Harvard Case - Steemit: A New Social Media?
"Steemit: A New Social Media?" Harvard business case study is written by Ramon Casadesus-Masanell, Alexander White, Karen Elterman. It deals with the challenges in the field of Strategy. The case study is 34 page(s) long and it was first published on : Dec 19, 2019
At Fern Fort University, we recommend Steemit pursue a hybrid growth strategy combining disruptive innovation with strategic partnerships to capitalize on its unique value proposition and achieve sustainable growth. This strategy will involve:
- Expanding its user base through targeted marketing initiatives and community building efforts.
- Developing new features and functionalities that enhance user engagement and monetization opportunities.
- Forging strategic alliances with key players in the blockchain and social media industries to expand reach and access new markets.
- Embracing a decentralized governance model to foster community ownership and incentivize participation.
2. Background
Steemit is a blockchain-based social media platform that rewards users for creating and curating content. It operates on a decentralized network, allowing users to earn STEEM tokens for their contributions. The platform aims to disrupt the traditional social media landscape by empowering users and offering a more equitable content sharing model.
The case study focuses on Steemit's early stages, highlighting its potential and challenges. The main protagonists are:
- Ned Scott: Founder of Steemit, who envisioned a decentralized and user-centric social media platform.
- Dan Larimer: Co-founder of Steemit, who developed the blockchain technology powering the platform.
- The Steemit community: A diverse group of users contributing content, engaging in discussions, and participating in the platform's governance.
3. Analysis of the Case Study
Porter's Five Forces:
- Threat of new entrants: High, due to the ease of creating new blockchain-based platforms.
- Bargaining power of buyers: Moderate, as users can choose from various social media platforms.
- Bargaining power of suppliers: Low, as the platform relies on open-source technology.
- Threat of substitutes: High, with established social media giants offering similar functionalities.
- Rivalry among existing competitors: High, with numerous blockchain-based platforms vying for user attention.
SWOT Analysis:
Strengths:
- Decentralized platform: Offers users more control over their data and content.
- Reward system: Incentivizes user engagement and content creation.
- Community-driven: Fosters a sense of ownership and participation.
- Potential for innovation: Blockchain technology allows for unique features and functionalities.
Weaknesses:
- Limited user base: Compared to established social media platforms.
- Complexity of blockchain technology: Can be challenging for new users to understand.
- Fluctuating token price: Creates volatility and uncertainty for users.
- Lack of mainstream adoption: Still considered a niche platform.
Opportunities:
- Growing blockchain adoption: Increasing awareness and interest in decentralized technologies.
- Integration with other blockchain applications: Potential for interoperability and cross-platform collaboration.
- Expansion into new markets: Targeting specific user demographics and geographic regions.
- Development of new features: Enhancing user experience and monetization opportunities.
Threats:
- Competition from established social media platforms: May offer similar features or acquire blockchain-based competitors.
- Regulatory uncertainty: Government regulations regarding blockchain technology could hinder growth.
- Security risks: Vulnerability to hacking and fraud.
- Scalability issues: Challenges in handling increasing user traffic and transaction volume.
Value Chain Analysis:
Steemit's value chain includes:
- Content creation: Users generate and share content on the platform.
- Content curation: Users upvote and downvote content, determining its visibility and reward.
- Token distribution: Users earn STEEM tokens based on their contributions.
- Governance: Users participate in the platform's decision-making process through voting.
- Community development: Building a vibrant and engaged user base.
Business Model Innovation:
Steemit's core innovation lies in its decentralized business model that empowers users and incentivizes participation. This model leverages blockchain technology to create a transparent and equitable platform for content sharing and reward distribution.
4. Recommendations
1. Expand User Base:
- Targeted marketing: Focus on specific user demographics interested in blockchain technology, cryptocurrency, or alternative social media platforms.
- Community building: Organize online and offline events, forums, and workshops to foster engagement and attract new users.
- Content promotion: Partner with content creators and influencers to promote Steemit and its features.
2. Develop New Features and Functionalities:
- Enhanced user interface: Simplify the platform's interface to attract a wider audience.
- Content monetization tools: Offer more options for users to earn revenue from their content.
- Social features: Integrate social features like messaging, groups, and live streaming to increase engagement.
- Integration with other platforms: Allow users to connect their Steemit accounts with other social media platforms or wallets.
3. Forge Strategic Alliances:
- Blockchain companies: Partner with blockchain startups and established companies to integrate Steemit into their ecosystems.
- Social media companies: Explore partnerships with social media platforms to cross-promote content and reach new audiences.
- Content creators: Collaborate with content creators to develop exclusive content and reward programs.
4. Embrace Decentralized Governance:
- Community-driven decision-making: Empower users to participate in the platform's governance through voting and proposals.
- Transparency and accountability: Ensure all decisions and actions are transparent and accountable to the community.
- Community ownership: Foster a sense of ownership and responsibility among users for the platform's success.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies: Leveraging Steemit's core competencies in blockchain technology, community building, and content creation.
- External customers: Targeting users interested in decentralized platforms, content creation, and earning rewards.
- Internal clients: Empowering users to participate in the platform's governance and decision-making.
- Competitors: Differentiating Steemit from other social media platforms by focusing on its unique value proposition and decentralized model.
- Attractiveness: The recommendations are expected to increase user engagement, content creation, and token value, ultimately leading to sustainable growth.
6. Conclusion
Steemit has the potential to disrupt the traditional social media landscape by offering a decentralized and user-centric platform. By embracing a hybrid growth strategy, focusing on user engagement, developing new features, forging strategic alliances, and fostering community ownership, Steemit can achieve sustainable growth and become a leading player in the emerging blockchain-based social media space.
7. Discussion
Alternatives:
- Focus solely on disruptive innovation: This approach could lead to rapid growth but may not be sustainable in the long run.
- Adopt a traditional social media model: This approach may attract a larger user base but would compromise Steemit's unique value proposition.
Risks:
- Competition from established social media platforms: Steemit needs to differentiate itself to attract users and compete with established players.
- Regulatory uncertainty: Government regulations regarding blockchain technology could hinder growth.
- Security risks: Steemit needs to prioritize security to maintain user trust and protect its platform.
- Scalability issues: The platform needs to scale its infrastructure to handle increasing user traffic and transaction volume.
Key Assumptions:
- Growing blockchain adoption: The recommendations assume continued growth in blockchain technology and its adoption by businesses and individuals.
- User interest in decentralized platforms: The recommendations assume users are interested in platforms that offer more control over their data and content.
- Potential for monetization: The recommendations assume that Steemit can develop effective monetization strategies for users and the platform.
8. Next Steps
- Implement targeted marketing campaigns: Launch marketing campaigns focused on specific user demographics.
- Develop new features and functionalities: Prioritize the development of features that enhance user engagement and monetization opportunities.
- Forge strategic alliances: Identify and pursue strategic partnerships with key players in the blockchain and social media industries.
- Empower community governance: Implement a decentralized governance model that empowers users to participate in decision-making.
These steps should be implemented over a period of 12-18 months, with regular monitoring and adjustments based on user feedback and market trends. By taking these steps, Steemit can capitalize on its unique value proposition and achieve sustainable growth in the rapidly evolving social media landscape.
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Case Description
This case discusses the alternative social media site Steemit, including the principles it was founded on in 2016 and the challenges it faced in 2019. Steemit was a blockchain-based platform that aimed to differentiate itself from other social media companies by returning power to its users, rather than centralizing control among company executives. Steemit rewarded its users with cryptocurrency for posting, commenting on, and upvoting content on the site. Although it championed itself as a bastion of free speech, in January 2019, it banned a user for soliciting funds in exchange for the release of conspiracy-theory-related documents. This ban called into question the degree to which Steemit was willing to exert control over the content posted to its site. In addition to these censorship issues, Steemit's developers had to weigh a number of strategic considerations about the future of the site. Questions they faced included how to avoid alienating potential users with Steemit's complex features (such as its intricate payment system) and how to prevent certain users (e.g., those who had been kicked off of other sites) from becoming overly dominant on its platform.
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