Lyrak: A New Real-Time News and Monetization Focused Social Network
In the wake of Elon Musk’s acquisition of Twitter, several competitors have emerged in an attempt to claim a share of the text-based social networking market. One such startup is Lyrak, a new rival that aims to differentiate itself by focusing on real-time news and monetization options for creators. Lyrak plans to stand out from the competition by integrating with the fediverse, a network of interconnected servers powered by the social networking protocol ActivityPub. This integration will allow Lyrak users to interact with a wider audience on other federated social networks, such as Mastodon.
The founder of Lyrak, Rishi Siva, came up with the idea after spending time helping small businesses set up websites to attract customers and make money on the web. Siva’s previous experience also includes creating a Thumbtack-like app, which unfortunately faced challenges due to the COVID-19 pandemic. However, his desire to help users monetize their content and skills online remained unchanged.
A key aspect that sets Lyrak apart from its competitors is its commitment to better supporting creators. While platforms like Twitter do not publicly disclose their revenue sharing percentages, Lyrak plans to share 50% of its ad revenue with creators. Additionally, Lyrak will charge lower fees compared to other platforms, further supporting its goal of helping users monetize their content and skills.
Siva also criticizes the direction that platforms like Twitter have taken under Musk’s leadership. He expresses disappointment in the way the platform behaves and the types of accounts it promotes, particularly regarding issues around far-right groups and antisemitic content. Siva believes that Mastodon and Bluesky, another emerging rival, may be too complicated for regular users. However, he sees opportunities for Lyrak to benefit from the networks of Mastodon and Bluesky through fediverse integrations.
To attract journalists and establish itself as a real-time social app, Lyrak plans to allow verified journalists to share content on users’ home feeds based on their interests. The platform also offers tools for sending notifications to people who regularly click on their links. In addition to journalists, Lyrak aims to attract people who sell digital products by launching specific tools tailored to this crowd. Creators will have the ability to offer subscriptions to their followers and collect tips.
Lyrak has plans to introduce AI tools, such as an answer engine and user-generated AI characters, to enhance the user experience. These features are expected to launch in May. The company intends to generate revenue through ads, similar to Twitter, but will also take a 10% cut from paid posts, subscriptions, tips, digital products, and other AI features over time.
To bypass app store fees, Lyrak will allow users to deposit funds directly on its website, which can then be used to pay creators. However, funds added through in-app purchases will require paying Apple its standard 30% fee. Lyrak also plans to implement a reputation scoring system, similar to sites like Reddit, to reflect the value a user brings to the community. This system will be combined with AI moderation efforts and human moderators to ensure a safe and engaging platform.
As a startup building a social app, Lyrak believes it has an advantage in its fresh perspective and ability to innovate. The team plans to regularly release new features after the initial launch and bug fixes. The Lyrak team consists of five members based in London who are currently bootstrapping the project. The app is available for download on iOS devices.
In conclusion, Lyrak is a new player in the text-based social networking space that aims to differentiate itself through its focus on real-time news and monetization options for creators. By integrating with the fediverse, Lyrak allows users to connect with a wider audience on other federated social networks. With its commitment to lower fees and revenue sharing with creators, Lyrak hopes to attract journalists, digital product sellers, and other creators to its platform. As the app continues to develop and add new features, the team’s fresh perspective on social networking may prove to be an advantage in the highly competitive market.
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