Bridging into the Entertainment 3.0
‘"You and I and everybody in show business and the entertainment industry fly by the seat of our pants. We don’t know quite what will happen.”
— William Shatner
As the global entertainment industry is still navigating in the post-pandemic era, the emergence of Web3 puts the industry in a weird spot. The virality of metaverse and NFTs have led entertainment executives to believe the future of entertainment lies within the virtual realm, yet the imminent potential of Web3 is severely underlooked and we believe in Entertainment 3.0, the breed of Web 3.0 merges with traditional entertainment consumption, should focus on not just the players, but the audiences and fans.
Lightyear is an incredible example of the high-risk nature of the entertainment industry. There are no guarantees when it comes to content creation, projects, and investments. As an investor, you’re always going to be looking for ways to mitigate risk — and that’s exactly what Disney was counting on with Lightyear.
Back in December 2020, when Walt Disney and Pixar announced the development of Lightyear, the internet is swamped with anticipation and excitement. From the outside, everyone is excited to see their favorite childhood Space Ranger to return to the silver screen one more time, with Captain America himself Chris Evans lending his majestic voice to the iconic character. Fast forward to 18 months later, Lightyear bombed with a gross box office of $158 million, which Disney had spent $200 million to produce — and that doesn’t even include tens of millions more spent in print and advertising costs.
To be fair, it is Walt Disney and they obviously have money to burn, but not every entity has the capability to take such a big risk. With the expansion of De-Fi toolings of Web3 and community, more opportunities are opened for entertainment entity owners to harness the power of their community to make their visions come to light. All they need is a platform.
Here in Updoot, we are basing our core business model on the financing aspect of Web3 while developing a platform that is beneficial to both fans and entertainment entities. Our team is excited to show you what we have done in the past few months, so stay tuned!
About Updoot Media:
Updoot is a Web3 project that aims to reshape the way creative projects are financed, provide a decentralization solution for entertainment companies and bridge fandom economy into the crypto space.