Blockchain’s TaTaTu – “All The Other Social Media Will Have To Adapt To The Business Model”br>
TaTaTu, a blockchain tokenized entertainment platform, has raised $575 million USD from private backers, an amount that would make it one of the largest private fundraises of the blockchain era, rivaling Tezos, Telegram and EOS.
The TTU tokens will serve as the central currency within a new blockchain-based social entertainment platform called “TaTaTu,” operated by TaTaTu Enterprises. The token will compensate content creators and viewers, and will pay for advertising on the platform.
Proceeds from the private sale of the TTU tokens will also help TaTaTu co-finance original programming, acquire new content, and grow its user base.
Company spokesman Marcello Mari talked with Block Tribune about the venture and its plans.
BLOCK TRIBUNE: So there seems to be a paradigm shift going on in Hollywood. I’ve seen a number of services that are moving away from the old way of doing things, whereby you establish a platform, get people to come in, and you reap the rewards. Now it seems like getting the audience involved in profits is a prime mover. What say you?
MARCELLO MARI: Absolutely. TaTaTu definitely goes in this direction. I think a new business model for the social media industry is absolutely needed, and especially for the entertainment industry, and to combine the two, right? So social entertainment. Up until now, it looks like most of the platforms have been mostly taking advantage of people’s data without really rewarding users for the data. While at the center is this paradigm that puts the user at the same level as the content creator and, in my opinion, it becomes a fair right of being rewarded for the time and the data online.
BLOCK TRIBUNE: If you were successful with this venture, and you’re off to a great start obviously with the fundraise, what will that do to Facebook and other social media networks?
MARCELLO MARI: Well you know, I think all the other social media will have to adapt to the business model, to this paradigm shift that you mentioned. Hopefully, you know, I think we are going after that market. But not just Facebook or the established social media platforms. You know, we’re trying to create an honest thing, a social entertainment destination where people will be able to consume and also bring in content. As well as celebrity content, as well as user-generated content. So I think that when Mark Zuckerberg was talking about looking at blockchain, he really said we’re looking at blockchain. He’s probably looking at exploring blockchain for their new business model like the one that we are pushing right now. So, in the future, probably there will still be a market for everyone, but, you know, we hope to be successful and we hope to take a good portion of the users.
BLOCK TRIBUNE: How big a staff do you have? What you’re trying to create here is a combination of production studio, social network, and content distributor, and maybe even a few other businesses. It takes an enormous amount of resources to do that, no?
MARCELLO MARI: Yeah, absolutely, and we’ve been working very hard for the past six months, seven months on TaTaTu. Myself, I was involved in the blockchain part, and we had 18 people working just on the fundraising on the blockchain side, but then we had also over 250 developers that are working on the technology side of the platform. Ambi distribution, who was looking after the whole studio action side of TaTaTu, so I’d say that overall the tech team counted a little less than 300 people if you include the developers working on the tech side of the platform.
BLOCK TRIBUNE: You’re creating original content as well. Who is green-lighting the projects? And what are you looking for?
MARCELLO MARI: Well, the production side is all screened by (CEO) Andrea (Iervolino) himself, and he knows a lot of people in Hollywood, because he’s been working with all the best actors and best directors and best producers. So he’s the one that is currently deciding which movies TaTaTu should co-produce. And those come from his own personal network as well as the Ambi network, so I’d say that the person screening all of this is definitely Andrea.
BLOCK TRIBUNE: Do you have any studios like Disney or Fox that are trying to get involved with you?
MARCELLO MARI: Well, at the moment we don’t have any active conversations with any of the big studios. But I think in the future, we might be open to it. But at the moment, we don’t have any active conversation.
BLOCK TRIBUNE: Is the reason why you are not talking because they have an established business model and they want to protect it?
MARCELLO MARI: Potentially, but I don’t know their business, so I think it’s difficult for me to say.
BLOCK TRIBUNE: Okay. Are you going to be restricting any particular types of content on the platform?
MARCELLO MARI: We are, definitely. All the content that we are uploading on the platform from our side is all premium. They are acquiring more and more content and we want to make sure that everything that is uploaded is absolutely premium, it is absolutely screened, and obviously, no adult content. Nothing offensive, all in line with the regular funders. When it comes to user-generated content, in the moment we’re going to allow people to create their own content. We’re going to implement all the industry standard measures to make sure that the content that will be uploaded conforms to the regular standards. So again, nothing sensitive, nothing offensive, nothing that could be politically offensive, et cetera.
BLOCK TRIBUNE: Okay. What can people use the tokens that they earn for?
MARCELLO MARI: So, at the moment, the token has three main functionalities. The first one is to obviously reward the user with a token. Then advertisers can pitch advertising within the platform with the token, and then can also access our digital rights management tool that we think is the future, the industry standard in the future, which is a sort of decentralized ledger where the movie producers and content producers can sort their digital rights. And so access to this would need the TaTaTu token. Also, we are thinking of implementing in a year’s time or so an internal commerce, where users will be able to use the token to purchase TaTaTu merchandising, as well as mobile merchandising, and we envision this to become a destination for all the movie fans and all the celebrity fans, where they can use the TaTaTu tokens.
BLOCK TRIBUNE: You’re launching in July. What will you be launching with, functionality-wise?
MARCELLO MARI: We’re going to be launching the video tape, so users will be able to create their own profile and watch video and immediately start earning tokens as they watch content, and then it will come the integration with the blockchain, so they will be able to transfer from their own wallet to a crypto-wallet. And then users will be able to comment on movies and to talk with each other. These are the basic functionalities that we’re implementing on the version that we’re starting in July.
BLOCK TRIBUNE: Do you anticipate that the tokens will be exchange traded at some point?
MARCELLO MARI: Well, we don’t know. We can’t really support a secondary market. We know that exchanges tend to lift tokens fairly frequently, so they might do the same for us, but it’s not something we’re actually supporting, the actual engagement.
BLOCK TRIBUNE: Do you have a Hollywood office?
MARCELLO MARI: Ambi Productions has a Hollywood office in Beverly Hills, not TaTaTu.
BLOCK TRIBUNE: Okay. Do you anticipate having one at some point?
MARCELLO MARI: It’s not in our current road map.
BLOCK TRIBUNE: I understand you’ve added a new advisor.
MARCELLO MARI: Something that I can tell you that others haven’t picked up yet is that John Couch, I actually had a meeting with John Couch, but he used to be the Vice President of Education at Apple and he was one of the direct hiring of the job at Apple, right at the beginning of the foundation. He’s going to join TaTaTu as an advisor.