Rokfin, Video Publishing Platform: What Is Going On? Financial Trouble? A Sale?
The crypto-based video publishing platform has not paid creators out for August and is showing signs of either shutting down or selling out
UPDATE (Sept 17, 2pm ET): I’ve heard from multiple creators that they received RAE into their wallet beginning last night, with no further explanation from Rokfin beyond the one we received below. My channel has not been paid out yet.
Intro
The past several years, we’ve seen YouTube, the dominant video platform, censor and demonetize creators who are critical of the US Government’s policies on COVID, January 6, Election Integrity, Russia-Ukraine, Israel-Palestine and a host of other topics. That sent those censored & demonetized creators looking for alternative places to livestream and build an audience.
One of the safe havens that’s served as an ad-free home for the censored and controversial has been Rokfin, a video platform built to cater specifically to a couple of niches (amateur wrestling and the censored, “free thinkers”).
Red Flag: No Payments to Creators for August, 2024
Alternative video platform Rokfin has not paid out its creators in RAE tokens since the end of August, an alarming sign, to say the least. I have spoken with over a dozen creators, and none have indicated that they’ve been paid since August 23.
Rokfin advised late on Sept. 12 that “the Mints & Tips haven’t been sent out yet, but they will be processed in the next few days. We’re currently in the process of streamlining this responsibility to ensure more efficient handling going forward.” As of 2pm ET on September 16, no payments have been received.
Why hasn't any communication been sent to Rokfin creators about the delay in payout since the 1st of September? With an explanation?
I just noticed their monthly emails, notifying how much the channel earned in tips and viewing time, stopped coming in January 2024.
Rokfin has provided no explanation about the holdup in distributing the value of money that was contributed by viewers and for livestream viewing, earned in FIAT currency and available to Rokfin immediately, as far back as AUGUST 1ST.
Red Flag: Headcount Reduced? What is Going On?
Another reason to be concerned is that the company appears to now be down to just 2 senior executives, CEO Martin Floreani and Creator Acquisition & Stream Manager Matt Williams.
Former VP of Product Jaime Brugueras is no longer there, and I am unsure if VP of Operations Scott Augustine and marketing guru Nickolas Veliquette still work there. A recent auto-reply to my email on Sept 12 advised that there are only 2 people to contact beyond a generic “support” address: Martin and Matt.
I’ve Been a Fan, a Creator and a Supporter for 4+ Years
There’s a lot to this story, so I’ve written 2 companion pieces that help to try to explain what’s happened and what I’ve observed. Basically, it breaks down to a failure to scale & develop the UX on the tech side, while the crypto side has caused nothing but headaches and stress for the creators, all without the viewers clearly aware that the money they tip is given to the creator the support in crypto tokens (and that Rokfin takes a cut first).
Could Rokfin Be Setting Up to Shut Down or Sell?
The reduction of headcount, the lack of development on the tech side and their lack of communication & engagement with their creators in 2024 all indicate that there could be financial difficulties at Rokfin. The platform has been stable and working ok (for the most part) but no new development or fixes have been deployed in ages. I also noticed Rokfin has been buying Facebook & Instagram ads featuring their creators in vertical, TikTok-style videos (called Bites) to generate more traffic to the platform.
It would be interesting to learn the total in Tips + Monthly Subscription revenue for 2024 vs their expenses. Typically, when we see behavior like this, it is not the indication of a healthy, growing platform pushing to grow revenue & viewers.
Rokfin’s Challenges Technologically - Streaming, Chat and Apps
Rokfin has always been challenging from a technological standpoint, both as a creator as well as a viewer/subscriber. To learn more about the technical challenges of the platform, CLICK HERE.
Rokfin’s Challenges of Creators Converting Crypto Into Usable Cash
For more of a deep dive into the nightmare for a creator on Rokfin showing the insane steps to extracting actual cash from RAE tokens to deposit into a bank account, CLICK HERE
In spite of these challenges, a handful of independent creators have been loyal, saw the ad-free, censor-free vision - and stuck around. We do not have a big channel there, nor do we make a lot off this platform, however there are others who rely on it as a significant revenue stream contributing to their income. They appear to now be getting the short end of the stick from Rokfin.
Indie Media Today operates on a “Value for Value system.” Everything we do is free to all. We don’t paywall our content, but we do need - and deeply appreciate - your support in order to keep running, and one way to do that is with a monthly subscription here, if you feel you get value out of the shows & articles and can spare a few bucks a month.
Active & Former Rokfin Creators on Substack:
i forgot Rokfin exists. does sound like they’re merging w/another service, best case.
To all it concerns,
I am writing to demand immediate action and accountability for the ongoing crimes against humanity perpetrated by federal, state, and corporate entities. It is no longer acceptable to allow government and corporate employees, including those in public health sectors, to continue functioning while widespread poisoning and mutation of our environment and people is occurring daily.
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Sincerely,
Miechelle Michaelis
816 533 2852