The Impact of Blockchain on Media and Entertainment
by eguaogie-eghosa Dec 07, 2022 Views (396)
Blockchain technology advancements are developing at the speed of light. With the aid of these technical breakthroughs, industries intend to address existing issues.

The media and entertainment sector's worldwide blockchain market is anticipated to reach $1.54 billion by 2024. with a projected 32% compound annual growth rate from 2018 to 2024.

The traceability, precision, efficiency, and transparency of blockchain technology are the major reasons why industries are eager to utilize it.

One industry in particular has a lot to gain from blockchain's openness and traceability as we continue to see its adoption and innovation spread across industries.

Since the media and entertainment sector relies heavily on relationships, intermediaries margins and covert earnings sometimes disfavor producers.

This has been made more pronounced by the fact that many artists pursue creativity and artistic expression without ever receiving instruction in or exposure to the complexities of business, law, or money. The sector may be able to completely eradicate fraud, drastically cut expenses, and improve overall transparency with the aid of blockchain technology.

The ownership and rights management of content is one of the biggest problems in entertainment. Numerous lawsuits and financial conflicts have resulted from the difficulty in determining who owns what in audio, visual, and written property. Blockchain promises to make it possible to track IP efficiently across numerous channels. The proper tracking of intellectual property rights and full access to the transaction history by digital rights management companies are both made possible by this new technology.

Additionally, distributed ledger technology can produce a very useful accounting application and quick access to revenues for both artists and investors. Profits are frequently retained by labels or studios, and artists and other stakeholders may have to wait months before receiving any payment for the hours they put in while accounting is done. All of its stakeholders will have access to liquidity thanks to blockchain technology.

Even while this particular idea is still relatively new, there are already a number of businesses making their mark.

We will continue to expand this list of notable projects as the market develops. As always, feel free to contact me on Twitter with your ideas.

Funding for the creation of a debut song or album is one of the main problems young musicians encounter. Despite the fact that artists may invest all of their passion and expertise into their work, labels frequently retain ownership. By enabling artists to easily track streams and even release their work without a label, streaming platforms have added a cog to this broken system. By fostering a closer connection between creators and followers, blockchain aims to carry on this trend.

The first music rights marketplace where fans can split the royalties of their favourite songs and recordings is Vezt, which is supported by Sony and BMG. The business aims to change the music business by giving producers, composers, and musicians access to revenue that comes directly from fans. All song rights are encoded, and royalties are tracked on-chain. A portion of the song's rights are available for purchase, allowing fans to effectively own a piece of the success that they contributed to by supporting their preferred performers.

Verifi, another participant, deals with music rights management by connecting media files, ownership information, and artwork. The primary value proposition of Verifi is to synchronize ownership among all parties involved in a song, including the artist, label, and streaming provider.

Audius, which has funding from Lightspeed Ventures, General Catalyst, and Kleiner Perkins, intends to be Soundcloud's blockchain-based competitor. Up to 90% of sales are returned to the creator via Audius, which also promises to boost emerging artists' fan interaction and discoverability. DJs like Deadmau5 and 3Lau have already made the platform their home.

Media & Visual Content

Not just the music industry may benefit from distributed ledger technology. The tracking of IP ownership in film, television, and short-form digital media may be made more effective, and financing and compensation mechanisms should be made simpler.

FilmChain, an Ethereum-based company that targets the borderline mafia-like Hollywood film industry, gathers, allots, and analyses money from film, TV, and other digital media. The platform's main objective is to promote transparency in the distribution process so that stakeholders can be paid directly without the use of a middleman. The platform also enables initiatives to build international audiences and access international funding.

Toronto-based With the help of a reputation system, StreambedMedia is developing a content provenance mechanism that will enable creators to monitor content shared on Facebook, Twitter, Instagram, and YouTube. With the free platform, you can permanently link yourself to the co-creators, those who paid you to make the video, those who share it on other platforms, and other creators as well as share traffic data with them. Utilizing blockchain to monetize micro content is another significant trend that has not yet been fully realised by StreambedMedia.

Audience Participation

Every industry in the entertainment industry revolves around engaging viewers. Effective engagement, which leads to monetization, is the key to any form of media's sustainability and profitability, be it film, music, or another.

Audigent is a brand-new transparent data platform for advertisers in the media industries of sports, entertainment, and fashion. The startup, which has ongoing collaborations with YouTube and Instagram, is also supported by the new fund Raised in Space, which was established in association with Warner Music Group, Scooter Braun, and Ripple's XSpring. The business aspires to be the first to provide an all-in-one service for monetizing first-party data and engaging audiences.

Of course, turning all of that audience participation into event ticket sales is the ultimate objective. One of the most useful uses of blockchain in the entertainment industry has been hailed as ticketing. Scalping and bogus ticketing are successfully fought off, and artists are given full control over pricing.

The goal of YellowHeart is to create the first "socially responsible" ticketing system. The platform will let a performer, venue, or other "event initiator" establish guidelines for ticket resale. By establishing a price cap, the CEO hopes to encourage artists to forgo middleman markups and to ensure that profits benefit both the artist and the fans. By taking money from scalpers in the secondary market and giving it back to fans, artists, venues, promoters, or charities rather than dishonest people, the company hopes to make up to $10 billion annually.

Distributed ledger technology in the media and entertainment industry is primarily focused on enhancing accountability and transparency for the benefit of the creative. Because no needless intermediaries are involved, this frequently lowers the price of the finished product for the buyer while preserving the highly wanted and cherished artist-fan relationship.

Blockchain challenges

Blockchain has the potential to expand the number of ways that artists can earn money, both new and old.

Additionally, it will be crucial for content owners' protection of their intellectual property. This technology is still being developed, though. The risks and difficulties must be taken into account by the early participants in this field.

Blockchain is currently an unregulated technology. It is necessary to develop common use norms. This includes shared standards between participants for blockchain use cases that demand a lot of restrictions.

The benefits of blockchain solutions can in some situations need a complete replacement of the existing system. The whole assurance of building, testing, and security requires the integration of such technology.

Concerns exist regarding the precise location of certain intellectual properties. Who owns the real estate with third-party integration storing that enormous amount of data, too? The key to creating these blockchain solutions will be finding the answers to these questions.

It is imperative that folks working in the entertainment sector begin developing these standards. This includes determining the fields in which the technology will help important participants.

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