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Media DAO

In this article we look at the case study of a media DAO
Remote pointing at TV
© RMIT 2023

The traditional media industry has long been dominated by large corporations and conglomerates, which have significant influence over the content produced and how it is distributed. MediaDAO seeks to challenge this dominance by allowing a community-driven approach to media ownership and production.

The project was launched with the aim of democratizing media ownership and providing more opportunities for creators, writers, and journalists to own, control, and (very importantly) to monetize their work. The project is built on the Ethereum blockchain and leverages the power of smart contracts to enable decentralized decision-making and transparent revenue sharing. Members of the DAO can vote on which media projects to invest in and support, as well as which creators and journalists to fund.

Ownership and revenue distribution

A popular criticism of the current media landscape is that is dominated by a few large corporations that control most of the distribution channels and revenue streams. This is considered to have led to a homogenisation of content and a lack of diversity in perspectives. MediaDAO exists to reintroduce diversity by enabling direct funding of content creators, writers, and journalists, without ‘corporate’ editorial interference or conventional media ownership control. MediaDAO also allows creators and journalists to retain ownership and control over their work, rather than handing over the rights to large media corporations. One of the key features of MediaDAO is the revenue-sharing model. The platform automatically distributes the revenue generated by content to the creators, curators, and the DAO itself. The revenue distribution is based on a formula that takes into account various factors, such as the popularity of the content and the level of contribution by the members. This means that members of the DAO receive a portion of the revenue generated by the projects they support. This provides an exciting alternative to the traditional media industry, where access to funding and distribution is often tightly controlled.

Community-driven

MediaDAO is not just about financial support for media projects, but also about building a community of creators and supporters who share a common vision for a more equitable and diverse media industry. The core principles of MediaDAO are transparency, fairness, and community-driven governance. Members of the DAO can submit proposals and vote on decisions related to content creation, distribution, and revenue sharing. The voting power is proportional to the amount of tokens (MDT) held by each member, creating a decentralized decision-making process. The projects and initiatives supported by MediaDAO can range from independent journalism and investigative reporting, to film and video production, to social media and content creation platforms.

Transparency and accountability

Another key feature of MediaDAO is its emphasis on transparency and accountability. All decisions made by the DAO, including investments and funding decisions, are recorded on the blockchain and can be audited by anyone. MediaDAO also places a strong emphasis on community participation and engagement. Members of the DAO can participate in discussions, vote on proposals, and share their own ideas and perspectives. This enables a more democratic approach to media ownership and production.

Disruption

MediaDAO has the potential to transform the media industry in a number of ways. By providing alternative funding and distribution channels, it can support the growth of independent media outlets and create more opportunities for creators and journalists. MediaDAO can also help to address issues of bias and representation in the media industry. By enabling a more diverse range of voices to be heard, it can challenge the dominance of traditional media outlets and provide a platform for underrepresented communities.

Potential challenge

One potential challenge for MediaDAO is ensuring that it maintains a diverse and inclusive community. While the DAO operates on a decentralized and democratic basis, it is still subject to the biases and preferences of its members. It will be important for MediaDAO to actively work towards diversity and inclusion in its membership and funding decisions. Overall, MediaDAO represents an innovative and exciting approach to media ownership and production. By leveraging the power of blockchain technology and decentralized decision-making, it has the potential to transform the media industry and create a more equitable and diverse media landscape.

© RMIT 2023
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Introduction to DAOs: Decentralised Autonomous Organisations

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