As the media and entertainment sector aims to address its challenges with technology solutions, new blockchain use cases are constantly emerging. Read more
As the sector seeks to address its various difficulties with novel technology solutions, new blockchain use cases in media and entertainment are constantly developing.
Blockchain solutions development in media and entertainment is gradually enabling disintermediation, streamlining digital rights management, and establishing a more transparent system for all parties — from content creators to advertising — in an environment plagued with middlemen, unequal distribution of profits, evolving consumer habits, and many inefficiencies.
CitiGroup investigated the unjust profit distribution in the music business in the United States in 2018. Despite an all-time high spend of over $43 billion, artists only got around 12% of the income (about $5 billion). What is the reason behind this? Because of the scourge of pointless middlemen who take a piece of the profits at every turn.
By establishing smart contracts that satisfy preset requirements, such as delivering money to the proper recipient every time their song is played, blockchain is proving to be the ideal option for simplifying and allowing more precise royalty payments. This allows for a more equitable and efficient system that fairly compensates artists for their efforts.
The media and entertainment industries have had to disrupt themselves to hold their viewers' interest. The COVID-19 epidemic has also changed the way we consume material, according to a recent Deloitte study.
Consumers are canceling memberships to paid streaming services, which originally increased as they began to add and sample services. As a result, customers seek the best value for their time and money in an intensely competitive industry.
Blockchain media use cases include micropayments and usage-based consumption models, which are both consumer-friendly and efficient, allow customers to pay for exactly what they want while leveraging smart contracts to ensure that artists get paid, providing a win-win scenario for everyone.
Consumers may get the bite-sized, low-value material they want, while content providers get paid immediately without sacrificing a portion of their income to middlemen. Furthermore, subscription providers can engage consumers who would rather make one-time singular purchases than commit to regular subscriptions.
Also, Read | How Blockchain is Transforming Media and Entertainment
Bot traffic, invalid traffic, and hidden advertisements all continued to drain advertisers' purses in 2019, resulting in both low ROI and a miserable user experience.
Fortunately, in the media and advertising industry, blockchain delivers immutable analytics that allows agencies, marketers, and clients to genuinely track and attribute advertising analytics so they can see how their money is being spent and where it is driving genuine clicks.
In reality, leveraging blockchain as a shared ledger and universal source of truth ensures that data is free of manipulation and fraud across the board, from clicks and impressions to lead creation. As a result, blockchain is assisting all stakeholders in rebuilding confidence, as well as marketers in crafting targeted advertising spend that appropriately portrays their ROI.
Also, Read | Intelligent and Secure Digital Advertising with Blockchain
In the case of digital material, blockchain-based markets eliminate content aggregation and allow users and producers to communicate without the need for costly middlemen. And it's not too late. Multiple intermediaries, ranging from streaming platforms to content aggregators, continue to muddle the media and entertainment business, eroding income for all parties involved.
Settlements are becoming increasingly automated thanks to the use of smart contracts, while consensus processes validate data and generate transparent and immutable audit trails for anything from content views to royalty payments.
This implies the sector will no longer need to rely on expensive intermediaries like collecting bodies and will be able to simplify operations while saving money.
Also, Read | Blockchain's Impact in the Media and Entertainment Industry
According to Cointelegraph, piracy in the media and entertainment business might be worth $52 billion by 2022. A large number of counterfeit versions of material results in significant losses for content providers and artists all around the world. Given the complexity of the issue, blockchain use cases in media to combat piracy are beginning to emerge, albeit they are still in their infancy.
Because there is inadequate information to explain the motives for piracy, it is extremely difficult to combat. These might range from cultural conventions to a lack of access to an engrained cultural conviction that the information has no worth, according to copyright research organization CREATe.
However, blockchain is already being used on a limited scale for a variety of purposes, ranging from content surveillance to forensic watermarking technology. And, as we learn more about the motivations driving piracy, blockchain might become a significant tool for minimizing its occurrence.
Also, Read | Preventing Fraud in Contracts, Supply Chains, and Identities with Blockchain
Additional income sources for new and old material, as well as better security of content intellectual property for content owners, might be created through blockchain. However, the technology is still in its infancy, and these applications are still in development. Early adopters must be informed of the risks and expenses involved. Because blockchain is currently uncontrolled, consistent rules for using the technology to produce value must be developed.
Furthermore, in other circumstances, getting the full benefits of blockchain may need the replacement of present technologies. It will take time to integrate the technology into current procedures, as well as to construct, test, and ensure its security. There's also the issue of where to keep all of this intellectual property.
Will enormous volumes of transaction data need to be kept with a third party, and who owns the real estate in that case? It will take time to answer these issues and discover common ground. It's critical for media industry participants to work toward defining blockchain application standards and identifying areas where the technology may assist major actors in the sector, such as content providers, aggregators, and distributors.
Also, Read | Developing a Blockchain-Powered Media Streaming Platform
Understanding how blockchain fits into the company's overall strategy, what the company's goals are, and if the technology can have a substantial influence on the business model will be critical. While the technology is still in its early stages, it has the potential to alter the way information is generated, consumed, and protected—and it's critical to begin considering the benefits and problems of adoption today. For more information about increasing blockchain's role in media and entertainment, connect with our blockchain development experts.
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