Blockchain Technology & The Entertainment Industry
In this case study, we take a look at the use of blockchain technology across music & entertainment including distribution, cyber security, video streaming, content monetization of copywritten assets through p2p micropayments and smart contracts.
Blockchain can potentially enable peer-to-peer sales and content distribution, in addition to the potential of streamlining royalty payments. The technology also has the potential to spur the adoption of usage-based billing models. Content aggregation by media monopolies will be replaced by platforms that are more geared towards helping artists form direct relationships with consumers.
It is feasible to see the introduction of pay-per-use consumption-based models proliferating the entertainment space. Even platforms such as Read Cash, Publish0x, Mastodon, Minds, Carbon, Trodl, Noise Cash, Streamanity, Ecency, Cos TV, Steemit, Twetch, Lbry others are already utilizing new-age content distribution models that empower users.
Blockchain is expected to revolutionize the entertainment industry, make it more equitable and disrupt the space by making an even bigger impact than that made by today’s media giants such as YouTube, Netflix and Spotify. Some of the projects already doing just that include Audius, Muzika, Mediachain, JAAK, VideoCoin Network, Livepeer, Huntercoin, Socios, Chiliz, Jetcoin Institute, Artory, Dadiani Fine Art, 2020 Ventures, Hasso Plattner Capital, YouPic, Photochain, and more.
According to Research and Markets “in 2020, the global market for Blockchain in Media, Advertising, and Entertainment was estimated at US$175.6 Million. It is projected to reach US$9.4 Billion by 2027, growing at a CAGR of 76.6% over the analysis period 2020-2027.”
According to JP Morgan, blockchain has industry-wide applications for media entities because of its potential to transform the way content is created, consumed and protected.
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