In a time like this where the media is experiencing unprecedented growth, it is not uncommon to see interesting projects and companies shake the industry from time to time. One among the many new entities to watch out for at the moment is the MILC platform which which rides on the back of blockchain technology to offer what looks like a more people-centric solution to media content licensing, distribution, buying etc.
What is MILC?
Research reveals that millions of hours go into creating video content yearly. But then, even more hours go into its consumption. Infact, this Techcrunch article shows that in 2017, people watched at least 1 billion hours of video content on just YouTube every day!
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Nonetheless, the bulk of created content wastes away sitting in the storage rooms of most media houses and rarely gets to the right audience. This dilemma is caused by the conventional and inefficient licensing and distribution process in the global media industry. It is further worsened by the current global pandemic that has crippled business activities in many industries; the media industry included. Obviously, this is making it difficult for the media industry representatives to travel across the globe to sell content, attend major programming trade fairs, and efficiently carry out other media-related business activities.
Now, this is where MILC (Media Industry Licensing Content) enters the conversation. For Hendrik Hey, CEO of the MILC Platform, it is about doing something that hasn't been done in the industry before. "The MILC platform," he begins "is no doubt the very first completely digital content marketplace designed for the professional media industry."
It was initiated and developed by Welt der Wunder TV (World of Wonder TV), a german-based media industry with over 24 years of experience broadcasting, producing, and marketing high-quality content.
The founders say analyzing the current processes and mode of operation in the global media industry made them realize some inefficiencies that needed attention. They discovered that content creators, buyers, and distributors rely solely on the offline regional environment business model. This makes discovery, networking, deal negotiations, and transactions very slow, inefficient, and heavily restricted. As a result, the cost of media production and distribution tends to rise to 30% - 50% more than it ought to be.
To bring some new spice to the industry, Welt der Wunder TV created the MILC platform; a move aimed at restructuring the global media industry by replacing old processes with better and efficient approaches towards handling and distributing media content.
Information available suggests the MILC platform aims to tackle four main challenges in the global media industry;
Inaccessibility of certain video content
The slow content discovery process for buyers
Complex licensing processes for the entire industry
Lack of swift feedback from its audience.
They believe that resolving these four challenges will usher us into a new era where “entertainment and community" will be united in a manner which they further describe as "never seen before.”
It is believed that this project will result in a more transparent marketplace for every professional and non-professional content creator and buyer. Likewise, it will incorporate cutting-edge broadcasting, blockchain technology, and AI. Consequently, this is expected to result in restructuring the global media industry positively.
What Can We Expect from the MILC Platform?
The big question now is: How feasible is the MILC idea, and can Welt der Wunder TV pull it off?
Oftentimes, we see many startups come up with brilliant projects but fail to make it past the kick-off stage. So observers are largely trying to figure out why Welt der Wunder TV believes it has the capacity to take on this game-changing project of restructuring the global media industry.
Well, its leadership might be one. As earlier noted, the MILC platform is spearheaded by a media industry giant, Welt der Wunder TV, which has over two dozen years of experience in the industry with proven track records of impact.
Furthermore, the brand consists of well-seasoned experts and advisors in diverse fields. It may be safe to say that the MILC project is handled by some really good hands.
But other than experience, they have secured strategic partnerships with big names which will potentially position them for success. One such partnership is with MediaVerse, an EU-sponsored project which seeks to unite creators, media publishers, developers and more.
Overall, the MILC platform features the following: content licensing, management, marketing, and distribution. With this, content creators have access to all it takes to potentially get their content out there to the right people.
Other features include: AI-subtitling, governance, audience participation, and frame-by-frame video player. As part of its interest in making transactions in the media industry smooth and efficient, MILC also features a native token called the Media Licencing Token (MLT). This token would form the basis for transactions and rewards for all activities on the MILC platform.
Very obviously, the MLT would be the main form of payment for content licenses. Also, engagement on the platform in the form of community votings and early content evaluation will be rewarded with MLT.
There’s also a staking program where reward token holders can stake their rewards to earn more tokens. But what might be more appealing is the platform's launchpad project that will allow MLT holders to become investors on the platform.
In a nutshell
The MILC platform looks promising and feasible. And this is largely because of its value-studded nature as well as its innovative approach to tackling a perennial problem in the media content industry. MILC's CEO, Hendrik Hey, and his team seem relentlessly interested in disrupting this industry. From all indications, this is going to be a beautiful adventure to watch and the press is paying attention. You should too.