Blockchain technology has rapidly reached major industries from finance to telecom, to healthcare, automotive, supply chain, and retail, exploring the possible benefits of blockchain technology. In this way, the media and entertainment have also been affected and faced with opportunities that used to be like a dream, helping artists and content creators get their dues, in terms of revenues, copyrights, and support for tackling piracy and fraud.
So, this article will assess existing challenges in media and industry, which blockchain would probably resolve. It also evaluates the impact of blockchain on the current media processes.
The entertainment industry and blockchain
Since some industries embrace the blockchain, the decentralization of the global system has already started. The major impact of the decentralized system is already felt on music enterprises, content creators and start-ups in the entertainment field have started exploring how blockchain implementation can impact their business.
The geographical limitations and easy access for customers can be ceased by the revolutionary blockchain technology, letting them engage freely in a way they were not able to do in the past. Above that, filmmakers, and entertainment players can now readily access financing and tap into a vast pool of resources facilitated by investors and crowd-funding platforms. With funds flowing into the system, media and entertainment firms powered by blockchain solutions can address their major challenges. Moreover, they can leverage the solutions to get a better perspective on ways to get their content distributed.
Advantages blockchain has for the entertainment industry
There is a huge potential for blockchain to tackle the challenges plaguing the media and entertainment industry and re-invent how all kinds of content such as music, video, and other forms of files are distributed, consumed, provided, and also paid for in the sector.
Improving Supply Value Chains
The ledger technology, which is distributed and shared can enhance the media supply chain and bring down the incidences of intellectual property and copyright infringements of entertainment files, content, and music streaming, while benefiting from its decentralized process.
Monitoring the streaming royalty collections
the music streaming channel providers such as Spotify, Napster, and Pandora are usually accused of not giving enough payment of what they are eligible to receive. In these cases, blockchain has advanced solutions to help creators get their due and receive streaming royalties without any hassles.
The deployment of advanced blockchain can tap the right target audiences with more relevant ads in a timely and well-directed manner, clearing intermediaries to eat the marketing companies’ budgets and content creators’ share.
Oversee Fraudulent Activities
Adopting blockchain can track fraudulent activities, catching domain spoofs, bot networks, and clicks that are not enacted by humans. This is while the losses of entertainment media including movie and music sectors were about $44 billion this year just for the fraudulent activities.
Efficiency and better performance
The function efficiency of the industry can be rocketed by using the blockchain, which supplements transparency, immutability, cost optimization, provenance, and also consensus. Besides, the content quality, improvement in data, enhanced trust, and reduction in the incidences of disputes can be brought forth by the introduction of blockchain.
With decentralization underway, players in the entertainment and media can make optimum gains from the deployment of blockchain-powered processes. Content micropayments can be managed effectively, content aggregation can be eliminated, consumer sales can find end-to-end support and more trustworthy and accurate royalty distributions can be followed with blockchain in entertainment industry deployment.
Blockchain-based streaming platforms
As it is written on the platform website, ChainFlix is a revolutionary blockchain-based P2P video streaming platform that allows viewers, content creators, and enhancers to monetize their time, content, and efforts. ChainFlix intends to solve the issues in the current video streaming industry through a revolutionary approach.
In 2017, the founders of the Livepeer project formed a company called Livepeer, Inc. to help facilitate its early development, bootstrap the network’s supply, and demand sides, and guide the project’s path to decentralization. The company which then entered the decentralized world believes its mission is to grab the opportunity of crypto-economic incentives to deliver an infrastructure that can power video streaming applications at a highly efficient price, and infinite scale.
MovieCoin is a blockchain-based startup that’s aiming to overhaul the film financing business. The platform plans to issue a token that helps raise capital that will be invested in movies, television programs, and other entertainment industry assets.
Each Fund token will represent an ownership interest in the projects financed. Imagine a Blade Runner Token or a Top Gun Token
Cinezen wants to create a transparent Video On Demand platform using Ethereum-based smart contracts to allow distributors access to all data on the titles it carries and circumvent the complicated and time-consuming process of accounting for royalties.
On Cinezen, every film is treated as a smart asset and every digital sale or rental is stored as a transaction in a distributed public ledger. This allows both sides of the equation the same access to the information, which nobody controls, and nobody can manipulate.
Mediachain uses blockchain to automatically connect music to its originator and provide background information about the music. The independent, decentralized music library automatically gives a listener information about the creator, producer, and lyrics to provide a more transparent listening experience.
Spotify acquired Mediachain in 2017 to develop technology that better attributes music to rights holders and artists whose work streams on its platform.
Digimarc is integrating blockchain into its technology to help license music. Digimarc Barcode is a music fingerprinting technology that links to metadata to track music sources, measure usage, and estimate payments. The digital watermarking technology works with most music files and gives a more holistic insight for music rights holders.
Digimarc’s Barcode was used by “The Angry Birds Movie” production company Rovio to track interactions with music in the Angry Birds app.
Vezt operates a music rights marketplace that allows music fans to fund the artists, songwriters, and producers they love more directly, and in exchange, fans can receive royalties earned from their favorite recordings. The platform accomplishes this by collecting royalties from performing rights organizations, publishers, and record labels on behalf of fans and then tracks them using proprietary blockchain technology.
Vezt has acquired the rights to songs recorded by Jay-Z, Drake, Kanye West, and John Legend, along with many others, with more partnerships expected to be announced over time.