Synereo, a company that offers blockchain-enabled Attention Economy solutions, said Thursday that it is partnering with China's Qiyi Culture Communication Ltd. (Qiyi Culture) to expand the online monetization platform for Chinese content creators.
Synereo, which develops decentralized technologies for a fully sustainable economy for content creation, curation and distribution, said in a statement that it is cooperating the Shanghai-based Qiyi Culture to introduce WildSpark, a content monetization platform recently launched by Synereo, to deliver decentralized content monetization to online content creators in China.
Synereo's WildSpark is a distributed meta layer on top of existing media hubs and social networks, allowing fair and free monetization of original content.
Based on principles of decentralization, content creators monetizing their work with WildSpark, are assigned full ownership of their content and its monetization processes.
WildSpark, which, as a platform, has already a combined footprint of 1.5 million subscribers, allows value and information to flow freely, cutting third parties out of the equation while giving creators and curators the chance to monetize their creations and earn cryptocurrency for content they distribute across various social platforms.
Synereo's partnership with Qiyi Culture, the leading production company in China, aims to infuse blockchain technology into flourishing online creation economy.
"We' re excited to partner with Synereo and incorporate blockchain technology to decentralize the content economy in China," says Ting-Ting Yu, founder and CEO of Qiyi Culture.
"As the demand for valuable content grows, so does the need to reward our users and partners who create and consume quality content," Yu said.
Qiyi Culture produces some of China's top PGC (professionally produced (content) products such as the documentary "The Centennial Code," entrepreneurial talk show "Tingting Founding," fashion talk show "Ting Style," "Sister deformation,"a talk show breaking 10 million viewers every week.
Dor Konforty, CEO and co-founder of Synereo, said the market for online content is thriving in China and it's a major step for the company to bring its decentralized technologies to China, the world second largest economy.
"With this partnership, we're in a position to rally and empower content creators and curators across the region by allowing them to be compensated for their talent," Konforty said.
Synereo, founded in 2014, is a Tel Aviv-based company that focuses on blockchain-enabled Attention Economy solutions, which allows direct monetization of original content, posted anywhere on the Internet in a way that would alter the future of content publishing and distribution.
In September 2016, Synereo formed a partnership with the Silicon Valley startup accelerator NFX to build the decentralized Internet over its blockchain.