Reforming Media & Entertainment Industry with Blockchain
Blockchain technology is likely to provide transparency and liquidity for all its stakeholders. Let us look at two such industries where blockchain is playing a game-changer role for the artists and has been revolutionizing the landscape
Fremont, CA: The media and entertainment industry is one such sector that stands to gain substantially from the traceability and transparency that blockchain offers. In this relationship-based industry, the creators or the artists usually suffer because they are never exposed to the workings of business, law, and finance. They are put at a disadvantage by middlemen margins and furtive profits. The blockchain technology can help to eliminate fraud, increase transparency, and vastly reduce the costs.
The digital content has become so vast that it is quite impossible to track who owns what across audio, visual, and written content. Content ownership and right management is one of the greatest issues in the entertainment industry and has created ample of lawsuits and payment disputes. Blockchain promises to solve this issue by tracking intellectual property (IP) rights across multiple channels and enable the digital rights management companies to access the full record of transactions made.
Blockchain technology is likely to provide transparency and liquidity for all its stakeholders. Let us look at two such industries where blockchain is playing a game-changer role for the artists and has been revolutionizing the media and entertainment landscape.
Media and Visual Content Film, TV, and short-form digital media are more prone and vulnerable to the IP frauds. Blockchain can benefit these industries by more efficiently tracking the IP ownership, streamlined fundraising, and payout models. Companies can integrate blockchain to collect, allocate, and analyze the revenues in film, TV, and other digital media. Blockchain provides a platform that encourages transparency in the distribution process where stakeholders can be rewarded without the interference of middlemen. The platform also enables the projects to draw on global funding and create global audiences.
Public Engagement Engaging audiences is at the core of every entertainment business. An effective engagement provides monetization, which is the core objective of every entertainment house, be it film industry, music company, or any other kind of media. The end goal of the audience engagement is to convert all tickets into sales. Ticketing has been regarded as one of the most practical applications of blockchain in entertainment. It combats fake ticketing, scalping, and allows artists to regulate the pricing.
