Rad, a player in the Web 3 video streaming industry, has secured significant follow-on funding in a round led by Ayre Ventures. This investment propels Rad to the frontlines of a new era in digital content distribution. The company is revolutionising its platform by integrating the BSV Blockchain into its publishing and transactional video-on-demand (TVOD) operations. This innovative move also includes the introduction of open or limited-edition NFT videos.
The integration of the BSV Blockchain with HandCash, a prominent mobile and web wallet, negates the need for users to have a browser plugin to create and purchase content, thereby simplifying the overall user experience. This move represents a step change in Rad's approach, opening up the possibility of expanding other payment forms progressively.
The recent funding leverages Rad's capacity to offer content creators and studios unprecedented opportunities to release content through major streaming devices. The utilisation of blockchain has distilled the content development process into a simple and efficient workflow. Creators and studios can upload video to Rad, set all corresponding metadata, establish pricing, and enable an arbitrary number of revenue shares and royalties to be distributed among multiple payees.
The transformative impact of this technology extends beyond the creative process, reaching into the realms of business administration. Blockchain has the potential to drastically redefine contracting, legal, and accounting practices related to the online sale of premium content. The transparency and immediacy made possible by the blockchain allow for direct and instant payment for actors, musicians, agents, and others involved in the production process.
Tony Mugavero, CEO of Rad, lauded the development, saying: "The publishing of content, its purchase, and payment should all be transparent and instant and verifiable by all parties involved. By reducing legal and accounting overheads, we are creating a new level of trust that hasn't existed within the black boxes of streaming companies."
Complementing the evolution of Rad's platform, Calvin Ayre, the founder of Ayre Ventures, expressed his enthusiasm for the transparency offered by blockchain. He echoes that by saying, "Sunlight is the best disinfectant, and BSV Blockchain-powered transparency ensures a fair shake for all". Ayre sees this as a solution to the lack of transparency and fair payouts that have plagued the streaming business, leading to numerous conflicts between writers, actors and studios.
Rad's transformative technological advancements aim to democratise the payment process, enabling instant payments to the rightful recipients while guaranteeing fair ownership. "This marks the dawn of a new era, where creative control shifts back to the creators, leading to a fundamental shift in content distribution," concluded Mugavero.