While the entertainment and production industry is still largely dominated by the West, shows like Squid Game demonstrate an opportunity for non-Western productions to take flight on the international scene. With a little help from Web3, creators in developing markets can reach a bigger stage, according to an entertainment industry expert.
In a Cointelegraph interview, Mehmet Eryılmaz, CEO of the entertainment-focused Web3 team, Faro Company, shared his thoughts on how Web3 can contribute to the development of entertainment in emerging countries. According to the executive, media and entertainment companies have been plagued by gatekeepers, who often fail to adequately represent other cultures. He explained that:
“This exclusion not only reflects what kinds of stories are being told, but also prohibits the full story from being told. As social creatures, we all feel validated in our self-worth by seeing ourselves reflected on screen.”
This is where Web3 comes into play. Eryılmaz said that Web3 can open up new opportunities, allowing those from emerging markets to properly show their culture to the world through movies and music and have equal opportunities. He said that:
“Web3 offers creators and producers in emerging markets the opportunity to level the playing field, bypassing existing highly centralized funding and decision-making structures.”
The executive believes that decentralized networks, smart contracts and token technology can revolutionize the future media landscape. This is because Web3 technology allows investments to be split, allowing anyone to become co-owner of the content. Eryılmaz also noted that Web3 triggers the start of what he describes as an ownership economy that uses technology to distribute economic value to a global community.
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In addition to these, the CEO also pointed out that Web3 also solves the problem of profit sharing for content creators. Due to its inherent function that allows various ways to raise funds, Web3 can also solve the budget problems of creators. Erylmaz said:
“Web3 is hugely exciting for content creators as it frees them from traditional control and unfair distribution of profits. […] Web3 has already proven to be an excellent and efficient alternative for crowdfunding and fan acquisition entertainment projects.”
Eryılmaz also shared that his Faro Company exists for the reasons he stated above and uses Web3 to solve the problems he described. “Faro’s mission is to tell original local stories, showcasing diverse storytellers and talent to global audiences. We believe in the universality of a good story,” he said.
The executive shared that his team believes in a better future, where creators have the same opportunities to share their stories, no matter where they are from. He said, “In a way, we want to be the beacon of possibility for those creators from countries that don’t have an established mainstream and/or independent content industry.”