November 21, 2017
Blockchain involves far more than Bitcoin, for which it became initially famous. It is already having profound impacts on a variety of fields. While some industries like financial services and identity verification may seem obvious due to the technology’s ability to more securely and efficiently store, send and receive data, some sectors can reap surprising benefits from blockchain use. Entertainment is one such industry that stands to be transformed, much to the benefit of everyone involved.
The global music industry is huge with recorded music revenues totaling US$15.7 billion. While large, this number should be much larger. Illegal downloading runs rampant, with people obtaining music while the artists receive no compensation. It is impossible to know how many artists cannot make a living because of this, and therefore how much great music the world has gone without. Thankfully, blockchain development might change this harsh reality.
Stages Go Empty When Artists Go Unpaid
Blockchain can allow music to be published on the ledger with a unique ID and timestamp in a way that is effectively unalterable. Each song or album can store metadata containing ownership and rights information in a transparent and immutable way. This means that it cannot be accessed by those who did not pay for it. This can solve the historic problem of digital content being downloaded, copied and modified and will ensure that the correct people will get paid for the use of the content.
Beyond guarding against pirating, blockchain technology can also revolutionize the monetization of music. Using Smart Contracts the blockchain ledger can establish a more direct relationship between creators and consumers, cutting out middlemen that take a percentage of the profits and raise prices to a level that may discourage purchasing. Composers and artists will no longer be required to go through purchasing platforms, record companies and financial brokers and can get directly compensated every time their songs are played. This can be a boon to amateur producers who don’t have the backing of huge record labels.
The film industry of the 21st century can benefit from blockchain development by supporting a dynamic and connected global network of content producers, distributors and audiences.
The landscape of film distribution has undergone radical change in the last decade, which has allowed for rampant theft while simultaneously lacking flexibility to react to specific market needs. Content digitization and a connected network of distributors and exhibitors enable simultaneous worldwide theatrical release windows to be exploited by anyone who wants to download and illegally distribute content. Moreover, because distributors are so large, they often distribute the same movies everywhere, regardless of what people in any particular area may prefer.
Blockchain can serve as a decentralized and scalable solution to manage the increasing complexity of contemporary global networks and digital distribution models. Because data, in this case movies, can more easily be sent and stored, the blockchain allows simple flexibility for selecting which movies are appropriate for what areas. This applies to both in-home and theater viewing. This change not only enhances viewer’s experiences, but also can raise studio and distributor revenues because they will be providing a higher satisfaction rate for customers.
And just like with music, the technology’s security guards against movies being stolen. It can also help small film producers, actors, musicians and directors get paid from the work thanks to easy, direct relationships with customers.
The security extends to copyright issues. The film industry includes a complex amount of trademarks, book / script rights, technical and design creations and licensing rights. Copyright infringement can be a major insurance expense for established studios. But for smaller, independent producers and distributors, ensuing litigation and fines can be a major barrier threatening their existence. Blockchain development can address this problem by creating an immutable record of transactions on any asset, including an idea, story, script or character. Once recorded on a blockchain, this asset can be tracked throughout its lifetime, even as ownership is exchanged, sold, transferred or assigned, meaning less money is spent on litigation and the rightful persons receive fair payment.
The music industry and film industry are just the beginning for how blockchain can change entertainment in general. The same powers that help make those industries more fair, secure and enjoyable for artists and consumers will reverberate across sectors. For example, blockchain startups are already changing how prize pools for video game tournaments are collected, how sport schedules are created, how visual artists monetize work, how works of literature are distributed and how casinos prove fairness. The technology holds incredible potential for any of the ways people entertain themselves, and it is an exciting time to witness.
Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspire to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. We love how blockchain can impact so many different aspects of everyday life, especially as it encourages compliance and regulations. The entertainment is an exciting, unique case and we hope learning about it expands people’s understanding of the true power of blockchain!
You can learn more about Infinity Blockchain Labs and stay current with our activities by visiting our website and social media accounts below:
Website: Infinity Blockchain Labs (IBL)
LinkedIn: Infinity Blockchain Labs
Contact: Nicole Nguyen PR@blockchainlabs.asia