Blockchain! It has certainly been a highly trending keyword and technology since its very inception. And why not? As this technology has touched our lives from every aspect. But are there any more possibilities? Well most experts think that our entertainment and media cannot remain untouched from this, and sooner or later it will be consumed and improved with the use of blockchain technology! Let’s take a deeper insight to this!
Entry Of Blockchain
Initially it was thought that blockchain will be efficient for handling the financial transactions, but later it was found that it can upgrade other sectors as well. The most interesting thing in blockchain is its ability to increase transparency and reducing the transactional friction. These two are quite helpful in enhancing the sharing process. The experts see it as a boon that can help in revolutionizing the way we consume and distribute music and other things related to our entertainment. As we’ll be no longer be judged by the law firms for the use and distribution of any form of creative content, the quality content will gain mass popularity in no matter of time. But what about the repercussions? For that, read further!
Will There Be Any Visible Impacts Of Blockchain On Media Industry?
Although this is a point of endless discussion, there are certain facets of this industry in which the consequences of blockchain influence are crystal clear. To know more about them, read further:
Access And Distribution
We have been facing issue regarding the ownership of creative content, no matter in which form it is. It is said that piracy is one of the biggest headaches that was accompanied by digital marketing. We still are not clear about the distribution policies of the content, and with the the blockchain technology, subsequently the need for distribution system will be eliminated. The creators would be able to release their work without having any deal with the huge firms for the legal rights. Well, for the smaller firms, the expenses will reduce considerably as they won’t need involvement of media entities which consume a significant percentage of the profit earned now!
Crowdfunding And Royalties
This type of funding is not new in media and entertainment sector and with blockchain-based crowdfunding, it will be much easier for the experts to carry out their work. As this type of funding will have a record of each transaction, it will be easier for investors to find where they stand in the crowd. If there is sale, consumption, or any usage of the asset(creative content), then the payments to all the parties can be made without much hassle. This will also facilitate to pay the people concerned fairly as in the creative world it is almost impossible to earn the actual profit because of piracy and other ill practices. With the efficient platforms and support of blockchain technology the automated payment can be generated each time it has been used. For example, a music artist can be paid according to the times his song has been played. Fair enough, we guess!
What To Expect Now?
The small creators and the artists who had to struggle a lot initially will be in win-win condition. The reason behind this is that they’ll now get their fair share and will not be hit hard by the piracy. Moreover, for them, reaching the global audience will no longer be an uphill task. There are many startups that are all set to harness the power of blockchain and improvise new things for the artists and the art lovers.
The blockchain technology is still in the developing stage, it has transformed our lives lives, as it grows, we can expect much more. The adoption of blockchain technology in the media and entertainment industry will be highly beneficial and enable better returns for the artists. However, the middlemen in this industry will suffer major loss as they will no longer be needed.
We just await the accurate execution paradigm for this and certainly the developments made will be accepted worldwide. We look forward to know your views, do not forget to drop your comments in the section given below.
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