2017 was the year when Blockchain became quite famous among many industries. But the effect and intention it created with, is still being explored.
Entertainment Industry is amongst the industries that will be impacted by this technology.
In this article, we will discuss the impact Blockchain technology has on the entertainment industry. This will include media companies, studios, and networks.
A little introduction…
Internet and other technologies have revolutionized this industry, but now it needs something more. It needs a technology that will revive its charm, and make transactions and other formalities within its easy. Thus, Blockchain in media and entertainment industry has a great potential.
Blockchain technology encrypts the data in an environment which is unblocked and unsecured. This helps end-user access anything without worrying about centralization system for data.
Some examples of this are:
- Bitcoin– Makes proper use of Cryptocurrency for any financial dealings
- Ethereum– Uses many exchange methods for financial dealings, but also let the user use it for other things.
Blockchain in the entertainment industry is getting popularity as it provides a different way to store content. The platform of television is the biggest Blockchain technology stakeholder of this industry. It avails the benefits of this service through ads, content formation, distribution, and promotion.
To summarize, the main purpose of using this technology is to limit the use of middlemen. This helps both the industry and the consumer to get an optimal level of satisfaction.
Here are 6 ways Blockchain will impact the entertainment industry:
Do you remember when Udta Punjab (Bollywood Film) that was leaked prior to its release? The production house, as well as everyone associated with it, suffered huge losses. Whether its Hollywood or Bollywood, Sony or HBO, everyone has seen their data been hacked and leaked on the internet.
This poses a huge problem for everyone involved. Blockchain technology will help solve this problem. It will make the data decentralized, cryptographic and sequential hashing. This means any financial deal and data will be highly secured and hackers won’t be able to hack it.
Blockchain technology doesn’t require a huge distribution unit. This is one of the biggest benefits entertainment industry avails from it. As the production house/network/studio that has created the content can directly distribute it to the customers. They don’t have to make any huge financial deals with big media house or organizations. This, in turn, saves a lot of money/profit that otherwise would have to be shared with them. Overall easy distribution process makes entertainment easy and less expensive for both consumers and creators.
Payment is a complicated process of Entertainment industry. It involves many people, steps and takes a lot of time. But with Blockchain Technology, the creators can immediately distribute the content and get paid too.
Gaming is one of the best entertainment sources for anyone. The launch of Crypto Kitties (A digital kitten trading game) that runs on Blockchain technology Ethereum has proved that. More than $6.3m has been invested in this site, which is a testament of impact this technology has. The success of this game means that more people are willing to invest in Blockchain for the entertainment industry.
5. Tangible Goods
Celebrity merchandise, event tickets and so on are the tangible goods of the entertainment industry. Before with middlemen, selling them was a huge deal with the creator getting only limited profit.
But with the use of Blockchain in the entertainment industry, the scenario has changed. It helps the owner reach a wider audience directly. This means two things- better price and authentic product delivery. Blockchain technology is able to record supply chain transaction records and trace it in real-time.
This ensures that the original product is sent to the public in optimal condition. Also, this helps the owner get the price which is worth their efforts.
6. Battling Piracy
Piracy is a huge concern for media companies. The entertainment industry is looking for ways through which Blockchain technology can help them solve this problem. There are many rough patches in the legal distribution of content. This makes piracy easier as anyone who is not part of the system can get their hands on it and leak it. With Blockchain, the piracy will minimize and money generation will be easier. Thus, most media companies like Netflix, YouTube etc. are using this technology for better payments methods.
So to conclude…
The effects of Blockchain technology on various aspect of the entertainment industry are clear. Now, you must be having no doubt about the potential of Blockchain in media and entertainment industry. This technology can easily solve the problems/issues that it has been facing for decades.
Even the basic units of all entertainment industry use Blockchain to satisfy their consumers. In the coming years, everyone will start using this to ensure better quality, service, and finances.