"Hive is The Blockchain for Web 3.0 ... Hive is developed to store vast amounts of content and to make it available for time-based monetization."
I have probably been thinking about Hive as Social Media on the Blockchain for a long time but the Hive whitepaper makes it clear Hive is much more than that, but social media surely is one of its niches and USPs.
Social Media is all about content and monetisation
This will be one small part of the Hive ecosystem but maybe, just maybe
Hive can become know as The Social Media Blockchain, the preferred blockchain to build Social Media Apps on.
This is the second post in a series looking at Hive through the lens of being a platform for Social Media Apps and focusing on the Analytics Metrics that are important for this ecosystem.
"Reach KPIs measure how many users come across your social channels."
This may be passive or active but reach metrics measure generally focus on how many people you are exposed to. How many people potentialy will see or interact with your content. The most common ones are
- Follower count
- Audience growth rate
For most main stream platforms there is a correlation with how much you earn per post and the number of followers you have. As you grow your follower count (either by buying followers or organically) you will earn more per post on average.
For professional networks like LinkedIn the equivalent of followers is Connections and while you won't earn on this platform you will have more credibility and for this platform this is probably the currency that is important for most.
This is not a feature of hive.blog or any of the other front ends. There are challenges here in implementing this for a decentralised content platform, however it's quite a valuable metric to look at in terms of promotion.
If it was possible to build this into apps like @peakd, @eccency or @leofinance then it would be valuable for authors even if it wasn't built in at the blockchain level. There might even be an opportunity for these apps to share cross platform the data on impressions. You could easily see similar apps like hive.blog, @eccency, @travelfeed sharing impressions. More specialised appls like @actifit may wish to remain separate.
This is a feature of the hive ecosystem and is actually part of the core blockchain infrastructure. I would view the immutable decentralised blockchain part as a key selling point. On Hive keeping track of followers is a decentralised feature, there is a cost to gaming it, and it's cross app. These are all USPs versus other more centralised systems. In particular there is no central entity deciding which accounts to include in your count.
Why do I need to keep track of my followers on a decentralised blockchain?
This is a real problem on some platforms where either due to bugs or glitches followers can be lost or stuck. Just think if you have a business built on one of these platforms and suddenly due to a glich the centralised database has lost or deleted a bunch of your followers.
Not all issues are due to bugs or genuine software gliches. There are other more worrying practices and looking at youtubes FAQ page you get a sense of how much control this particular platform takes over your followers.
If we were keeping score definitely a +1 to Hive!
Audience Growth Rate
One way of measuring this is to use Follower Growth Rate as the KPI. This gives an indication of how interest in your content is growing over time. This is linked to follower count so this is a good metric to look at and is possible on any of the Hive Platforms. Users posting to specific communities may also be able to keep track of how the audience in those communities (subscribers) is growing.
How does hive stack up on Reach Metrics?
The most important reach metric seems to be followers count. Hive has a distinct advantage over other traditional platforms building this metric in at the core blockchain level.
Impressions are absent and could be considered as a valuable feature to add to front end apps and there may be opportunities for apps to share impressions across similar apps.
Other reach metrics to consider are audience size which will be multiplied on Hive (beyond your followers) by posting to a specific community.
This series might just identify quick wins or gaps that we should try to get the devs to fill!
I am also hoping for engagement in this series from developers and community members who might be able to identify solutions that could fill the the gaps as we discuss them. I will tag this series with #hivedev and #hive and I am posting to the Hive Statistics Community where the real experts have already spent a lot of time thinking about this topic in the context of Hive.
I will also use this work to add updates to https://eroche.shinyapps.io/hiveanalytics/ so let me know if there are metrics or KPIs you are really interested in seeing added. I just added a tab on identifying accounts with the top follower 20 followers. Who is @cryptoriddler and how did they get 100k followers?