The Media Industry Should Adopt Blockchain Technology

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Whether we’re talking about news or movies, music or magazines, the entertainment, and media industry has changed dramatically over the past 10 years. With the advent of streaming services like Spotify and Pandora, people don’t have to rely on the radio or television to listen to their music or watch the shows they like. Instead, they can pick and choose exactly what they want to watch whenever they want to watch it. This technology has changed the way people consume content, not just in terms of on-demand choices but also in advertising and marketing. A Recent Example Of Blockchain Adoption By Media What if we told you that media platforms like Facebook, Instagram, and Snapchat were working with crypto-powered companies to develop their digital tokens for incentivizing content creation? That’s right: If a post gets a lot of likes, shares, comments—or maybe even retweets—publishers (or creators) will receive tokens. That would give them an incentive to create more content. How do you think social media will look years from now with that incentive in place? Imagine an Internet where users pay for things like premium subscriptions through microtransactions. On YouTube alone, there are billions of views every month. Billions of dollars go into creators’ pockets without worrying about third parties taking cuts or causing controversy due to bias. And it doesn’t stop at social media. As long as there is a platform where people can upload content, blockchain technology can be used to connect creators directly with consumers via cryptocurrency payments. In fact, some blockchain startups have already started doing just that. There’s also big potential for blockchain adoption in other areas of entertainment and media, including music streaming services, online gaming, and e-sports. It’s clear that blockchain technology has huge potential to disrupt industries worldwide. Fortunately, entertainment is no exception. Why Should The Media Industry Adopt Blockchain Technology? According to Deloitte’s 2017 Global Entertainment & Media Outlook report, media and entertainment companies face three challenges. These challenges include high costs associated with fraud prevention, transparency issues related to usage rights management, and concerns about reliability in tracking financial settlements between parties. Addressing these issues requires real-time reporting across an industry made up of networks where data is often duplicated. Blockchain would allow media companies to cut costs by removing intermediaries. Right now, movie studios have to give a share of their profits to intermediaries such as Netflix or YouTube to sell their movies or shows on those platforms. Blockchain technology will make piracy much more difficult. This is since all transactions are recorded on a public ledger visible to anyone with an internet connection. So even if pirates can steal your media, they can’t easily profit from it. They won’t be able to resell it without raising some eyebrows. In addition, decentralization is great for artists. There will be fewer gatekeepers standing between them and their audience, which means artists will earn more money for what they do best: creating art! Finally, blockchain technology will help eliminate fake news since information cannot be tampered with once added to a block. This could go a long way towards restoring people’s trust in traditional news outlets. Digital Rights Management The rise of online digital content services has resulted in increased piracy rates. Unprotected copyrights, excessive sharing, and illegal content can cause severe economic and social damage to content providers. Blockchain-based Digital Rights Management (DRM) offers a solution to this problem while simultaneously offering conditional traceability of a violation. The first blockchain application for digital rights management is in the form of decentralized databases. Blockchains are public records that can prove ownership and trace usage of a copyrighted work. For example, Spotify has acquired a blockchain startup called Mediachain to facilitate payments to musical artists with cryptocurrencies. Through digital rights management, the companies can identify which songs have been played online and compensate artists accordingly. Furthermore, as the blockchains are distributed among many users, they can prevent piracy and protect creative works against unauthorized distribution. Content Monetization The decentralized and transparent nature of blockchain-enabled platforms allows them to improve the efficiency of content creators, buyers, and sellers. Blockchain-based platforms enable direct consumer input to the revenue model, increasing incentives for content creators and publishers. In addition, blockchain-enabled platforms are immutable and decentralized. That means that users can be rewarded directly for their time, attention, and data. The more time they spend using the platform, the more money they’ll earn. The blockchain allows content creators to keep track of the location of the content, the ads placed on that piece of work, and the commerce tie-ins they receive. Unlike traditional ad-targeting, blockchain is completely privacy-compliant. With a simple application, content owners can monetize the value of their content. Copyright As the underlying technology for many future digital media platforms, blockchain offers clear advantages … Continued

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The post The Media Industry Should Adopt Blockchain Technology appeared first on Cryptoknowmics-Crypto News and Media Platform.

Time Stamp: April 26, 2022