SINGAPORE, CHINA, 13 February 2019 — The volume of the entire digital content market is expected to reach 1,982 Million USD in 2019, with an annual growth of over 10%. As the market for digital content continues to grow in the fourth industrial revolution, media industry leaders with immense influence threatens to diminish opportunities available for young content creators to make a name for themselves. The rise of free-to-air content on established digital platforms also puts young content creators in a difficult economic spot.
Original creative works are pitched and sold at low market prices, and creative copyrights are reluctantly handed over in unfavourable service agreements, disempowering the aspiring creative professionals.
The Piction Network Solution
The Piction Network ecosystem recognises and solves this problem by harnessing the architectural power of blockchain. Content creators can raise the needed funds directly from the Piction community. Community members, in turn, too can participate as supporters, translators, influencers and consumers. Funds raised through the Piction Network blockchains are equitably and transparently distributed directly to content creators.
More significantly, content copyright ownership remain exclusively in the hands of content creators being registered and untampered on the blockchain. The Piction Network serves as theommunity platform that connects creators and communities together. Industry monopolies and unfavourable creative intellectual property rights need not be major obstacles anymore in this growing digital content market.
Recognizing the problems in the digital content market, Fred Bae, CEO of Piction Network says “It is very hard to maximize the potential of the one-man creator in the content market. Even Youtube is only focused on the scope of video clips, limiting the creator’s scope of work. There are numerous types of one-man creator content, various one-man creator with different types of talents, and the users have their right to enjoy the different type of content.”
He continues, “The ecosystem that Piction Network plans to build offers an environment where a talented person can start their work as a one-man creator who, with the support of other talented users, can easily overcome the hardships such as lacking marketing, promotion, and translation. The Blockchain based system will maximize and encourage the cooperation between the one- man creator and users.”
Piction Network is selected as the first partner in the content business area with Klaytn, the blockchain platform by Korean IT company Kakao. Many other startups and IT companies that have also formed partnerships with Piction Network include Afreeca TV, Flitto, Sandbox Network and Coinplug. Piction Network has already acquired 35,000,000 user pool with partners.
Piction Network hosts an impressive list of advisors and angel investors, including Youngki Hwang, the former president of Korea Financial Investment Association (KOFIA), David Lee, former chairman of Nexon, Ina Jang, CEO of Smilegate Entertainment, and Won Seo, representative of Global Business, WeMade.
About Piction Network
Piction Network is a decentralized peer-to-peer digital content ecosystem. Leveraging blockchain technology, Piction Network intends to cultivate a creator oriented and trustless digital content
ecosystem. Piction Network aims to disrupt the centralized models of content monetization, distribution, and ownership dominated by extractive intermediaries to return power back to the content creators.
For more information on Piction Network, please visit https://piction.network/en/.