ALIFYA SOHAIL: What was Myco’s vision behind launching a Web3-based streaming platform? What gaps in the market were you aiming to fill?

UMAIR MASOOM: We see gaps on all sides of the video streaming equation. There are roughly five billion consumers globally watching video content, most of it on ad-supported platforms. This creates three main stakeholders in the ecosystem: viewers, content creators and advertisers. For consumers, there is no way to monetise their content consumption currently; they are a commodity. However, with Gen Z and the younger generations, there is an expectation of empowerment and inclusion in monetisation, the sense of, why shouldn’t consumers be able to invest in content as they do in stocks, bonds or cryptocurrency? Content creators face capital access issues, and they often need to go through centralised sources for funding, which create barriers to entry. Web3 addresses this by decentralising access, allowing creators to raise capital from their communities. Advertisers face challenges too, as traditional ad spaces fail to engage viewers. Through Web3, Myco enables consumers to monetise consumption, creators to access funding, and advertisers to engage a more vested audience.

AS: How does Web3 technology improve user experience compared to traditional streaming platforms?

UM: Web3 fundamentally changes the digital experience. With Web3, consumers are co-owners of what they consume. Web1 allowed us to read; Web2 added the ability to interact, giving us social media and two-way communication. Web3 adds ownership, so consumers can have a stake in video data and infrastructure in a shared environment. Blockchain, the backbone of Web3, ensures transparency and trust with decentralised data storage, meaning no single entity owns the data. It empowers users to control and even monetise their data, rather than letting third parties profit from it.

AS: Can you elaborate on Myco’s strategy for supporting local creators?

UM: For us, supporting creators is essential. By creators, we mean everyone looking for a share in the attention economy, although we especially focus on those requiring capital. For instance, documentary filmmakers or athletes need resources, which is why we have initiatives like the Pakistan Film Society. In Pakistan, we hold meetups every two weeks in Karachi, where we bring together creators, industry professionals and sponsors to share ideas, showcase their work, and foster new collaborations. Additionally, on our platform’s MycoLab section, creators and athletes can apply for funding, while community members can support these projects.

AS: How does blockchain support Myco’s approach to content ownership and monetisation, benefiting both creators and audiences?

UM: Blockchain offers two main benefits: an economic layer and an infrastructural layer. Our economic layer, which is already live, allows transactions related to content to be recorded on-chain. This brings credibility, as creators and audiences can transparently track their earnings. Unlike traditional platforms, creators on Myco can see exactly how much ad revenue they are earning. On the infrastructure side, the full potential of blockchain will take a few years to realise, but once our video infrastructure is on-chain, creators and audiences will have ownership of content, making it impossible for any single entity to remove or control that content.

AS: With a booming young population in Pakistan, what strategies has Myco used to capture their attention?

UM: Understanding the audience is key. Traditional platforms may still be designed for Millennials, but we have built Myco with Gen Z in mind. Their attention spans are shorter and they favour unscripted content and alternative sports over long-form dramas. We have invested in rights for sports like mixed martial arts (MMA) and squash and even produced original films, such as a documentary about the Pakistan women’s football team. Gen Z responds to genuine investment in their interests and communities, and we have designed Myco to cater to them by focusing on relevant content and creating a shared ecosystem.

AS: How is Myco building trust in this new ecosystem?

UM: People do not need to understand the technicalities of Web3, only the benefits. In Pakistan, we are known as the platform where users can make money by watching content. We have completed nearly 20 million micropayment transactions to date, so trust grows with each successful payout to users. People see Myco as a reliable source of revenue, so they naturally trust the platform without needing to know every detail of Web3 technology.

AS: How does the financial model work?

UM: Our financial model is straightforward. If a user watches an ad on a creator’s video, that ad generates one rupee. Traditionally, 50% went to the platform and 50% to the creator. On Myco, the creator gets 65% and the viewer earns 35% for engaging with the ad. This setup creates a vested, attentive audience, which advertisers value and are willing to pay a premium to reach. For content that Myco produces or licences, we earn as creators ourselves, allowing us to reinvest in the platform and enhance the viewer experience.

AS: What features can Myco users look forward to as viewer habits shift?

UM: The future is about full online video consumption across all devices, including TV. In time, video content consumption will include user benefits, meaning that users will expect something in return for their time. This in turn creates a more community-oriented platform where creators are empowered and advertisers engage more meaningfully. We believe this Web3 video model will lead the future of streaming.

AS: In Pakistan, how does Myco balance content moderation and user freedom given regulatory restrictions?

UM: Content moderation and user freedom are interconnected. Our ultimate goal is a fully decentralised infrastructure where user communities define guidelines through consensus. For now, some moderation still occurs as we transition to Web3, but once the infrastructure is fully decentralised, Myco will no longer control content moderation. Instead, community-defined parameters will govern the content, offering transparency and ownership back to users.

AS: What is Myco’s outlook on the role of decentralisation in technology?

UM: Change is a journey, but we believe decentralisation will define the future across various domains. In finance, video content, and beyond, decentralised systems are coming into the mainstream. It is only a matter of time before this becomes the norm, and we are committed to leading the charge.

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