Yesterday the topic of advertisement came up when discussing steemit at a local crypto meetup in Philadelphia.
To me advertisement is a way to finance a business without requiring a direct cost to the users. However this usually comes at a cost to the user experience. In other words, advertisements are quite annoying.
To that I have to say that I generally hate everything that is free and advertising in particular. I much prefere to pay for things than getting them for free and then have to sell my sould, data, time or attention for it. However most people probably do not mind it as much and would prefere a facebook and google type business model over that of a subscription service.
Steemit pays it's users by inflating the blockchain every year. The inflation rate started at around 9.5% and decreases over 10 years until it reaches just shy of 1%.
According to hypestap.com steemit could generate about $5k a day due to its popularity and pageviews.
That may seem like a lot of money, however consider that this is roughly about $2 M a year and small compared to what steem is rewarding to steemians
Now lets think about the money that steem is giving to its users, via it's inflation?
- Currently Steem is worth about 500M.
- The inflation of steem is currently about 8%
That means the blockchain is giving away about 40M a year or about 100k a day.
So the advertising model would be a small fraction of this, about 5%.
What do you think? Would it be worth putting adds onto steemit.com? And if so what could be done with the money to actually help the steem eco-system?
To me it seems too irrelevant and not worth the price, but I am happy tohear other opinions.
Ads on steemit go against the point of the network. It's meant to reward publishers, in a form that doesn't require advertising. Given that the steem developer team is moving towards smart media tokens, which are designed to be specifically embedded on your website I think it's unlikely that they'd add ads to a platform designed to prove that ads aren't necessarily the way forward.
A less principle argument is that steemit.com is not the only way to access the steem network. Alternatives (like busy.org) exist. Steemit.com is basically a web wallet for steem, and alternatives do exist (like the desktop wallets).
I'd also (if I may, and I mean no disrespect) like to point out the difference between inflation, and the number of new coins added per year. Inflation is the natural tendency for money to lose its value over time, and as such cannot be predicted or set (every country's national bank try really hard to keep inflation fixed – and fail). What (I think) you mean is that a certain number of new coins are produced each year and that every year a smaller percentage of the total coins are produced.
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I agree if your content is great it will go viral but that's a lucky shot and most of you would like to deliver their content to more people to serve more.
I would actually great an option for Community members/Brands/Companies/Advertisers to create a sponsored posts. Let's say if you create a post then you can boost it to a specific TAGs on Steem platform.
Ad banners don't work today but sponsored post ads would be something that would look beautiful and help the Steem community to earn extra $ while staying clean. For example, 1 sponsored post per 4 posts 1/4 of the posts in your feed would be sponsored posts in future. 80/20 rule and who pays more for CPC or CPM will be on the top of the tags.
I would recommend creating a Business Canvas and Design Value Proposition to understand how valuable it really is and test it out on the market.
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As others have mentioned, bidding bots are already used for advertising. I don't believe that placing ads on the site would bring many benefits to this site. It is much likely that it will drive users away. I don't think that Steemit Inc. will need the money from ads, not to mention that they have already a lot of Steem. Some third party websites like Busy or Chain BB may include ads if they will need it, but in case the market will rise, their money will increase a lot so I don't worry about them :D
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I think most consumers have an ambivalent relationship with advertising. I think some perceive advertising as an important source of information, and some perceive it as creating buying pressure and seems seductive. People are also fooled/tricked/mislead by advertising.
I personally find advertising annoying and disturbing. At the same time, when i am looking for an item/product, advertising provides important information about products and prices, obviously. Its a tool to navigate in a ever expanding and complicated marked. The local products are now global products. I think you need some form of navigation tool for this.
Also, today, many advertisements are funny and creative, and even piece of art i would say.
I would also like to add, that on Steemit, which im am very new at, i can easily see Advertising, entertainment and journalism become intertwined. So, your general question demands a good nuanced answer.
For me, personally, i would just prefer a option where i could Tick/untick advertisement.
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Thank you
Thank you for support!
I agree that ad revenue seems too irrelevant for us to pursue that avenue as a community. Many of us came here because there are no ads and Steemit is a safe place to discus ideas.
Supporting the work of the promo-Steem team that @stephenkendal is leading seems like a logical first step.
I discuss these ideas in a post:
https://steemit.com/steemit/@lydon.sipe/a-response-to-knircky-should-steemit-advertise-43aebe554b5b
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Steemit is already an advertising platform. Just look at the trending tab! We’re not following the traditional form of SM advertising but we’re still advertising none the less. The fees in this case go to the bid bot owners or Steem Power delegators. That’s how I look at it anyhow. Thanks for the post!
Yes that is a very good point!
see this post my all friend. And be aware. I am linking you to the
awareness. please See that. @knircky
https://steemit.com/abuse/@perry1/nybgy-aireal-is-an-id-hacker-i-got-his-proof
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Revenue is important for a brand however adds can be annoying users and there is a possibility it can make your brand look desperate for money when your brand will promote fckdup brands or scammer with your knowledge. best way to do is give separate tab next to promoted advertisement let the user vote for the best brand which can be placed on the main page and to the user to vote the advertiser can give some reward for supporting a genuine brand. all happy it will be organized advertising platfrom,
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thats grt thnx
I support your point. Ads especially those pop ads are so annoying and when one needed to see something urgently, ads distracts through redirected links.
Due to the current cyber attack going, phishing links may be hidden under an ads to hack people's accounts.
Even if ads are needed on steemit, now is not the time.
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At first glance yes, ads are shit nobody wants to see. However, those 5k/day could be used for funding curation teams/projects (existing and new), which will be excellent for growing auditory and value of STEEM itself. Also, we all know how to use adblocks.
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Advertising is good because it helps to drive the steem economy but from a user's perspective it would be nice to have the option to take out ads within the platform. A great trade off would be that users who view adds or take part in the advertising economy would be rewarded for doing so.
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I think this is the platform we share, comment and earn so this is beautiful without Ads.
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Thank you so much !
Yes! Steemit should advertise. I'm one of the few people that hated Bitconnect for the scam they were, never invested in it, but respected their marketing machine.
If a scam-coin like BCC could have been worth $300 at a point due to viral marketing, what could be the valuation of a real use case blockchain, with zero-fee, instant transactions and with best-in-industry scalability and capacity.
Yes! Steemit should advertise, but not on steemit.com. coinmarketcap would be a better place, or coindesk, sites like that.
I believe real cryptocurrency projects doesnt need advertising, the word of the mouth and the value will self advertise.
Thanks for sharing
Agree!
I think you misunderstood the subject of the post. Its not about advertising Steemit, but advertisement for other products ON Steemit, like on the right side of the pages. As many other websites do it - and people use Adblocker to eliminate it again.
And I do as well, so I dont really care. If adverts help with the funding, so be it.
Im not talking about steemit, im talking about crypto and advertising in general, just making a point. But you make a good point, advertising helps funding but doesnt necessary helps the ecosystem and community
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I appreciate in your point.Due to the current cyber attack going, phishing links may be hidden under an ads to hack people's accounts.If we look at Facebook's advertising system, we can see a number of ways this might translate to Steemit. Businesses and pages of all kinds have the ability to promote themselves easily within the Facebook system, appearing as suggested pages or posts that pop up either to the side of your newsfeed or in the actual feed itself. Steemit ads could work either of these ways, with advertisers paying a fee to have their links, or even their own Steemit posts, featured in a highly visible position (such as near the top of the trending page).
Thanks for information @knircky bro.
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Advertisements aren't as bad as paying a subscription.
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I would absolutely not like to see advertising on Steemit. In fact, I don't even want to see businesses with more than a single employee (the owner) represented on the platform.
The way large entities can buy SP can really distort the entire platform experience. $1M is SP for an individual makes them a one of a kind "whale." For a corporation? Child's play.
So they wouldn't need to run ads per se. They could just promote their posts (which are really just stealthy long-form ads) with bots or their own upvotes and dominate the trending page.
In fact, over time, once corporations do discover this platform, not only will they not need to pay the platform itself for ads or in any way contribute to the rewards other receive, but they will be able to rip off the rewards pool with their own powerful self-votes. That's in addition to dominating the trending page. We may need to do away with the trending page entirely to stop their advertising reach. But they can still just keep ripping off the rewards pool.
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First thing to understand is that Steemit is NOT paying its users, Steem blockchain is. Stemit is just a web frontend to the Steem blockchain.and there are several of them. So even if Steemit inserts advertisements and earns from it, its users won't get any share in it.
Secondly, if you think advertisement could help fund user rewards then why do ad revenue should go to any mediator and then redistributed? The money can directly be paid to bloggers depending on the number of views / clicks their blog posts got for those ads.
For people like you who don't love advertisements, bloggers can be given the option for whether or not to insert advertisement in their blogs. So those who don't insert advertisements won't earn any advt revenue.
Finally, insertion of advertisement is a done thing and going to happen soon. You can't stop it. Keep an eye on projects like @steemads & SMTs.
Users will always find a way to earn additional revenue. Why should my blog post earn only within first week through upvotes when it continues to receive views in future too. And why should my blog post be rewarded only from the upvotes from Steem users when I share my posts on several social media and also get non-steem users to my post from search engine results. I know not everyone can join and become active on Steem. Steem isn't meant for everyone of them out there. But my blog post can definitely reach beyond Steem users too and that is what always intended by any author. So shouldn't I earn some revenue from those views?
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Personally, after reading through the comments, I think that a happy medium can be reached (if you decide to add ads, that is). There are different ad groups that you can select when setting up ads (in Google Ad-Sense, for example), so by doing a couple of things, we can keep it clean of phishing, tracking, etc.
Just my thoughts.
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I wouldn't mind seeing banner ads and such that don't track users but seeing targeted ads would likely drive me away from Steem.
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As long as sponsor finance the incentives for creators/curators, they will manipulate the direction of the artist's content and work. Money talks loudly. Steemit allows the crypto-fluctuations to have a say in the value of a comment or vote, but it is the individual "steemer" that is still determining ultimate benefit through comment/vote volume on a post. Opening the door to ads is equivalent to destroying the initial intent of steemit, and by permitting conglomerate entities to sponsor posts is equivalent to changing the message and color of the writing on the walls while the voice of the small artists is diluted into oblivion.
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👍👍👍👍 i agree
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I don't think Steemit is a marketing platform, so I think advertising should not be part of Steemit.
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Ads should be an opportunity for advertisers to "burn" Steem if inflation gets to high but it shouldnt be a priority.
As you know, the advertising engine is a trade, so I think that in certain quantities of advertising can add and funds from advertising send to support gifted, but little-known authors of interesting content. Thank you @knircky
There's an issue with this. We all disagree over what constitutes good content, and as such how do we dish out the proceeds in a fair fashion? Also if you support smaller bloggers, then why do you upvote yourself?
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I think that one of the major bonuses about the Steemit community is the lack of advertisement and cluttering the space. Over the past few weeks we have seen a lot of drama pertaining to advertisement and cryptocurrencies...I feel that if there is some type of advertisement it should be minimal. -Respect
I just think that ads is needed. nescary evil if you must. People paying for ads atleast doesn't overload you as it cost them. While free ads like Facebook and so on where it is free the creators doesn't care about quality or quantity as it is free.
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I have received some new knowledge through your post.
I will learn more about crypto.
Thankyou very much @knircky
A bounty of 5.000 STEEM has been set on this post by @knircky!
Can you explain what this means please?
https://steemit.com/bounty/@steem-bounty/how-to-create-a-bounty
My friend sees my last post and be part of our project...See you on the top
https://steemit.com/spanish/@jmhb85/novedosa-aplicacion-de-recompensas-steem-bounty
Nice topic . Thanks for share This
I am Pricasso most wonderful artist @knircky you have inspired me and in your honour I have created a most stunning work of art.
Also in your honour a blog https://steemit.com/art/@pricasso/my-ode-to-knircky
Yours Always
Pricasso
I want to know this as well. How steemit gives us money? How steemit works ? etc
To me, putting ads onto steemit.com is not even a question. Its just too hard to ignore low hanging fruit like simple ad revenues. I think a true win/win/win scenario might be to take the revenues and have the community vote on worthy real world needs like food banks and homeless shelters and the like. Taking that revenue, giving back to the real world in a real way, raise huge awareness of the good the steemit community can do in non crypto-tekkie worlds. And coming full circle, the awareness grows the community larger and stronger. Just a thought. :)
Are u sure?
I mean I just think the value one gets from ads would not justify the negative consequences
i would watch adverts all day if doing so earned me some SBDs...
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i love this platform, thank for sharing!
You could invent a 'advertising adventure hunt'. Certain blog would be filled with ads, and the more people raided them, the more money raised. Just do it as a competition for a few days time, and then: share most of the profits with participants as prizes in the lottery.
I am a big fan of putting adds. Its easy to make it such that you can check a box to choose if you want to see ads or not. If you see them you and the author share the money generated from showing the ad.
I think at this point Steemit is still an experiment. As such, it is probably a good idea to try and push the boundaries of monetization models with it.
With the advent of blockchain technologies we have the opportunity to start monetizing content on the internet in a different way than advertising, such as the attention economy of this site, or resource sharing blockchain projects like Oyster, for example. This shift will probably take a long time, and right now, Steemit cannot compete with the legacy platforms, so it might be favorable to meet halfway and put adverts on it in addition to the existing monetization model.
Nevertheless, I still say that we shouldn't, just to see this experiment play out and to see whether this platform can be competitive with the legacy models when it matures.
I had a long conversation on this some time back with someone else, can't remember who. The other person was of the opinion that banner ads should be allowed while I said that such kind of advertisement should not be allowed. I stick to that and do believe that advertisement is the reason behind Google and Facebook selling our data away. Anyone who want their services to be advertised should open an account here and build a community around the services they offer. No direct money based advertising should be allowed.
Advertisement is already here on steemit as mainly in the form of bots, as we can see many blockchain apps and alt coins are doing lots of content marketing in different ways. SO we can say Steemit has already started a different form of marketing tactic.
But I have a feeling that steemit should apply different function for that already existing but almost dead promoted feature like embedding those promoted posts inside other posts / news feeds and other possible placements so that it could redistribute that money to users in future instead of throwing away to bid bot owners who don't really cares about platform but only profits.
No steemit should not aloud advertisment.
The whole idea of steem is that users pay each other for there content and no 3rd party(advertisers) are needed.
I rather have a little les payout and no commercial adds.
I hope steem wont be like facebook or google weare u get misguided by advertisment.
as long as its regulated and doesn't go too crazy with ads all over the place i think its fine!
Honestly advertising on many communities becomes obtrusive and over used. Based on the numbers you laid out I do not see any reason to have them. That said I wouldn't be opposed to advertising on this community as long as its tactfully placed and doesn't get in the way. I would say the money earned could always be used to continue to better the site or host more giveaways perhaps. Either way keep up the great work!
I don't know jack about blockchain or crypto to be honest. I just took a Udemy course and it sparked my interest while not really teaching much. However it seems from my minute understanding that there's a huge risk with ads. I use a site called Swagbucks and one of there video channels, N-Crave, is notorious for ads sneaking hackers in. I actually just saw in these very comments someone was hacked thru someone piggybacking!
How much more security would be needed and at what cost?
Steemit should advertise on other sites or purchase some Google ads. As for ads on the Steemit site, no.
i'd rather keep ads off of steem, kind of gives everyone the same chance at succeeding.
After using the Steem platform for about a month now, I am starting to really like it! These webpages full of ads and pop-ups everywhere take away from the content at hand.
If a person writes great content they get directly rewarded for their work. I do not think Steem needs to junk their service by putting ads everywhere.
As someone who is starting to join the on-line gig community I am hopeful for the future of Steem and also I look forward to major companies and news media embracing this way of doing advertising.