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https://www.wsj.com/articles/startup-thinks-blockchain-can-help-fix-the-medias-business-woes-1531918800
Startup Thinks Blockchain Can Help Fix the Media’s Business Woes
Civil is selling millions of dollars worth of cryptocurrency to help fund a global network of newsrooms
Civil Media Company raised $5 million from a firm that specializes in Ethereum, the decentralized ledger system that underpins the cryptocurrency Ether, shown here. (Photo by Jack Taylor/Getty Images)
A new media company is proposing an unlikely remedy for the business challenges facing the media industry: cryptocurrency.
The Civil Media Company, a New York for-profit software firm, on Wednesday announced plans to sell cryptocurrency valued at millions of dollars as part of a plan to help cultivate a global network of newsrooms and news consumers.
The company is trying to sell a maximum of $32 million in “tokens,” digital currency that its owners can use in a new online marketplace for media ventures being created by the company.
The tokens—which will be valued between 27 cents and 94 cents each—will eventually give their bearers the ability to pay freelancers, support news organizations and help resolve newsroom disputes, said Matthew Iles, chief executive of the Civil Media Company.
The cryptocurrency will primarily be used to pay for the costs of creating news, Mr. Iles said. News consumers won’t be required to buy cryptocurrency to read, watch or listen to content produced by companies funded by Civil tokens.
Civil applies the tenets of cryptoeconomics—the practice of powering online marketplaces with digital currency logged on encrypted ledgers—to the financial challenges facing the news industry. Mr. Iles, 31, is aiming to create a network of stakeholders united under the banner of supporting and sustaining quality journalism.
Mr. Iles, a former ESPN employee and digital strategist, founded Civil to fix what he saw as a business model problem afflicting the media industry. News organizations were overly dependent on companies like
Google and Facebook Inc. for audiences, he concluded, while the platforms reaped the majority of digital ad revenue.
So Ethereum Converter To Php , he raised $5 million in from ConsenSys, a Brooklyn-based firm specializing in Ethereum, the decentralized ledger system that underpins the cryptocurrency Ether.
“When you look at the digital media landscape, it’s not that everyone is doing poorly,” Mr. Iles said. “Digital media is a pretty good business depending on who you work for. I’m talking about Google and Facebook.”
Ethereum Converter To Php , people can register to buy Civil tokens for the Aug. 13 offering, Mr. Iles said. At that sale, buyers would have the option of exchanging Ether for the tokens.
The nuances of cryptocurrecy and blockchain may be lost on a media industry that has been slow to adapt to evolving digital business models. The question is whether Civil can thrive in an industry where converting casual readers to digital subscribers is considered a technical triumph.
News organizations have an incentive to experiment with alternative business models, Mr. Iles said, because existing revenue streams are under serious pressure. Continuing to rely on tech platforms for audiences and revenue isn’t sustainable, he said.
The company, which now employs 24 people, has already made inroads in the news industry. Earlier this year, Civil awarded a grant to former employees of the Denver Post to help start a new publication called the Colorado Sun. The company has also backed Block Club Chicago, a digital publication started by former editors and reporters at the shuttered outlet DNAInfo. All told, the company has awarded grants to 13 news organizations, with plans to fund more after the token launch.
Civil has also attracted some media heavyweights in the run-up to Wednesday’s launch. The company has hired Vivian Schiller, a former executive at the New York Times, NPR and
to become the chief executive of the Civil Foundation, a nonprofit created to promote the standards of journalism across Civil’s community. Ms. Schiller has recruited a council of advisers, including former Gizmodo Media Group Chief Executive Raju Narisetti and Emily Bell, the founding director of the Tow Center for Digital Journalism at Columbia’s Graduate School of Journalism.
“What they all have in common is that they’re experienced, extremely thoughtful, intelligent, passionate about journalism and excited and interested in finding solutions for sustainable media models,” Ms. Schiller said.
For burgeoning newsrooms, the incentives to join Civil are twofold, Ms. Schiller said. First, newsrooms that partner with Civil will be associated with the professional newsrooms already launched on the platform, conferring an imprimatur of quality. And second, they will have the opportunity to tap new revenue streams on the platform, including donations from audience members made in the form of tokens.
Civil doesn’t plan to support itself by taking a cut of any transactions made to pay journalists or start newsrooms, Mr. Iles said. Instead, the company plans to operate a software studio that will create and license new applications for newsrooms.
“We intend to build commercial applications in this ecosystem that help power the marketplace that we’re building the underlying foundation for,” Mr. Iles said.
Civil is selling a maximum of $32 million in “tokens,” digital currency that its owners can use in a new online marketplace for media ventures being created by the company. An earlier version of this story incorrectly stated that the company was selling a maximum of $34 million. ConsenSys is a Brooklyn firm specializing in Ethereum, the decentralized ledger system that underpins the cryptocurrency Ether. An earlier version of this article misspelled Ethereum. (July 18, 2018)
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Ethereum Converter To Php
Ethereum Converter To Php
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