Think of a space on the internet where you can consume videos, listen to podcasts, and everything else, and where creators have more power and choice in terms of earning money. That’s basically what Odysee is trying to achieve. It’s almost like an alternative site to Youtube or Spotify, but with freedom and technology called blockchain in mind.
What is Odysee?
In very simple terms, Odysee is a video and content sharing site. However, where it’s a little different is it’s operating on a system called the LBRY (pronounced “library”) protocol. LBRY is actually a decentralized blockchain, and this means rather than being owned and operated by one company (like regular sites), the network is which is operated by tons of different computers around the world.
This decentralized fact has several interesting features:
- Freedom of Speech: Because no one person has complete control, there is generally more tolerance for different types of content.
- Creator Empowerment: Creators have easier ways of connecting with their audience and making money.
- Ownership of Content: The idea is that creators own and have more control over the content they produce.
On Odysee, you will find all manners of content, ranging from a single individual with a passion for something to larger institutions and news agencies. There is something to watch about almost any topic you can imagine, listen to podcasts and music, and even download various types of digital media.
How do you make money on Odysee?
Odysee has a couple of monetization options available for creators:
- Tips: Your audience can tip you LBRY Credits (LBC), the native currency of the LBRY network, as a way of supporting your effort. A “thank you” button with substance.
- Channel Subscriptions: You can offer special content or perks to viewers who pay a recurring LBC fee to subscribe to your channel. This is similar to channel memberships on other platforms.
- Pay-Per-View/Download: Charge a fixed fee per piece of content, where the consumer pays a fixed amount of LBC to view or download it.
- Sponsorships & Merchandising: Odysee does not pursue sponsorships, and it does not pursue merchandising for its own benefit either, but it allows you to build an audience and then use that audience to seek sponsorships, or sell products. You can add a link to your external storefront or to your Patreon account in your video or channel description.
- LBRY Grants and Bounties: Sometimes, the LBRY Foundation or the community provide grants or bounties for a specific project, or work for the platform. Watch for these.
- Affiliate Marketing: You can place affiliate links within your content descriptions, similar to other platforms, and earn a commission on any sales made from those links.
Advantages of Odysee Usage:
- Freedom of Speech: Greater freedom of speech than in centralized platforms.
- More Creator Control: More hands-on interaction with your audience and more likelihood of revenue.
- Greater Potential for Additional Income: Direct tipping and subscription-based models can lead to increased income for active creators.
- Decentralized Nature: Content is stronger and less likely to be arbitrarily taken down.
- Growing Community: The platform is continuously growing and introducing new creators and users.
- Open Source Technology: The LBRY protocol itself is open source, and therefore it is open and can be contributed by anyone.
Disadvantages of Using Odysee:
- Smaller User Base: Odysee has a smaller user base than platforms like YouTube, which can mean less exposure initially.
- Cryptocurrencies: Odysee’s revenue model is explicitly dependent on LBRY Credits (LBC), and fluctuations in LBC’s value are possible. A basic understanding of cryptocurrency is helpful.
- Platform Learning Curve: New users will need to take time to get used to the platform and the use of cryptocurrency wallets.
- Content Moderation Challenges: The freedom of the platform can also function as a repository of content that some users may find off-putting. Moderating content is not yet manageable, at least not on a decentralized platform.
- Platform Viability: As an evolving platform, there is always some risk of change or instability.
- Discoverability: The content discovery algorithm is still evolving and may not operate as well as more established platforms.
Hints and Tips for Earning Money on Odysee:
- Produce Quality & Valuable Content: This is very important on any site. Always try and provide your audience with as much value as they can experience.
- Develop Content on a Regular Basis: You will want to regularly put forth new content, based on a regular schedule, to keep an existing audience and gain new audience members.
- Foster and Contact the Audience: Take the time and effort to interact with comments, answer questions, and build a community around your channel.
- Promote your Odysee Channel: Share your video and channel link on different social media pages and sites at all times.
- Reminder for Tips and Subscriptions: Remind your audience from time to time that they can support you with some tips and subscriptions.
- Make Extras for Subscribers: Make your subscribers feel like VIP commenters! Give them extra clips, behind-the-scene looks, extras.
- Use Tags and Descriptions: Use all sources of tags, and descriptions to help people find your content via search.
- Collaborate with Other Creators: Find other creators on Odysee in your niche and collaborate in some way for each others’ channels.
- Explore Other Monetization Strategies: Test other methods of making income and figure out what works best for your audience and content.
- Don’t Fall Behind: Stay on top of Odysee with their new features and latest announcements.
Useful Links:
Odysee Website: https://odysee.com/
LBRY Foundation: https://lbry.org/
Odysee Help Center: You usually find a link to their help documentation on the Odysee website itself.
In Conclusion
Odysee presents an interesting alternative to online content sharing. Its decentralized nature gives creators more freedom and autonomy, along with several avenues to receive direct income from their viewers.16 While it is not without its limitations, particularly its smaller user base compared to mainstream platforms, it is promising for creators looking for a more open and creator-friendly environment. By creating quality content, engaging with your audience, and familiarizing yourself with the platform’s monetization features, you can actually work towards earning on Odysee.
hi