Building the future news economy.
Spot is a blockchain protocol for digital news that ensures publishers get paid, fake news becomes infeasible, and those who help distribute quality news get rewarded.
Request the Spot white paper:
News is facing a digital crisis. The primary incentive for news organisations today is advertising revenue delivered through clicks. This has resulted in a flood of noise, clickbait, gossip and fake news. Meanwhile, social platforms are now responsible for the majority of news distribution through algorithms that reward outrage and divisiveness - not quality.
Digital publishers around the world are now pivoting to a paid model. But in order to succeed this model needs better ways of paying, better ways of sharing, and better ways of filtering out the fake news.
Spot is a media blockchain protocol specifically designed for use by the news industry, which also gives users access to the full spectrum of digital news with a single token.
Users are rewarded for sharing news that is then purchased by their friends, families, and followers. Spot’s incentive model means that the most profitable way to use the protocol is by publishing and sharing content that is valuable to others, not clickbait or fake news.
Eliminating friction in paid news
Paying for news online is uniquely challenging because the perceived value of an individual article is extremely low - just a few cents at most. But online transaction costs make selling individual articles infeasible. This is one reason why publishers are unable to sell individual articles or offer lower entry-level prices to buyers. For readers this is like visiting a fruit shop to purchase an apple but being asked to buy an apple tree instead.
Spot enables enable lower and more innovative pricing options for all news creators.
New incentives for the distribution and promotion of paid news
The current and future consumption of news relies on discovery through networks and platforms. So there must be incentives for the promotion of quality news on these networks and platforms. This incentive cannot come from the built-in reward mechanisms of social media which favour engagement through polarising and shocking content rather than quality.
Spot complements existing incentive models by facilitating financial rewards for people who share high-quality information.
Creating a signal for reliability and reputation that will kill fake news
In order for news to be paid for, the declining trust in news must be reversed. This can only happen if high- and low-quality news sources are more clearly distinguishable. This cannot happen within the current click-based economy because all clicks can be gamed with minimal cost.
Spot enables decentralised reputation systems to signal trusted sources in news, and highlight fake news creators and distributors.
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We’re always looking for brilliant people to join us in building the future news economy.
If you’re interested, email us at email@example.com
For a copy of the Spot press pack and all press enquiries, please contact Nic Hodges.