When it comes to measuring the efficacy of blockchain technology, critical industries like banking, healthcare, supply chain, and education come first in mind. However, the actual effectiveness of blockchain is far-reaching beyond three to five industries. This remarkable technology is turning into the mainstream for almost all potent industries. And it is evident in the media and entertainment industry as well. The media and entertainment industry has always been at the front row of digital transformational strives. Blockchain for media will take the digital transformation efforts of the media industry to another level.
Web 3.0 applications empower creators to monetize their art better. So, controlling ownership and distribution of art becomes less challenging for the media industry. Many top players have already partnered with reputed Solana development company to create NFTs and squeeze out profit for artists. The decentralized and secure nature of the public Ethereum platform allows media and entertainment industry actors to reap many benefits. From a lower IP infringement to direct monetization, blockchain for media benefits and revamp the industry in every corner.
Here we will discuss what promises blockchain brings to the media industry. Why on earth the media and entertainment industry is craving blockchain technology?
Blockchain for Media: What is it?
With technologies like NFTs and blockchain, the decentralization of business processes has just begun. The significant impact of blockchain decentralization has fallen above industries like finance, education, and supply chain, and now it is on the media and entertainment industry. Content creators and media start-ups have started exploring how blockchain for media can impact their businesses. Blockchain-enabled Smart Contracts can bring a major shift to entertainment agreements, fostering safe and secure negotiations. In addition, blockchain deployment can ensure better and more reliable payment ways for creators, facilitating seamless engagement of the entire media crew on global projects.
Furthermore, media and entertainment industry players also believe that investing in blockchain and NFTs can boost the revenue of entertainment companies, ensuring safe, transparent, and immutable transactions across the media and entertainment market. Filmmakers and entertainment players are now partnering with the top Polygon blockchain development company to access financing immediately. They can tap into better technology and a broader pool of resources, beating the challenges.
Benefits of Leveraging Blockchain for Media
The blockchain approach for media could change the design of the entire media and entertainment industry, from content creation and distribution to marketing. The following are the most significant ways that blockchain can flourish in the media and entertainment industry:
Lowering IP Infringement
For years, the media and entertainment industry has been bleeding because of digital piracy, virtual content duplication, and intellectual property infringement, to name a few. The content will become immutable when artists, directors, and producers start using Enterprise Ethereum to maintain and handle their intellectual properties. It will become easier for media companies to protect their rights when a legal infringement occurs.
Lowering Dependency on Intermediaries
There is plenty of intermediaries across the media and entertainment industry. From record labels and music publishers to music managers and distributors, all play the role of intermediaries. Blockchain for media ensures zero dependencies on intermediaries.
Micropayments Become the New Normal
Once a media company registers content on the blockchain, the system tracks the uses of the content. This kind of tracking system enables media companies to introduce new types of pricing techniques like metered billing. Blockchain-driven Smart Contract allows media and entertainment companies to offer micropayment schemes to the viewers.
Fostering P2P Sales and Content Distribution
Content creators and media companies can leverage Ethereum to automate administrative tasks regarding contracts, licensing, payments, Etc. Consequently, the automation of contractual-based actions makes the entire business process fast and free from intermediaries. The overall cost also gets lower. Content creators and media companies can distribute their work from peer to peer. They no longer require expensive intermediaries. Content distribution becomes hassle-free.
Smooth-running of Royalty Payments
Blockchain for media platforms allows content creators to submit their original work, manage content authenticity, and handle distribution and license. Media companies can incorporate the royalty payments for each piece of content into a smart contract to make it smooth-running.
The media and entertainment industry has been growing overwhelmingly for the past few years. However, except for the creamy layer of a few media companies, producers, and artists, the rest of the players still need to get all their dues at once. Blockchain for media puts an end to all the vulnerabilities of the media industry. It is the best time to partner with an experienced Solana development company to include blockchain in your media business. As a matter of fact, blockchain-enabled media and entertainment are the future of the media industry. If you do not think of it now, you will soon bang your head on the wall.