Blockchain technology has found its way to many industries, from retail to finance. Even the healthcare industry is also exploring blockchain these days.
The blockchain market worldwide will ascend to 69 Billion by 2030. (Globe News Wire)However, the media and entertainment industry seemed reluctant to adopt blockchain. At first, the media and entertainment industry rarely thought about deploying blockchain technology.
However, the strange thing is that the media and entertainment industry is one of the ripe spaces for blockchain development. It did not take long for the entertainment industry to uncover the essentiality of pairing with a blockchain development company and explore the technology.
The media and marketing industry globally will reach $3550210 million by 2028. (Market Reports World)Blockchain in the media and entertainment industry will grow by $11.8 Billion by 2030. (Globe News Wire)Blockchain in media and entertainment space aids artists and content creators to get a hold of their copyrights, patent, and dues and also restraining piracy.
As one other use case of blockchain in media come to the surface, the entertainment industry is attaining a plethora of benefits that blockchain offers.
What Is Blockchain In Media?
At first, blockchain technology seemed like an innovative digital currency tool leveraged by the finance sector.
But almost all companies across industries are now experimenting with the core efficiencies of blockchain. Blockchain technology is a shared digital ledger that helps companies to organize their business data and access information quickly.
With a blockchain-enabled storage system, employees can monitor the company's internal workflow.
This much-increased traceability brings transparency and helps businesses successfully store and manage their business data.
The efficacy of blockchain technology has convinced industries not to limit its usage within the finance sector. Consequently, The benefits of blockchain in media pop up to the world.
Like the other industries, media and entertainment industries are also digging into blockchain development to build fascinating and exclusive applications to make the sector robust and sustainable.
More and more companies from the entertainment industry are investing in developing blockchain-based business models to level up their businesses.
Specifically, countless new business models are emerging in the media sector. Newspapers and magazines are still choking with struggles to monetize the value of free content and protect intellectual property.
Since data security and monetization have been significant challenges in the industry, companies are carving out new business models out of blockchain and NFT. NFT development companies are also becoming popular around the industry.
Additionally, in an environment flooded with middlemen and unequal profit distribution, blockchain in media applications help companies to streamline digital rights management.
In another way, blockchain in media is an effective way to achieve digital transformation and stay tuned with the world.
What Benefits Blockchain In Media Bring To The Industry?
Blockchain technology is bringing transparency to the entertainment and media industry, eliminating the previous ambiguous practices. This disruptive technology is finally offering a fair deal for all players in this space while allowing for serious innovations and new business models.
The following are the significant benefits blockchain in media solutions delivers to companies:
Streamlining Royalty Payments
In 2018, a severe matter came to the surface. CitiGroup detected and examined the unfair profit distribution in the media and entertainment industry of the USA.
Although artists hold a valid registration and high spending, they used to get only the 12% of the profit.
Shocking, isn't it?
The middlemen's interference was so massive that the unnecessary intermediaries took a big cut of the revenues every time.
Blockchain in media implementation offers a perfect solution to streamline royalty payments through smart contracts.
Artists can upload the original version of their works and navigate the licensing options. The artists can even control the distribution of their artworks.
The blockchain-enabled system enables artists to bring automation to royalty payments according to usage.
The blockchain smart contracts meet predefined conditions like payment release to the valid recipient. So, blockchain technology allows artists to enjoy their rightful reward and compensation.
Facilitating Micropayments
The world and its people are evolving, and so does their preferences.
It is evident that day by day, people's habits and preferences of media and entertainment consumption are also changing abruptly.
So, the media and entertainment industry must embrace disruptive technologies to seize their audience's attention, keeping them from returning for a long time.
Deloitte research has found that covid-19 holds excellent significance in evolving people's media content consumption habits.
The rising popularity of subscription-driven media content has made the competition more suffocating. Consumers want to watch media content at the best value for their time and money.
Media companies have to embrace advanced technologies to stay relevant in the market and make their services sustainable to audiences.
When consumer-friendly services and rich media content both are in demand, blockchain media use cases like micropayments, and consumption-based subscription models steal the heart.
Micropayments allow customers to make payments for precisely what they are watching.
On the other hand, Blockchain intelligent contracts ensure that the artists also receive payment for their efforts.
Consumers can access the small-sized content they seek, and content creators can instantly receive the payment without any loss.
Additionally, many consumers are out there who show reluctance to recurring subscriptions. On the contrary, they prefer making one-off individual payments. Through blockchain, subscription providers can engage all kinds of consumers.
So, blockchain in media ensures a win-win situation for everyone, from the artist to the consumers.
Preventing Fraud And Piracy
Piracy in the media and entertainment industry is not new or uncommon.
The total value of media and entertainment piracy will reach $52 billion. (Cointelegraph)
Content piracy brings considerable losses to content creators and even distributors worldwide.
Blockchain in media holds the potential to eliminate fraud and piracy in the media industry.
Till now, even large media companies have not become able to restrict content piracy. The main reason content piracy is so hard to fight off is that, most of the time, the reasons behind piracy remain unknown.
Indeed, blockchain in media use cases is still in the nascent stage to cut off piracy from the root. Yet, media companies can not underestimate its potential.
Companies have already begun leveraging the blockchain in small proportions in strengthening content surveillance and deploying forensic watermarking technology.
And as we come to understand more about the motives behind piracy, blockchain could start to emerge as a vital tool for reducing its frequency.
Diminishing Content Intermediation
Content intermediation is another severe and deeply-rooted issue in the entertainment industry. Blockchain-enabled solutions help artists free themselves from the web spun of middlemen interference.Final Thoughts
So, considering all the benefits blockchain brings to the industry, media companies must embrace partnerships with blockchain development companies.
Yes, blockchain in media is indeed in an early stage.
However, it does not dim blockchain's efficiency in the media industry. It allows businesses to experience dynamic growth in business expansion and profit. The streamlines of royalty payments, the adoption of micropayments, the elimination of middlemen, Etc., will help companies to rebuild and reshape the media industry, to bring new dawn amid the chaos.
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