Nick Bahl and Navdeep Sharma, Co-Founders of ReelStar
What are some of the key challenges in the M&E sector and in the social media apps that exist right now?
There are three major challenges that are currently facing the industry. First and foremost is the ownership and money flows for creative content, we would be looking to give the creators greater control. The next challenge is consumer privacy and consent. Finally, lack of quality and new content as well as misleading information is substantially hindering growth and user engagement.
What is your vision for ReelStar and does India have the market for such an application?
ReelStar’s vision is to enable a global, interconnected community of creators and engagers, with equal access and opportunity for everyone, by sustainably leveraging Web3 and future technologies to enhance creativity and connection for the benefit of all. To put it simply, ReelStar wants to be an everything app – combining the best of Web2 and Web3 into one. We want to enable and nurture users to discover new interests, expand their knowledge, and connect with others who share similar passions. ReelStar will empower artists to have more freedom over their content by giving them the ability to directly control and monetize their work, and interact with users who appreciate their creativity, without the need for intermediaries.What kind of brands, influencers, and content creators you are working with, to offer a unique experience to the Indian consumer?
Our philosophy for this ecosystem is very simple yet effective – Create, Connect, Convert. We want to create a self-sustaining ecosystem and we are leveraging the best in the current ecosystem to maximize our reach. We have been working with a multitude of influencers, content creators, and brands in India to offer exclusive content, products, and to highlight the platform’s role as a hub for content and the upcoming culture.ReelStar’s vision is to nurture a community that benefits all - we want to be the first to monetize the user as well for their valuable time spent on the app
In the rubric of overused tools, how is ReelStar utilizing advertising and marketing tools to connect with a very active digital audience?
Our marketing aligns with our brand philosophy and vision, it is both familiar and revolutionary. We rely on real people (not bots) to share their views and opinions, both about us, and the multitude of creative content we support in our app. Quality, creativity and originality when combined with confidence in its source will always be the best marketing tool – real people, in both the real and digital world are our finest advertisers and promoters.
Till today, ReelStar has sponsored a variety of events like the ReelStar Titans Cup in Dubai, the Great Indian Sneaker Festival in India, and the Creators United event to showcase its potential to creators and users who appreciate their content. At GISF, for example, we created an on-the-spot NFT creation kiosk, a ReelVIP zone.Who will the ReelStar app appeal to? What’s in it for a user?
The ReelStar app will appeal to everyone. Creators will finally be given the opportunity to create what they really wish to share with the world and receive fair compensation for their efforts. They will fill the ReelStar app with not only a vast amount of quality content but content that is new and fresh. They will have a global audience which is thirsty for their creativity, imagination and execution. Creators have freedom to not only explore new ideas but also new formats. With ReelStar app’s effortless NFT minting and NFT Marketplace, creators will benefit from new monetisation models and opportunities not available in any other app.
For the app user, the list of benefits is unequalled in any other social media platform or combination of platforms. ReelStar provides a safe, inclusive environment with genuinely innovative and exciting content. The user also benefits not only by, receiving rewards within the ecosystem for their activities, but by greater and more direct engagement with their favourite content creators. Users will also benefit from a global community who are real and who they can create genuine connection and friendship with.We want to pass the baton to the creators now - ReelStar will empower them to take full ownership of their content and their community
What can a user experience differently on your platform?1. Community Engagement and Content Exploration:
To tailor content recommendations and enhance the content discovery experience for consumers, the ReelStar ecosystem makes use of data and machine learning algorithms. As a result, consumers may be exposed to more valuable and pertinent content, which can enhance their overall user experience. We strive to encourage inclusiveness and a sense of belonging by cultivating a community that appreciates and celebrates diversity.2. KYC framework to eliminate trolling:
The KYC (Know Your Customer) framework can resolve some major issues in the digital world by fostering user trust and reducing disinformation, and assuring regulatory compliance while also discouraging online trolling among the e-community.3. Gamification:
The ReelStar ecosystem makes use of gamification tools like popularity index and achievements to entice users to interact with the platform's content. This would boost user retention and engagement while encouraging a more dynamic and engaging user experience.
In conclusion, the ReelStar ecosystem encourages engagement through gamification, compensates users for watching content with point rewards then exchanged for tokens, fosters community development, and enhances content discovery.How can creators monetize their efforts by selling or trading NFTs on the ReelStar NFT marketplace?
With the app’s easy NFT minting available to every creator, they can create a variety of NFTs of any content format which they can easily sell or trade on the ReelStar NFT Marketplace. These NFTs are genuine certificates of authenticity and ownership which can’t be fraudulently reproduced. This also provides a clear benefit to fans and collectors who can be confident of the NFT’s providence. For example:1. Digital Art:
Creators can offer their original digital works of art, such as drawings, animations, and movies, for sale. Smart contracts will ensure speedy transaction with significantly reduced costs and no overhead to third-party middlemen, allowing creators a greater share of the reward.2. Collectibles:
Creators can also sell collectable things as NFTs on the ReelStar NFT marketplace, such as virtual clothes, accessories, and props. This enables them to interact with their followers in a fun and novel way.3. Virtual Real Estate:
In the future, users may have the opportunity to list real estate on the ReelStar NFT Marketplace, and creators could offer virtual land and buildings.4. Fan Engagement:
By offering NFTs for sale on the ReelStar NFT marketplace, producers may interact with their audience in fresh and fun ways and develop a devoted fan base that is invested in their works.Your views on the next exciting phase of growth for the Indian M&E industry.
According to a report, India's internet users are expected to reach 900 mn by 2025, from ~622 mn internet users in 2020, increasing at a CAGR of 45% until 2025. Hence, the media and entertainment industry may be undervaluing fans and fan communities. Fans are crucial advocates for the media and entertainment firms and creators they choose to support because, while their fandom typically corresponds to a media and entertainment company, thing, or event, it is also frequently tightly related to their identity and passionately held values. The next leg of growth for the industry will be driven by brands that understand how to create a mutually beneficial ecosystem for partners, content creators, and users.The pages slugged ‘Brand Connect’ are equivalent to advertisements and are not written and produced by Forbes India journalists.