Rad, the innovative video streaming platform for Web 3, has secured significant funding in a follow-on round led by Ayre Ventures. Rad is also pleased to announce it has incorporated the use of BSV Blockchain into its publishing and purchasing flow for transactional video on demand (TVOD) and open or limited edition NFT video. In addition, Rad has integrated with HandCash, a leading mobile and web wallet that users can connect to apps, games, and websites to stream money directly, to help facilitate payments. This means you can create and purchase content on Rad without needing a browser plugin, and the Company can easily expand other forms of payment.
“Rad is excited to expand its integration of blockchain technologies with real use cases, and do so in a way that creators and viewers don’t have to think about”
This product release and new investment creates an unrivaled opportunity for creators and studios to release content to major streaming devices. Content creators and studios can now upload video to Rad, set all metadata associated with the video, fix pricing, and enable an arbitrary number of revenue shares and royalties to multiple payees. This means that anyone receiving payment from the sales of content can be paid directly, such as actors, musicians, agents, and more.
This platform launch will help actors and writers receive payments immediately and transparently for their work and redefines how contracting, legal, and accounting will work for selling premium content online. The publishing and payments use the native blockchain’s currency initially but will support accepting any payment type in the future, as well as payouts to traditional fiat currencies.
“Rad is excited to expand its integration of blockchain technologies with real use cases, and do so in a way that creators and viewers don’t have to think about,” said Tony Mugavero, CEO of Rad. “Who published the content, who purchased it, and who gets paid, should all be transparent and instant as well as verifiable by all parties involved. It reduces legal and accounting overhead and provides an extra layer of trust that hasn’t existed in the black boxes of streaming companies.”
Ayre Ventures founder Calvin Ayre hailed the development, saying: “The recent Hollywood actor and writer strikes showed the importance of updating rights agreements in tandem with technological change to ensure creators are properly compensated for their efforts. Ayre Ventures is pleased to support Rad’s ongoing work to demonstrate the pivotal role that enterprise blockchain technology can play in these endeavors. Sunlight is the best disinfectant, and BSV Blockchain-powered transparency is the best method of ensuring a fair shake for all.”
For the gas price of a single transaction on Ethereum, Rad can create 500,000 videos on BSV Blockchain. Leveraging the power of blockchain for transparency and immediacy of payments can’t be prohibitively expensive. “This is a solution to the lack of transparent and fair payouts in the streaming business, which has led to writers and actors striking, and creators leaving social platforms while struggling to pay bills,” Mugavero added. “Major studios have hundreds of lawyers and accountants shuffling money between departments, countless middlemen and agencies taking a piece of the pie, and there is no easy way to guarantee everyone is paid the right amounts. Blockchain solves this problem and enables instant payouts to the right recipients while giving ownership back to the people.”
