What In the World is Pheed?
There are a lot of social networks that spring up here and there trying to break the virtual stranglehold that Twitter and Facebook have on the space. Most don’t go anywhere and simply come and go without most people knowing that there was ever code written for them.
Maybe things will be different with Pheed. What is Pheed you ask? I asked the same thing but I noticed that it was being covered by mainstream media, in this case Forbes, which means that there are people trying to get the word out intentionally and to larger audiences than using the traditional (read cheapest) way to get the word which is online word of mouth.
So what is Pheed? According to Forbes
In short, think of it as Twitter, with a business plan. We always hear of “the-next-greatest-idea” social network that thinks it has what it takes to compete with the likes of Facebook, Twitter, YouTube, or Instagram.
OK, that reads nice but what’s this business plan thingy that is pretty much a foreign word in the social media space?
It’s pretty simple, if you allow influencers to charge for content, high quality content will be produced. Pheed enables users to share all forms of digital content, including text, photo, audio, video, and live broadcasts. “Pheeders” then have the option to share for free or at a premium, either by applying a monthly subscription fee to their channel or setting up a pay-per-view live broadcast event. Users can charge anywhere from $1.99 to $34.99 per view, or $1.99 to $34.99 per month. In both cases, the user selects their own pricing and owns all of the content. Pheed makes money by taking half of the revenue, which covers bandwidth and storage, payment processing, and of course, Pheed’s profits.
The theory here is that the content will need to be quality content because people are going to be paying for it. As you may have guessed those with the quickest path to creating content that people will pay for are celebrities because that’s what they do for a living and are well known for it. Some of the early adopters are Miley Cyrus, Paris Hilton, Chris Brown and more.
I know, I know the early verdict based on that set of names would mean that it’s going to be a place where media whores will flock to drain a few bucks out the unthinking masses. While that may be true it doesn’t mean that the model can’t attract and work for people who may actually have something important or at least somewhat meaningful to say.
It’s kind of like a kinder gentler middle man of sorts. I wonder if Louis C.K. approves of this kind of distribution of material?
The article’s author, Ilya Pozin, uses the early adopter celebs with huge followings on other social networks as the examples because they already have huge followings to bilk for additional funds.
The big question is: how many of Paris Hilton’s 8.9 million Twitter followers or David Guetta’s 35 million Facebook fans will actually pay to view an event or subscribe to their content?
Well, some simple math might tell us something. In these cases, the law of large numbers kicks in. If one percent of David Guetta’s 35 million Facebook fans thought it was worth 2 bucks to catch something of his that would gross $700,000. Half goes to Pheed and the rest to Guetta’s team. Considering he probably has snippets of noise he has made just laying around looking for a way to be monetized this channel could be perfect and quite lucrative. (As a side note, I am SO freakin’ ‘uncool’ that I had to look this guy up and wonder how I missed something that 35 million others seem to think is important for some reason or another.)
So what’s your take? Are you going to give Pheed a shot? Will you Pheed some celeb your hard earned cash to get more of their ‘stuff’?