Andrea Iervolino, the co-founder and CEO of Ambi Media Group, recently announced the launch of a blockcain-based platform for the entertainment industry. The platform is called TaTaTu.
And now just a few weeks after it was unveiled, Lady Monika Bacardi from the Bacardi rum empire has announced a $100 million investment in the company. According to the company, Lady Bacardi invested because it “reinforces [her] bullish stance on the promise of blockchain technology and cryptocurrency.”
How TaTaTu works
The platform rewards users for watching television episodes, movies and other types of content. The system is a hybrid of a social networking site and a Video on Demand (VOD) service. Users also get more rewards from friends’ viewing in the form of digital tokens for the views generated by themselves as well as their friends. The platform pays viewers from the amount paid by advertisers.
According to TaTaTu, the traditional video streaming services, which has been in place for a long time encourages piracy. The platform has therefore developed a method that offers higher levels of transparency and rewards rights holders.
The whole idea of giving content owners the opportunity to monetize the data, which they use to view content is founded in the context of the EU’s General Data Protection Regulation (GDPR) laws, which became operational on May 25.
In a statement, Iervolino said that the new platform is a big a shift from the traditional content platform business models, where the final user of the content is only one that pays for it. This, has led to illegal monetization of content and reduced revenue for the rights holders. He added that TaTaTu is adapting to the demands in the market place.
In April, Cointelegraph reported that European blockchain startup, which uses an ECR-20 token to incentivize as well as allow customers to establish a passive income channel by offering personal data for sale directly to corporations. According to the developers of the plans, global trading volume of personal data has hit $250 billion.
Monika is said to be first person with knowledge about the launch of TaTaTu and has been supporting the project right from its inception. She was motivated by what Iervolino was able to accomplish in a span of six months, hence she decided to be actively involved in the project.