With 4.9 billion people on at least one social media platform (a.k.a. half the world’s population) and ad revenue reaching 156 billion globally, many influencers claim they feel taken advantage of by large social media platforms.
We’re in an uncertain time for social media platforms. With a looming Tok Tok ban in The U.S. and the banning and censorship of Facebook across 14 countries since 2017, and ever-evolving social media algorithms, being a social media influencer is harder than ever. Influencers create content for platforms, content drives users and users drive large advertising companies to spend their ad spend on social media platforms.
However, being paid by the very social media platforms they help make so successful, is a very small part of how influencers actually make their living. In fact, social media influencers feel so taken advantage of that they have begun to unionize en masse.
In steps ChatWise, with features similar to Instagram, but values like no other. This is one of the first social media apps to offer equity to its content creators. Founder Josh Gagan Gulati, a finance expert who spent a decade valuing company shares, professionally became interested in wealth generation on social networks. Specifically, where it came from, and who benefited from wealth generation on social networks?
From there, it became clear that creators and users played the most important role in supporting share prices in companies like Facebook. He discovered that India is Facebook/Meta’s largest market, and 9 out 10 countries where Facebook is used the most is in Asia or Africa, however, the majority of wealth created went to a few shareholders in the U.S.
He realized that social media is now less about the social side and more about the media creators, they bring people in, keep them engaged and create wealth but creators get nothing back. Gulati likened current content creation to starring in a major film, except, the stars and producers would receive no money, and the shareholders of the production companies would make everything.
According to his calculations, Facebook alone created over $450bn of wealth, more than the GDP of 150 countries, but most of it went to just a few shareholders in the US. He says all creators they spoke to, talked about their hard work that gets nothing in return as social networks keep all the cash.
ChatWise was built with a single purpose to equalize wealth and power. Gulati and Abhijit (a software engineer who led technology teams for large banks in London) joined forces alongside a team of 20+ passionate developers.
They thought that because their competitors were massive companies with deep pockets fundraising would be an uphill battle. However, they raised significant sums of money in two different rounds from smart, professional London-based investors who could see their vision.
Product development updates from the Founders
- Over 100+ versions built
- Android ChatWise app has been tested by 75k+ users from 18 countries via a referral scheme
- 500+ interns have directly worked with us from top B schools in India, Pakistan, Indonesia, and the UK
- Tech team includes ex-IITians and experts who previously worked at global social networks
- Apps are now on Google and Apple Play Store.
- 800+ 5* feedbacks and our apps are still referral only
We’re launching ChatWise Messenger on Product Hunt: “ChatWise Messenger” is like Whatsapp or Signal. But users will take an equity stake in this business. This is to showcase our technical abilities.
How many shares are available for you?
70% of all current shares, 18 billion in total. It’ll take us 2 years to give them. A founder-led committee will look after it and a fair process will only reward those who support the ChatWise project. As a founder, I own 84% of the company. The majority of these shares are now been legally set aside for the community (see legal documents on our website)
What can you do as a user? Well, you can;
- Support the project, be an early adapter, play a bigger role, and get your shares early!
- Download the app!
- Join our committee that will oversee dispersal over the next 2 years
- Are you a creator? Join our team and give your views on how AI is helping content creation on ChatWise Social Network
- Be the early creator or ChatWise. Quickly gain followers
- Invite 10 friends and get 200 more shares
Gulati and Abhijit are shaking it up, one social media app at a time.