Can Social News Websites Pay for Content and Curation? The SteemIt Cryptocurrency Model

This is an accepted manuscript of an article published by SAGE Publishing in Journal of Information Science on 15/12/2017, available online: https://doi.org/10.1177/0165551517748290 The accepted version of the publication may differ from the final published version.SteemIt is a Reddit-like social news site that pays members for posting and curating content. It uses micropayments backed by a tradeable currency, exploiting the Bitcoin cryptocurrency generation model to finance content provision in conjunction with advertising. If successful, this paradigm might change the way in which volunteer-based sites operate. This paper investigates 925,092 new members’ first posts for insights into what drives financial success in the site. Initial blog posts on average received $0.01, although the maximum accrued was$20,680.83. Longer, more sentiment-rich or more positive comments with personal information received the greatest financial reward in contrast to more informational or topical content. Thus, there is a clear financial value in starting with a friendly introduction rather than immediately attempting to provide useful content, despite the latter being the ultimate site goal. Follow-up posts also tended to be more successful when more personal, suggesting that interpersonal communication rather than quality content provision has driven the site so far. It remains to be seen whether the model of small typical rewards and the possibility that a post might generate substantially more are enough to incentivise long term participation or a greater focus on informational posts in the long term

A meta-analysis of the factors affecting eWOM providing behaviour

Purpose- Numerous studies have examined factors influencing eWOM providing behaviour. The volume of extant research and inconsistency in some of the findings makes it useful to develop an all-encompassing model synthesising results. Therefore, the aim of this study is to synthesise findings from existing studies on eWOM by employing meta-analysis, which will help to reconcile conflicting findings of factors affecting consumers’ intention to engage in eWOM communications.Design/methodology/approach- The findings from 51 studies were used for meta-analysis, which was undertaken using Comprehensive Meta-Analysis software.Findings- Factors affecting eWOM providing behaviour were divided into four groups: personal conditions, social conditions, perceptual conditions, and consumption-based conditions. The results of meta-analysis showed that out of 20 identified relationships, 16 were found to be significant (opinion seeking, information usefulness, trust in web eWOM services, economic incentive, customer satisfaction, loyalty, brand attitude, altruism, affective commitment, normative commitment, opinion leadership, self-enhancement, information influence, tie strength, homophily, and community identity).Originality/value- Applying meta-analysis helped reconciliation of conflicting findings, enabled investigation of the strengths of the relationships between motivations and eWOM providing behaviour, and offered a consolidated view. The results of this study facilitate the advancement of current knowledge of information dissemination on the Internet, which can influence consumer purchase intention and loyalty

EMPIRICAL STUDY OF THE MOTIVATIONS OF E-WOM SPREADING ON ONLINE FEEDBACK SYSTEM IN CHINA

Based on Social Exchange Theory and Motivation Crowding Theory, we study the motivations of consumers to spread e-WOM by benefit factors and cost factors. Meanwhile, we brought the motivation crowding effect into the analysis model, and discussed the effect of extrinsic motivation on intrinsic motivation and internalized extrinsic motivation. Through empirical analysis in China, we find that altruism, product involvement, self enhancement have significant positive influence on the intention to spread e-WOM, while execution cost has a significant negative influence on the intention, and economic incentive has significant crowding in effect on altruism, product involvement and self enhancement