Should Steemit advertise?
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!
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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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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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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