Carra Wu believes that new applications based on generative AI and other developments, such as AI-powered search engines and social networks with AI-generated content, pose significant challenges to the traditional economic models of creativity in visual art, literature, music, and other forms of digital content. She argues that a new way of monetizing content needs to be introduced to keep the market for creativity thriving since these technologies may not credit or compensate original creators. To address this issue, Story has been developed as a platform by Aaron Lee, co-founder and CEO, in collaboration with Jason Zhao, CPO. The platform aims to change the dynamics of content monetization by focusing on the intellectual property (IP) and data layer rather than just the infrastructure for AI solutions. This approach seeks to benefit creators directly, avoiding the traditional zero-sum battle for attention in digital platforms like Netflix or Disney, where large investments are funneled into marketing instead of supporting content creators’ income streams.
Lee has previously been involved with enterprising startups such as byline.com and Radish (a crowdsourced serialized fiction app), which he sold to Kakao for $440 million. With Story, his vision is to enable original creators to have a more substantial share of the revenue generated from their content in an evolving digital landscape shaped by AI advancements and changing consumer behaviors. The success of this model will ultimately depend on whether creators embrace it and if investors believe in its potential, as highlighted by other industry players like Polychain Capital’s Olaf Carlson-Wee, who sees Story as a parallel revolution to Bitcoin for the digital content market.