As technology evolves, lives change, and people alter their entertainment choices so. The popular media and entertainment industry scenario across the world is electrifying today. In fact, it has become more evolved when the astounding technology ‘Blockchain’ has been merged with it. Now, evolution of blockchain in the field of media and entertainment can be seen in diverse ways.
The Blockchain is not a new idea right now. You all may have already heard of cryptocurrencies like Bitcoin and Ethereum that are both based on the Blockchain model. One of the best parts about the technology is that it is a safer approach to store information, make transactions, perform various functions, and to establish trust. Due to this, it has been enhancing customer experience and revolutionizing the trust across businesses steadily. Many companies including mobile app development and financial organizations use blockchain to keep their assets secure. Here are some of the key advantages, which you should know-
Looking to the amazing benefits, it is clear that why it is being popular in various industries. Today, in this blog I am going to share the insights related to one of the latest deeds of the blockchain technology i.e. the role of blockchain in media and entertainment.
Here are a few famous applications of Blockchain technology and how it is influencing the entertainment world-
Verifiable Ticket Sales
Live concerts and events are growing in popularity, that’s why the ticket prices are also fluctuating day by day. However, increased costs have led audiences turning to second-hand ticket sources despite the risk involved. That is when Blockchain helps! It can record the ticket ownership and can resolve if a ticket is gifted or actually sold
While the entertainment industry might be a few years late in employing crypto, it has now realized that blockchain has the potential to revolutionize the distribution of music and movies, and can resolve the piracy problem. To overcome this issue, Blockchain can help create a system using public keys to allow artists to exchange their digital assets with consumers.
Copyright and Ownership
In the entertainment world, copyright violation is a major expense for everyone. Blockchain technology has the ability, which can resolve this issue by creating a documentation of all transactions that have been carried out on a particular asset. Once something is recorded on the blockchain, it can be easily tracked transparently throughout its life.
Blockchain Music Streaming
Music streaming online has become a major trend these days. Ethereum Opus is one such company specializing in music streaming service. Due to its popularity, several top mobile app development companies are also developing apps based on music services. Opus uses the Ethereum blockchain to transact business and uses IPFS for file storing. It even guarantees the artists to receive compensation forever with a contract that does not expire ever. Sounds great, right? Similarly, Ujo is another music streaming service, which implements the Blockchain technology for automating the royalty payments using blockchain based cryptocurrencies and smart contracts.
Also Read- How Can Blockchain Impact Mobile App Development Industry?
Improved Video Streaming
No doubt, whenever we talk about video-streaming, there are only three popular names that come to the mind- Netflix, YouTube, and Amazon Prime. All these mobile app have become an addiction to the people today. But very soon, Blockchain video streaming services will take over because of the much more improved video streaming service it will provide to the users and artist compensations on these platforms will also act as a crucial factor for its popularity.
Currently, some of the Blockchain video streaming services accessible to the users are Livepeer, YouNow Stream and Viuly.
If we talk about the media industry, Blockchain could be a great choice in several ways; have a look-
Digital advertising is something, which demands security. Blockchain Technology will ensure that the consumer data is very much protected because of the added security that it offers. Earlier, it was very time taking for the marketers even by knowing the consumer details such as age, earnings, and other details, but with the implementation of Blockchain technology, marketers can directly create customer profile based on the details entered.
Crowdfunding with ICOs
Initial Coin Offerings i.e. ICOs is a prime aspect for funding of Blockchain based sectors, which use cryptocurrencies. ICOs have now been considered a vital part for the creative sectors like media for crowdfunding. These ICOs when used for crowd funding, can help keep a record of all funding transactions that can be used later in real-time. This also helps in reducing fraudulent activities.
The technology has been proving itself as a pioneer that will help to achieve sales transparency for all individuals related to media. Now, passing through a number of intermediaries became older, because royalty payment mechanisms have replaced them, which is much more convenient and instantaneous.
Monetization of Micro-contents
One of the best features by which media industry could gain benefit of the Blockchain technology is via its micro-contents. It allows users to do payments, which can be divided into smaller parts. This means that the customers can divide their payments according to the size of content they want to interact with instead of whole.
Not only media and entertainment, in fact every industry should welcome blockchain technology into their businesses and start making transformations. If you are an Android and iOS mobile app developer or software developer, then it’s good to understand emerging technology and advise your clients when it comes to developing mobile apps. If you have an idea, hire a reliable app development company and start creating greater value for your organization.