Streaming content is wining over traditional cable & TV as people preferred to watch video content previously. According to the survey, 61% of users aged between 18-29 primarily watch online streaming content over TV. Emarketer estimated that there were 22.2 Emarketer evaluated that there were 22.2 million cord-cutters aged 18 and in the U.S. in 2017, a 33.2% increase in more than 2016 figures.
Streaming content is the future of the entertainment world. With the help of blockchain, one can take the streaming world considerably further by changing the way content is distributed.
Blockchain for Streaming Content
Streaming content has given some unique advantages, for example, more options and flexibility to users and more focused on targeted promotion for brands. But, monetization of streaming content has consistently been troublesome.
Initial digital platforms such as Napster and Limewire supported piracy. Streaming services, for example, Netflix require a flat fee monthly, which implies watchers who just utilize the services once in a while end up financing the individuals who use it intensely. Users of streaming services are additionally dependent upon the moving whim and rights access of content providers, frequently finding that their favorite TV show isn't accessible on their chosen platform, or that the platform may have brought their top shows down.
Individual creators without the financial assets of a film studio, TV organization, or major streaming services usually end up on Youtube, yet Youtube recently executed new guidelines requiring at least 1,000 subscribers and 4,000 watch hours over a year. This questionable choice demonetized the platform for some small contributor, yet even most Youtube stars don't make profound productions.
Blockchain has the potential for changing businesses going from medicinal services to supply chain to banking, and it can possibly change the streaming content industry as well. Content providers can utilize blockchain's transaction ledger to offer streaming directly to buyers, without middlemen, for example, centralized streaming providers (Netflix, Youtube, etc.) controlling the monetary connection among providers and consumers. Much as Bitcoin utilizes blockchain's permanent record to empower exchanges that don't require third party oversight, content providers and buyers can utilize the blockchain to exchange payment and content directly. Removing mediators gives higher income to content makers and greater adaptability and dependability for buyers.
The Personal Development Industry
The personal marketplace is underserviced by existing streaming platforms and is ready for the blockchain revolution. The same audience interested in online streaming content is more likely to interested in personal and professional development. According to reports, 94% of millennials are making personal development commitments. Millennials said that they are ready to spend twice on personal improvement.
Personal development content includes personal finance, time management, soft skills, investment strategies, and other personal and professional skills. Currently, this personal marketplace is facing the issue of piracy. A blockchain-based virtual marketplace can solve this issue.
Learners can use tokens to access the content provided on the platform. When users use their token to access the content, smart contract, and the token's immutable ledger automatically provide users with content and provider with payment. This transaction ledger can also help against piracy, as credentials stored on the blockchain cannot be duplicated. This solution can help small contributors as well as large ones looking for an efficient distribution model. Additionally, this platform can be integrated with community-building tools like forums and digital classrooms. As learners can buy this user-created content with the help of tokens, thus providing creators secure monetization for their work.
According to the above benefits, blockchain technology will have a remarkable time in the content streaming industry. There's no doubt that streaming content including personal development marketplace and online streaming services given millennial’s interest in both areas is going to positively affect by the power of blockchain technology. Looking to integrate blockchain technology in your industry? Choose the leading blockchain development company which can be easily able to get the best solutions for your major issues and enhance your business to an extent level.