We are delighted to announce that Vivid IoV Labs has been successful in receiving funding from Grant for the Web for an initial 6-month project to experiment with a new freemium model for web monetisation.
In addition to platform development, we will also be utilising the funds to create content and deliver events to drive community engagement.
What is web monetisation?
Web monetisation in the broadest sense is the conversion of web traffic into revenue. There are currently many business models in place to monetise the web, including advertising, paywalls, subscriptions and data mining. At best these models are inconvenient, at worst they violate user privacy, exposure to malware, increase data charges and are nearly impossible to track.
A healthier ecosystem that builds monetisation natively into the web using open protocols (Interledger Protocol) and standards (Web Monetization) is envisioned and this proposed solution is being considered by W3C. The World Wide Web Consortium is the main international standards organisation for the web, it was founded by web creator Sir Tim Berners-Lee in 1994.
The intention is to give users more independence and control over how they distribute and monetise content, while helping to generate healthier, more privacy-centric business models for the web. Recent additions to the web monetisation ecosystem include social platform Imgur, while global media organisation Condé Nast has web-monetized their entire portfolio of popular sites including Bon Appétit, GQ, The New Yorker, Pitchfork, Vanity Fair, Vogue and Wired.
Who are Grant for the Web and who have they backed?
Grant for the Web is a $100 million fund that enables content creators and software developers to adopt and advance Web Monetization & the Interledger Protocol – open-source tools for alternative online business models that benefit the public good. The fund is led by Coil, working with founding collaborators Mozilla and Creative Commons.
Some of the other projects that have received funding already are Hacker Noon, the DEV platform, Enclave Games and Distributed Media Labs received $2M to develop new revenue models for news publishers.
“When I was starting out as a developer, the openness of the Web gave me incredible opportunities to learn and grow. It’s so easy to create on the Web, but when it comes to earning money, people are mostly stuck with app stores or large content platforms. With this grant, we hope to tip the scales in favour of an open, native way for creators to be compensated for their contributions to the Web community.” Stefan Thomas, CEO & Founder, Coil
“The web’s richness and diversity comes from its individual creators: writers, coders, musicians, podcasters, app makers, journalists. But in the current web ecosystem, big platforms and invasive, targeted advertising make the rules and the profit. Consumers lose out, too — they unwittingly relinquish reams of personal data when browsing content. That’s the whole idea behind ‘surveillance capitalism’. Our goal in joining Grant for the Web, is to support a new vision of the future. One where creators and consumers can thrive.” Mark Surman, Executive Director, Mozilla Foundation
“At Creative Commons, we’re very interested in identifying new ways of rewarding open creativity and enabling people to show their gratitude to creators who share their work openly with the world. We’re especially excited by the Grant for the Web’s commitment to putting at least 50% of its funding towards projects that are made up of openly-licensed content and software. Creators have told us through our own user research that gratitude is a core element of why they choose to share their work, and micropayments may be an excellent way to offer that gratitude.” Cable Green, interim CEO, Creative Commons