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Video streaming is projected to generate a revenue of $54.66 billion by 2027. Although YouTube and Netflix are dominating the sector, decentralized video-streaming networks like Theta Network are making a headwind.
In December 2022, Theta Labs launched its mainnet, Metachain, to create a network of blockchains. Its mainnet release has caused the Theta Network price to climb the charts since the second week of January 2023. But is Theta truly the future of streaming? Let’s take a look at its prospects.
Theta Labs is founded by gaming start-up founders Mitch Liu and Jieyi Long. Theta Network is driven by the Theta Labs team which consists of experienced media professionals who previously held positions at major media firms like Netflix and Amazon.
Billing itself as a "web3 blockchain infrastructure for video, media and entertainment,” Theta aims to change the centralized nature of video streaming by providing the necessary bandwidth needed through peer-to-peer delivery. Through Theta, users can share video streams and contribute their excess bandwidth and computing resources in exchange for token rewards, thereby improving infrastructure and lowering costs, all of which enhance user experience. In addition, Theta users can reward the content creators they support with tokens. This feature offers content creators an additional income source, incentivizing them to continue putting out high-quality content.