How blockchain technology is changing media and entertainment | London Daily News

Blockchain technology and cryptocurrency are making experiences better in the entertainment and media industry. These technologies have changed how creators and consumers interact. They have also improved the performance of media platforms and traditional distribution systems, among other benefits.

Are technologies like the blockchain and Bitcoin here to stay? Global blockchain market share in 2023 and beyond shows its growing influence, which will impact media companies.

Keep reading as Kate Richardson shares valuable insight on blockchain and blockchain-based marketplaces for digital content. This article discusses the benefits of blockchain within the media and entertainment industries.

The Benefits of Blockchain Adoption in Media and Entertainment

The entertainment market size is expected to reach 3.4 trillion by 2028, and the decentralized nature of blockchain will help it get there. Many industries worldwide already use blockchain solutions, from gaming to betting and content creation.

Here are some benefits of blockchain applications across the media and entertainment sectors:

Transparency of Entertainment Platforms

“The root problem with conventional currency is all the trust required to make it work. The central bank must be trusted not to debase their currency, but the history of fiat currencies is full of breaches of that trust.” — Satoshi Nakamoto on the importance of decentralized financial systems.

The blockchain is a public, transparent ledger of all transactions. Records of blockchain transactions are typically secure and have strict anti-erasure protocols. Nothing can undo the data once the blockchain records an exchange, and anyone with an internet connection can check it.

Imagine this — you pay a lot of money for a non-fungible token. Even if there’s some sort of network delay, you’re not worried because you know your money is safe. That’s precisely what Blockchain offers.

Decentralization across the Board

As Vitalik Buterin, Ethereum’s co-founder, once said, “Whereas most technologies tend to automate workers on the periphery doing neural tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”

Before the blockchain became popular, there were middlemen between us and the content creators. These included studios and record labels, which charged much for representation.

Now, the blockchain can provide a connection that doesn’t need third-party supervision. So, creators and consumers can meet each other directly through dApps. This increases influencers’ pay, transforming the media and encouraging more content creators to work.

This brings new business models and forces the media giants to rethink how they operate.

Smart Contracts and Royalties

Everything from bureaucratic processes to delayed checks can hold up payments in the media and entertainment companies. The blockchain enables us to bypass these challenges.

Influencers can leverage blockchain technology and smart contracts to get their money in real time, independent of third-party intermediaries.

Use Cases for Blockchain in Media and Entertainment

There are many practical cases of blockchain use in the media. Let’s explore a few notable examples:

Digital Rights Management

By incorporating blockchain in the media, creators have full rights to any digital asset and intellectual property they produce. Blockchain projects can also track content sharing online, making it easier for creators to monetize their creations.

By offering more layers of protection for content creators, blockchain further supports the creator economy and mints new generation creatives.

Content Distribution and Streaming

The blockchain has the potential to provide efficient solutions for content production and distribution. This will make media platforms more scalable. For example, you can now watch movies, music videos, or shows while paying the creators directly.

Sites like these make content distribution and streaming more accessible without a middleman:

• Audius
• Theta
• BitSong
• DTube
• Emanate

Global Blockchain Market for Digital Content

Thanks to blockchain technology, you can upload and sell your work directly as a creative. You can bypass third parties and increase personal profits through decentralized platforms — peer-to-peer transactions not relying on centralized finance.

This is especially beneficial in the music industry, making digital content more easily accessible.

The Impact of Blockchain on Media and Entertainment

It’s hard to imagine a world without decentralized finance because the advent of blockchain has changed how people approach money. Not only money, blockchain has also refined operations in media and entertainment. Some of the ways blockchain comes into use include:

Peer-to-Peer Transactions

The global blockchain trend is making waves through peer-to-peer transactions and content sharing. The blockchain will eventually reduce our reliance on intermediaries by allowing us to pay artists and creators directly.

Bypassing MasterCard, Visa, and other common online intermediaries means you can save a percentage of your money on each transaction.

Royalty Payments via Smart Contracts

Another feature of blockchain adoption is its impact on royalty payments. Smart contracts can take over royalty distributions from record labels, ensuring that creators get their profit fairly and instantly.

Various parts of the entertainment industry, especially in music, where royalty disputes are common, already use blockchain solutions.

Immutable Advertising Metrics

Record-keeping and tracking are important in the media and advertising sectors, and the blockchain has undisputable data about advertising impressions. This guarantees that companies get accurate feedback on the effectiveness of ads.

Micropayments

Blockchain supports micropayments. You can send and receive as little as 50 cents with crypto. This allows creators to collect petty fees for individual pieces of content. This is a turning point for creating content like songs, videos, webtoons, and articles.

Other entertainment sectors like iGaming and sportsbooks have also started using blockchain solutions. Many bookmakers now allow users to make and receive payments in cryptocurrency.

Previously, micropayments were not worth it because transaction fees were too high. Now, blockchain adoption allows you to pay only for what you consume.

You can explore different betting sites to enjoy these payment solutions. With the right predictions and tips to win big this weekend, you can bet on your favorite games and sporting events seamlessly.

Fraud and Privacy Protection

Media and entertainment personnel are not safe from fraud. However, preventive measures, such as the blockchain, are safer than local banks and online vendors.

Similarly, one of the biggest issues in the media industry is digital piracy, which has cost billions over the years. Now, there are blockchain applications in the fields of music, books, and film that make secure data rights management (DRM) tools accessible online. These DRM tools protect digital content from illegal circulation or publication.

Emerging Blockchain Technology Trends in the Media and Entertainment Marketplace

As blockchain technology continues to expand worldwide, here are the trends that’ll transform the entertainment industry:

Global Blockchain in Media

More media companies leverage blockchain in different ways. It applies to applications like measuring ad metrics, cutting middleman expenses, and improving security.

The rise of cryptocurrency will also play its role. There are more than 22,000 cryptocurrencies, which provide diverse ways to shop and consume without a middleman. This creates access for anyone with a cell phone or system.

Blockchain in Web 3.0 Market

Web 3.0 has broken many boundaries between content creators and social media users. The blockchain can host decentralized applications, and software engineers are committed to creating sales and content distribution platforms.

Content Production and Decentralized Distribution

The role of blockchain technology in content distribution is rising. Whether music streaming, skit-making, or vlogging, blockchain allows content creators to receive payment for their work globally.

Digital Collectibles and NFTs

More people are spending their money on digital collectibles like NFTs, creating new ways for creators to make money. Digital art, video graphic content, music, and virtual assets are lucrative investments for creators and their supporters.

The Future of Blockchain in the Entertainment Industry

Blockchain technology is about to play a big role in the future of media. So far, it has already started giving content creators more control. It has also given consumers direct access to what their desired content forms.

Implementing a blockchain platform will protect digital rights and generate income for creators. In the next decade, it will change the entertainment world in unimaginable ways.

Images from pixabay.com and unsplash.com.