The open question is what form it will take.
Related: Using NFTs To Build a Better Future In The Art and Entertainment Space!
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