As you are probably already aware, I participate actively with the coin community channels on youtube. Lots of great shows at any time day or night. Some channels are able to present their show LIVE, with an interactive chat allowing the viewers to ask questions, talk about coins, and generally yuk it up.The community is growing and is expected to continue to grow. It is not inconceivable to see another million viewers come to use youtube as an information and entertainment source when it comes to coin collecting. Already one channel, Couch Collectibles, has breached 100k subscribers, with several others getting close. Well Done, Justin!
Observing the progress of several channels I have notice a trend develop. Initially, videos will be experimental as the creator learns how all the software and systems work. Next comes a more regular format. Sometimes it's talking about coins, perhaps coin roll hunting. As the subscriber base grows many channels move into a sales dominant format.
I've mentioned before: Youtube, with it's ability to allow the creator to show coins in high resolution to a live audience worldwide is an ideal platform for presenting coins in a live auction. People are taking notice.
I've talked at length about the opportunity this hobby offers. Using youtube as a platform for creating videos, be they coin related or not, offers the creator to develop an income. Once your channel reaches 1000 subscribers and maintains 4000 view hours over the previous 12 months, the channel owner is able to monetize their videos. Those ads at the start of the video generate income for youtube. It is shared with the channel owner. Videos which receive copious views and viewer interaction stand to earn a respectable amount. What's more, these earnings are cumulative and paid out monthly when the balance earned reaches $100 or more. December will make the 4th time I have been paid by youtube. It goes through Google Adsense and is deposited directly into my checking account.
The requirement for livestreaming is less stringent - you need 100 subscribers. Being able to livestream opens new doors. While a video receiving 1000 views can earn a person $2-5 depending on the level of interaction, likes, comments, and the ad rates charged, there are show formats which make it possible for the creator to earn far more. A well presented show can generate hundred of dollars in sales. I've exceeded $1000 in sales over the course of a 2 hour program.
The incentive is in place to establish a channel with informational, educational shows to build an audience, then leap to live sales. The effect has resulted in an abundance of sales shows and a drought of coin discussion. Last night saw 3 channels with live auctions streaming simultaneously.
It's a perfect example of The Tragedy Of the Commons: a finite resource being overutilized by individuals to the detriment of all. 3 shows at the same time splits up the audience. Their sales suffer as a result of fewer bids, lower prices. On the other hand, it benefits the buyers, getting good deals.
Thinking things through to their logical extension, if the current situation is left unchecked we can expect to see more sales shows and practically no suitable content being produced to educate new collectors. A handful of channels will come to dominate prime time, up and coming channels will be shut out, and prices will slip as the sellers compete for market share. In effect, its a race to the bottom. While it may seem to be a boon to buyers, history shows that a reduction in quality accompanies this Coin War. In the end, nobody gains, everyone loses.
Since the incentive is in place for everyone to do their own thing, and in the absence of a governing body to regulate the industry, this race to the bottom becomes a problem with no technical solution. What we have is a moral question: How will we treat each other?
It is up to the members of the community, content creators and viewers, to address these issues in order to maintain quality programming, ease competition, draw new viewers and above all else, promote the hobby. Cutting each others throats, streaming over other people, slashing prices, and offering substandard coins regularly only serves to drive away viewers and create animosity between creators. This is a hobby. If we're not having fun, we're not doing it right. Let's look at the parties involved, their interests and incentives, and what we need to do to best organize and regulate our beloved coin community.
Viewers
We want good quality programming on diverse subjects, accurate information, and entertainment. We want to interact with the host as well as other viewers. We want to know where else to go for more information, be it other channels, websites, books, and references. We're here for the enjoyment of the hobby, and want to learn. We're not interested in drama, rage, hate or spite. We might be willing to discuss politics, religion, or current events, but as a discussion rather than a diatribe, an in the scope of how it applies to the hobby. We like giveaways!
Kids
We want an atmosphere conducive to kids. Cursing like a ditch digger, dabs, and graphic content are not appropriate. We also want to learn at a rate we can keep up with. Some technical terms are ok but it does not need to be cartoons and butterflies. We're here to learn, and we're just as serious as the older folks. We're the future of the hobby and should not be overlooked. Include us and we'll watch. Teach us the benefits of teamwork and cooperation, we'll carry that with us for the rest of our lives.
New Collectors
We don't know what we need to know or what to ask. We think these coins are kinda interesting and
would like to hear more about what its all about. Drive us away, we ain't coming back. Educate us, we'll show up more and might even invite some friends. We have a lot of questions. Please try to answer them.
Foreigners
Co je to reklama mince, stojí za něco?
Sellers
We want to use this platform to market our wares, get paid, not get ripped off, and develop a side income, secondary income, or full time enterprise. We don't want trolls disrupting the show or giving the chat too much atmosphere. In short, it's an opportunity that can improve my situation and the incentive is in place for me to give it everything I've got.
Buyers
We want good quality coins, accurately graded, at fair prices. If there is an issue, we deserve to know about it beforehand. Show us what you've got, the good and the bad. Give us a couple days to pay. If we don't like it, we'll want our money back in a timely manner and not have to jump through hoops. We would probably buy more stuff if you gave us a preview.
And don't be spamming up the email without approval.
Moderators
We offer our time, attention, and services. We put up with a lot of BS, get attacked by trolls, and get them out of the way so your buyers can have faith in your auction prices. Without us your sales will suffer. Often we do this without so much as a thank you. If it keeps up, we'll be washing our hair during your next show. Sometimes the sellers produce their show and expect us to do our thing without advance notice. Our time is precious and has value. What we do makes it possible for you to do what you do. We should not be neglected.
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If we don't take responsibility for our community, things can get out of hand. The incentive is to produce sales shows to the exclusion of teaching and having fun. Too many sales shows and overlap starts to create animosity. We must guard against this.
Long term success calls for a growing community of collectors. Shows that educate draw in collectors, as we have proven with the Coin Seminar Weekend project. It makes good sense to balance sales with teaching and hobbying. Informed collectors make better buyers so it's a win all around. They'll buy when the time is right. Teaching brings that time sooner. Don't neglect the fun stuff even if it's neither teaching nor selling.
If you are learning and prefer those educational shows, support them. Lack of support is why new educational shows have dried up. Fact: if an educational show generated 5-10 bucks from viewer support, it would be incentive enough to flood youtube with good content. Send em a buck, leave a comment, share in your social networks and subscribe to the channel. At the very least, give em a thumbs up.
Livestreaming is easy to produce and easy to watch. There are so many active livestreaming channels that watching previous shows has fallen out of favor. There is enough diversity of subject matter that simultaneous streams won't necessarily compete with each other. Each channel will develop it's own audience. Viewers will watch what they like. It's a fact that sellers would do well to organize themselves in order to best utilize the limited time available and assuage grievances regarding competition. Simultaneous shows can work-Jack offers high end rarities, Jill has coins for new collectors, John is doing foreign coins, Jane with her banknotes, Joe with exonumia, Judy presenting her silver rounds, and Gurtunca is doing...well...we're not really sure what he's doing.
A good sales show will draw in viewers and buyers. If you have put in the time and effort and built a loyal following, you deserve to reap the rewards of that work. If you are producing sales shows several times a week, good for you. You''ll surely be able to get by without my continued support. I'll promote the next up and coming channel.
I dont want to stream over Robert, Mantic, Cheapskate, Lemon, SJ, CJ, Fluffy, JB, BLKSteel, or any one of a hundred channels, but if I acquiesce I suffer and the light bill is due tomorrow. It's the same for everyone else. There's only so many hours in the day and some of these shows can run for hours and hours. If we were to set up a schedule and people were limited to a single time slot, the entire week could be filled with just the current active channels with over 1000 subscribers. Next year, there will be scores of new channels. Are they to be shut out simply because we were here first?
This much is certain: There are no proprietary rights or claims to a time slot. There is no anti-competition clause to which we must abide. There is no decree saying you can't go live just because someone else is already live. On the same thought, there is nothing stopping someone else from going live if you are already live. It's a free for all, but we can still work together for the common good. I set up the Youtuber Coin Community group on facebook as a means of continuing discussions after a stream ends and for sharing photos and ideas. I think it would be a splendid platform for folks to use to better coordinate their video activities.
Looking at the bigger picture, I think the best way to proceed is to build the community: A rising tide raises all the boats. We'll all go further working together than going it alone. Growing the community, supporting each other, offering numismatic programming in addition to sales is a proven method of building all our channels. Twice as many livestreams will be not suffer if there are twice as many viewers. The community works very well when we promote Quality Channels. I urge all content creators to strive to improve their show. Make a conscious decision to become more kid friendly. If you want to see your channel promoted, stop swearing (this will be hard for me), put away the dabs, ease up on the drinking, don't be telling inappropriate stories. Those channels which conform would likely see their show promoted more.
Don't be afraid to share the link to a good show. Facebook, twitter, pinterest and other social networks can be used to advantage in promoting the hobby. We're nerds, and it's the kind of nerdiness we can be proud of. There are lots of other people out there who have an interest in the hobby and will respond favorably to shared videos, articles, sites, and even sales shows.
What matters most is how we treat each other as we move forward. If you want a bigger piece of pie, make the pie bigger. If you want more people to enjoy the pie, make it a pie worth eating.
I invite ideas and discussion about ways to improve the community, defray confrontation, and make the world a better place in the Youtuber Coin Community group on facebook.
