Media and entertainment has seen its fair share of transformations in the last few decades. Movies, music and television have completely rejuvenated in various aspects from how content is created, produced and distributed. From time to time something new pops up in the radar and changes the way everything works. Take for example with the advent of the internet, the way music is distributed has been redefined. Record labels and production houses turned their attention towards digital modes of distributions from their hard copy records of the previous decades. Let us look at the three core areas in the entertainment industry
Blockchain in Entertainment- What’s new?
Blockchain is said to be the next big thing after the internet. Many industries have shown their interest towards adaptation of this ground-breaking technology. Entertainment and media industry is one among them. Each day new blockchain solutions are being put forth as use cases, proof-of-concepts, and business models based on blockchain principles are emerging.
The Entertainment industry for one has been seriously affected by the vast availability and the subsequent commoditization of original content and creations. They’ve been undermined by relentless piracy of intellectual property. At this day and age, media users are mostly accustomed to having free access to a wide array of content. But majority of them are reluctant to pay the subscription for premium content behind pay walls. All the segments in media have been affected significantly from the switchover to digitalization of their original content as the content can be easily copied and distributed without loss of quality. Though many steps are taken against this issue such as the introduction of Digital Rights Management systems; the only positive to come out of this move is that copyright infringement has substantially reduced. Attempts have been made to reduce the revenue leakage in these ways as many corporate have now taken the protocol seriously.
There are 4 stages in the entertainment industry out of which blockchain can increase efficiency in two of the stages.
1 . Creation of content
2 . Aggregation of content
3 . Distribution of content
4 . Consumption of content
The creation and consumption of content involves the human or manual effort. Whereas the aggregation and distribution of content can change the way they work with blockchain.
What blockchain does for artists and content creators?
Blockchain implication in the entertainment and media industry is vast. One of the standouts is that it makes it easier for content creators and artists to receive compensation while improving the way viewers access media.
Blockchain for music industry
Blockchain can be used to store a cryptographic ‘hash’ of the original digital music file, associating it with the source and potentially, the identities of the people involved in the creation of music.
The Blockchain can also store instructions in form of smart contracts like details of how the artists would be compensated for the song or music or jingle.
This would greatly help record companies combat challenges such as duplication of music as each digital copy or download would be digitally time stamped.
Blockchain is seen as a key in protecting artist rights by
Enabling Smart Contracts
Establishing a transparent peer to peer ransactions
Establishing a reputation based system
Promoting dynamic and efficient pricing
Allow for micro-metering and micro-monetizing