How “Watch Parties” with Friends are Made Better with Cryptocurrency
Rave allows users to consume media across major platforms like Netflix, Disney+, YouTube, and more, all while chatting with friends and making new ones. Combining the two stickiest user experiences (video consumption and messaging), Rave has paved the way for a new type of social app. The platform has become a melting pot for people from all walks of life, a place where people with different backgrounds can come together over common interests, connect with loved ones over long distances, or forge entirely new long-lasting relationships by watching content while chatting with others.
With over 5 million monthly active users, Rave’s community is truly global, with members from Brazil, Saudi Arabia, the United States, and more. Spending an average of over 50 minutes per session in the app, Rave users love engaging with and consuming content in a social environment.
How Rave is Using Kin
When deciding how to monetize the app, the Rave team made a conscious decision to move away from traditional advertising models, due to the lack of incentives and negative impact on user experience. Kin appealed to them because it came from a team that faced common challenges, and developed a cryptocurrency in order to address the problem of monetization while simultaneously enhancing the experience for users.
Kin allows users to be rewarded for their engagement, while also allowing Rave to generate meaningful revenue in the process. Users are able to earn Kin in ways that benefit the app, such as logging in daily (retention) and watching videos (engagement).
Once they’ve earned Kin, users are able to share their Kin with other participants of a watch party by tipping them directly or “making it rain” by showering all participants with some Kin:
Rave has optimized their user experience in an effort to increase engagement and maximize revenue from the Kin Rewards Engine, the algorithmic engine that rewards developers for driving the adoption of the Kin cryptocurrency. This has allowed them to generate over 93 billion Kin in less than two years, payouts which in total amount to over $4.6 million at the time of writing — all while allowing users to be rewarded for participating on the platform.
“Kin has enabled Rave to generate meaningful revenue in a way that doesn’t detract from the user experience —it enhances it. Users are able to have even more fun by earning rewards and sharing them with others, which in turn, adds to the social experience of the app.”Michael Pazaratz — CEO, Rave Inc.
Rave was one of the first apps to integrate Kin and has experienced tremendous growth alongside the Kin Ecosystem as a whole. This synergistic relationship has led to explosive growth for Rave, and according to their team, they are just getting started. Having recently launched Rave for new platforms such as Chromebook, and with plans for exciting influencer marketing campaigns, the team says they are aiming for another quantum leap in growth.
The team has also provided useful feedback on what could help them to be even more successful, such as creating new developer tooling for web-based applications. The Kin Foundation has been working closely with teams like Rave’s in order to collect input on how to best support them and other ecosystem apps in their mission to provide the best possible user experience. We are always listening to the developer community to find new ways to work and succeed together.
Kin is bringing together apps and services of all sizes and varieties to build a new digital economy that aligns the incentives of developers, users, and communities. By working together, the Kin Ecosystem can build a more fair digital world, where those who create value share in the success of the network. If you are interested in monetizing your app with Kin, we invite you to join us.