Immaterial products are often manufactured outside the company’s home territory, and marketing campaigns drive sales through a global distribution network. The website https://bitcoin-buyer.app/ provides fast deposits, withdrawals and trading strategies to bitcoin traders. The film industry, for example, has to overcome many hurdles to secure funding due to the lack of infrastructure in developing countries, copyright uncertainties and piracy risks.
Blockchain has the potential to solve many challenges in the entertainment industry by providing an immutable record of transactions which can be used as a database for digital rights verification and content usage tracking. In the entertainment industry, there are multiple types of transactions that companies can conduct through the blockchain, including transactions related to licensing, royalties, rights management and others.
Blockchain has the potential to change the dynamics of the entertainment industry:
In addition, a blockchain-based platform can generate new revenue streams for content creators by giving them access to a global market and eliminating intermediaries in creating and distributing work.
Blockchain can also allow artists to sell their original works through the associated data marketplace backed by smart contracts (a form of regulation which applies rules in a distributed computer network). Blockchain can also help solve some of the problems faced by the film industry, namely increasing revenue share for artists, reducing costs and increasing transparency.
The blockchain also has the potential to increase revenue for content creators as it allows them to sell their works without needing a central platform. Artists are allowed to connect directly with their customers over a decentralized network and be rewarded for their work on an ongoing basis. In addition, companies can create a global marketplace through blockchain where artists can sell intelligent contracts linked to a piece of art or content, thereby rewarding the artist every time someone views that piece of art.
- Copyright infringement:
Blockchain has the potential to resolve copyright issues faced by the film industry by providing a global marketplace for all of its content. A decentralized marketplace can eliminate the need for a central platform like YouTube or Netflix.
This global marketplace will operate on a decentralized smart contract, thus improving artist revenue share, eliminating go-betweens in producing, distributing and advertising content and reducing transaction costs. In addition, blockchain could also help in resolving copyright problems faced by the music industry:
- Piracy issues:
Blockchains generally eliminate intermediaries such as centralized platforms and provide transparency which can resolve piracy problems faced by the music industry, including financial restriction, royalties and control over digital rights.
- Technical challenges:
Blockchain challenges are also faced in different industries as it requires technical knowledge of how it works, how to maintain security and improve privacy. For example, for filmmakers and music artists, increased traffic on the internet can be a challenge as there is no natural way of understanding who visits their website or what they are interested in.
Despite the many challenges blockchains face in the entertainment industry, there are still enormous opportunities for blockchain use in content creation and distribution. The main issues the industry faces are uncertainty around patent law changes and copyright issues. Also, regulations worldwide are unique and can pose challenges to developing blockchain-based solutions for the entertainment industry.
- Talent hunting challenges:
Blockchain-based solutions can also help resolve talent-hunting challenges faced by the film industry. People can use them to find and audition for new talent by creating digital identities for content creators and allowing them to share their work over a peer-to-peer network.
With the advent of big data and AI, a new trend is emerging in the entertainment industry – personalized storytelling. It is targeted at tailoring an experience for every user and considering their preferences, which allows them to create content that caters to specific users. To create such real-time solutions, there has to exist a large amount of information about users’ preferences along with information about what they have interacted with previously while watching transmedia content.
- Crowd-sourcing movies projects:
Blockchain can resolve some of the challenges crowd-sourced movie production companies face by providing better control over financial transactions, transparency, and security and eliminating the need for intermediaries. Blockchain can also bring creatives, producers and investors closer together in a network where they can all communicate efficiently.
Blockchain technology is still in its early stages and poses many challenges to the entertainment industry, including uncertainty around patent law changes, copyright issues and regulations. Nevertheless, 31% of all movies released in 2017 were produced using some form of blockchain-based platform or blockchain-based service, while 37% of major companies surveyed had already implemented blockchain-based solutions or planned to implement them within a few years. In the film industry, studios continue investing in technology as they see it as the future of moviemaking. Tech companies like IBM and Oracle, along with blockchain companies, have recently entered the sector. However, to create a reliable system for moviemaking, there still needs to be regulations for blockchains.
It is evident that blockchain is an exciting field of study, and there are many ways it can help the entertainment industry by resolving its challenges. For example, it can also help improve its transparency, security, efficiency and distribution channels. Furthermore, blockchain could also help resolve some of the problems other industries face by providing a decentralized platform for content creators to be rewarded for their work.