VIDEO EXCLUSIVE: Mark Cuban On Building A Social Media Community With His App Fireside
Billionaire entrepreneur Mark Cuban hosted a panel at the South by Southwest Film Festival in Austin, Texas. He answered questions about his new “Fireside” app and building a social media community.
“Historically, all these broadcasts are one way with some lines of text comments in Twitch or YouTube. By having that interactivity, the whole dynamic of creating content changes. Because that dynamic content creation is changing, you’re going to get new models. To answer the question, we curate becasue it takes effort to do this right. It’s not the same old thing, but we also have a licensing program so if you want to have your own enclosed community that you do your own thing outside of Fireside, there’s an opportunity to do that.”
Cuban went on to elaborate on how Fireside stands out from other social media platforms.
“What are you going to do on TikTok? Go through all the comments to try to determine that you have to reply to each and every comment to try to sustain your community. So I think using tokens, using rewards … there’s a lot of ways to incorporate community into new forms of entertainment. And again, you can let it branch out like Bored Apes is doing, because if you have your community making money and creating new content, that just builds your community. I think that inclusion is really powerful and I think in reference to inclusion, going into undeserved communities and allowing them to be more creative and take control because they typically don’t have access to the agents and the lawyers that are required to do all the contracts and all that and that complicates things and using crypto as a platform is more wide open.”
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