How the Entertainment Industry is Changing Thanks to Blockchain Technology
by adekunle-oludele Dec 02, 2022 Views (392)
The future is being built on the blockchain, and we’re not just talking about this technology as it applies to the world of finance.

Today, many industries are riding the ground swell of enthusiasm for blockchain-based solutions, and the entertainment sector is no different.

Let’s talk a little more about the ways this is playing out and why this matters for audiences as well as those on the business side of the equation.

Streamlining the funding process

Filmmaking is reliant on funding to go from concept to finished product. And yet holdups, hiccups, and disruptions to the process of financing feature films, short films, and documentaries can derail otherwise promising projects.

Depending on the cryptocurrency chosen and current network conditions, transactions can occur nearly instantly, and in turn, the decentralized design of the blockchain ecosystem allows for capital to be sent globally without the bureaucratic obstacles of older methods.

Thus, when films need funding and need it fast, they can get it no matter where on the planet the production is taking place.

Fighting piracy

Another asset of the blockchain is its ability to indelibly identify the ownership of digital assets. This is particularly important at a time when piracy is growing and entertainment companies are struggling to turn a profit.

Distributing movies using blockchain technology reduces the chances of content being stolen. Meanwhile, the worldwide reach of decentralized networks further empowers smaller operators to compete with streaming giants and overcome other common challenges, all while avoiding the costs of creating and maintaining their own distribution infrastructure.

Facilitating production

Choosing to purchase cryptocurrencies is a means of taking advantage of an investment opportunity and also experiencing what blockchain technology brings to the table from a practical perspective.

This can be applied to filmmaking when it comes to the nuts and bolts of keeping a production ticking over, particularly once the cameras have stopped rolling and the time for editing arrives.

Decentralized apps (DApps) and the data-distribution capabilities of crypto networks make it less of a chore to work with production teams that may be spread across a large geographic area. And of course, the security of the blockchain means you can safely commit pre-release footage to a database without fear of it being leaked.

Encouraging audience involvement and investment

In a sense, the rise of the blockchain and the ethos behind this movement can be applied to entertainment as a way of democratizing the process of creating cinema.

Crowdfunding, as opposed to traditional methods of film financing, gives people a chance to feel that they are making a meaningful contribution to the direction a project takes. Moreover, with the tools afforded by blockchain technology, funders won’t just be passive participants, but can actively be engaged with the production at every step of the journey to release.

Looking to the future

It’s worth noting that while cryptocurrency and the blockchain have been on the scene for some time, we are still comparatively early in the life of this technology, and so it is difficult to be confident when making predictions about what role they will play in the months and years to come.

For filmmakers, the impact of the blockchain might be markedly less significant than for the games industry, for example. Play-to-earn games and the rise of the metaverse have achieved much splashier headlines than anything movie-related recently.

Wrapping up

Wherever there are opportunities for significant changes to be made, there are also concerns that switching things up will leave us in a worse place than before.

It’s certainly true that the blockchain has its detractors, but it’s impossible to write off the potential it holds for creative industries, particularly in terms of asset ownership in a digital era.

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