Zima Red ep 137: Justin & JP Alanís - StoryCo: Hollywood's "Internet" Moment
Primer: StoryCo is a Web3 storytelling platform where creators and communities can come together to co-create and co-own the stories they create. In this episode of Zima Red, host Andrew Steinwold speaks with brothers and co-founders Justin and JP as to their inspiration for their project and The Disco Ball, their upcoming first production.
Background
Justin
Both of them are brothers and Co-Founders of StoryCo
Has a background in tech. Founded and sold a real estate data and analytics company
Entered Web3 and joined DAOs like Seed Club and MetaCartel Ventures
JP
Came from Hollywood
Became jaded with Hollywood and saw the future in digital distribution
Teamed up with the musician Tyler, the Creator to create a direct-to-consumer media platform and production company
Realized that there is a lot of amazing art, animation, and writing being done worldwide
Co-Founded StoryCo to bring ideas to life
Hollywood Today
From A Creative’s Perspective
Difficult to break into Hollywood with original ideas due to gatekeepers and legal barriers
There are geographic and socio-economic barriers
It's not always the best idea that win in Hollywood, but one's reputation
Process Of Creating A Show
You need to work your way up the ranks:
Get an agent who will get you a job in a writer's room
Start as an assistant in the writer's room
Work your way up to a writer's position on another show and then write an episode
As you gain more experience, you may be able to create your original content
From A Business Perspective
A writer's strike is looming
The media landscape has changed, with streamers dominating the market
Streamers came in with a new model (Cost Plus model) for paying writers and content
In the past, shows/movies had a window to be displayed in the US for a certain period of time, then they would go into syndication or sold in different territories
With streaming, content just sits on the platform without generating money for the writer
StoryCo
Introduction
An open storytelling platform that uses Web3 technology
It provides new ownership and access opportunities for creatives and fans
It allows creators to collaborate, co-own content, and create compelling stories for lower cost and quicker timelines
Anyone in the world can tell their story and build a community around it
How Does It Work
Building the tools to compose your story, characters, objects, scenery, voiceover, etc.
There's reputation and identity on the platform
Stories are open-sourced and the platform itself is a public good
Each story is a DAO governed by creators and contributors
Have innovations like the story pass, which is a soul-bound token, that catalogs your journey through the storytelling experience
Each DAO has its own treasury for revenue from sales and licensing
Similarities To Wattpad?
A platform for writing fiction
Is limited to text on a page
In contrast, StoryCo aims to create a new media type that is more than words on a page
The Disco Ball
Their first production
Partnered with Hollywood showrunner and producer Kyle Killen to develop the story and mythology for The Disco Ball
Hired A-list actors to do the voices for the main characters
StoryCo is tapping into its creative community, such as a 20 year old Nigerian illustrator, to contribute to the story
Will eventually allow anyone to create stories
Compensation
Will be compensated with a story DAO producer token from the Treasury
Will also receive a Disco Ball story moment for their contributions to the Disco Ball universe, giving them elevated governance powers and a specialized PFP
The PFP will be tradable
In the future, when they tokenize the platform, there will be an airdrop component to it
From StoryCo To Netflix
Is connected to the largest agencies in Hollywood
As great stories start to get produced and gain traction, StoryCo will market them to companies like Netflix
Big streamers find value in the size of the network
Impact Of AI On Writers
Don’t think AI will replace writers
Thinks that writers and creatives that know how to use AI are going to replace writers and creatives that do not know how to use AI
Hollywood still have not realized the potential ramifications of AI yet
E.g. Will Tom Cruise sell his rights for his Mission Impossible character or for his overall rights?
StoryCo is building their platform with AI in mind (e.g. using it to fill in the gaps of where you might not be as strong to create a cohesive, engaging story)
Competing In A World Where Content Generation Is Cheap
It’s through personal connections with how the story relates and interacts with the audience
People want interactive and immersive experiences
Every time there is a shift in tech around media, it changes the media itself
E.g. Bingeable content on Netflix do not need to have cliffhangers at the end of each episode because it goes straight to the next episode
NFTs In The Context Of StoryCo
Integrated into their platform in multiple ways:
Story Pass are soul-bound tokens that links your reputation and identity within platform
Story DAO producer token is a membership-based token that rewards participation of future airdrops
Collectibles
Main Revenue Source For Large Franchises
Largest percentage of revenue comes from merch
The Web3 world is character-centric. There’s not a lot of story that’s embedded into the characters
In Disney and Star Wars, they build durable IP through stories
Their 10-Year Vision
Become a vibrant network of creatives and fans coming together
There’s thousands of stories on their platform
Have a token that governs the platform
Have sufficiently decentralized and have stable governance
What Are They Bullish And Bearish On?
Bearish
Removal of royalties
Bullish
The consumer crypto space
Favourite Book? Favourite Movie?
Books
Naval’s Almanac
Count of Monte Cristo
Movie
Field of Dreams
Defining Success
Has his own family, personal, and company values
His definition of success is how well he, his family, and his company aligns to those values on a daily basis
All information presented above is for educational purposes only and should not be taken as investment advice. Summaries are prepared by The Reading Ape. While reasonable efforts are made to provide accurate content, any errors in interpreting and summarizing the source material are ours alone. We disclaim any liability associated with the use of our content.