How Tuvalu Makes $5 MILLION A YEAR From Doing Nothing | Tuvalu Documentary

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▶️ In today's video, we're going to introduce How Tuvalu makes $5 MILLION A YEAR from doing nothing

Welcome to the land of Tuvalu. Tuvalu means "Eight still together," referring to the eight islands that mainly compose the nation. It is a group of nine small islands in the South Pacific which won independence from the United Kingdom in 1978. The ninth island is tiny and insignificant, so it is the reason it was excluded by the time the name Tuvalu came to the public. It is the fourth-smallest country globally and second smallest by population as only about 10000 people live there. The country lies about halfway between Australia and Honolulu (Hawaii), so it is isolated. The main island is about only 2000ft broad, so space is limited that the airstrip is used as a gathering place with people seen mainly playing soccer.

Tuvalu has the lowest total GDP of any country worldwide. Unlike other pacific countries, the government doesn't rely on tourism much as it is tough and expensive to get to the country in isolation. The government makes money by exporting dried coconut meat and selling fishing licenses to offshore trawlers. The country has an enormous exclusively economic zone that allows them to have exclusive rights to resources. However, the government makes most of their income most unusually, basically by "Doing Nothing." Tuvalu's economic future may lie in its two-letter domain name suffix: .tv.

This random assignment of letters on the internet is the modern-day equivalent of striking oil. For Tuvalu, the domain name is akin to a natural resource. The country profits majorly by its web name which ".Tv(dot tv)". Let's get into the backstory of this web name. So an organization called the International Organization from Standardization(ISO) lists several standards for things all around the globe. One of the criteria is called ISO Standard 3166, which defines two-letter abbreviations for countries worldwide.

For Tuvalu, it was "TV." As the internet came around, In 1985, the IASA(internet Assigned Numbers Authority) started creating top-level domains for specific countries. Instead of choosing each country's codes, they took the ISO 3166 standard list and used each country's pre-set regulations. So Tuvalu got the top-level domain named ".tv(dot tv)." Tuvalu negotiated a contract leasing .tv for $50 million in royalties to Jason Chapnik, a Canadian entrepreneur investor, over 12 years. In 2021, Tuvalu's agreement with VeriSign will expire. According to NameBio, 859
reported .tv domain sales over the past five years, the top 100 of which totalled more than $1.4 billion.

When you compare that number with the $50 million Tuvalu originally leased .tv, the difference is stark. Tuvalu has an opportunity to leverage the .tv domain name to generate wealth and bring in a base level of connectivity for Tuvaluans who are currently offline. There's the story often shared in the start-up world: during the California gold rush, it wasn't the miners who earned the most money but those who sold picks and shovels. When renewing its .tv deal,

Tuvalu must monitor the picks and shovels, in this case, the start-ups and established companies profiting from .tv the most. Tuvalu earns about 1/12th of its annual gross national income (GNI) from licensing its domain to tech giants like Amazon-owned streaming platform Twitch through Verisign. The revenue from this domain now accumulates up to 10% of the country's GDP.

The infrastructure pay includes schools, the development of schools, and the country's education system. Tuvalu now receives around $5 million by registration of different this top-level domain. This domain leasing has helped boost the country's economy and enabled Tuvalu to be a part of the United Nations as it can now afford the six-figure joining fee.

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Видео How Tuvalu Makes $5 MILLION A YEAR From Doing Nothing | Tuvalu Documentary канала The Primest - The Money Channel