Different ways the blockchain will benefit the entertainment industry in upcoming days
Blockchain has emerged as the most popular and sought-out technology all of a sudden. And it is finding itself being utilized where no one has thought before. People certainly don’t need to understand the blockchain technology to reap the benefits of it. It is making its foray into the glorious world of the entertainment industry, and it can be said that it will transform the industry for good in every period of time.
Easing the way of content creation and consumption globally
When it comes to entertainment industry launching new music isn’t as simple as it sounds. One has to get a deal with a label which takes the task of recording, distribution as well as monetizing the product in the form of music to reap benefits both for the artists and the firm. Same goes true for the film and television segment content. Blockchain will help in making it easier and streamlined for the entertainment firms to distribute content and resolve the unwanted disputes erupting in between the artist and the firm.
Blockchain technology will also help in getting rid of the problems which are plaguing the access to the content on a variety of online channels. Digital public records being managed by the Blockchain technology will help in efficiently handling the assets, digital rights as well as financing. These factors are known for causing a rift between the labels and artists which simply spoils the overall experience of the consumers.
Piracy will start becoming a thing of past
Privacy leaks are bigger concerns for the entertainment industry as it gears up to bring a wider audience to music, movies, and shows across different segments. Any kind of leak will not just result in loss of product but also the valuable privacy of the users which will undoubtedly hurt them more than one can assume.
Some of the major players in the entertainment industry namely YouTube, Warner, Netflix, Sony Music, and others are tweaking and improving their royalty payment dealing to resolve the unwanted disputes. Blockchain technology, in this case, will help in making the entertainment industry much fair in dealing with the artists and keeping the privacy of the frequent users under military grade security. A number of tech experts have stated that bringing blockchain technology into entertainment will only result in the elimination of the middle players like Satellite and cable TV. However, this elimination is not expected to happen overnight upon the broader adoption of the Blockchain technology in the entertainment industry.
Concern over digital rights will subdue
Apart from the micropayment, the primary concern for entertainment industry happens to be the dubious digital rights management. It has been a difficult and quite laborious task to track down the person or firm who owns the right for any particular content. Blockchain technology will be a valuable addition for the industry as the task of record keeping will be present in the public domain which will make it easier to track down not just the owner as well as users with ease. Blockchain technology will embed the content with a unique ID which will help in keeping a close eye on the performance of the content across the globe.
Distributors, artists producers will get paid quickly
In the world of music and entertainment getting paid isn’t a simple process. But the implementation of the blockchain technology will be boon for the artists, producers, and distributors as they will get paid instantaneously the moment their content gets distributed or sold on a variety of platforms globally. Secondly, the cost associated with this quick service offered by the Blockchain technology is next to near zero value which isn’t the case right at the moment in the industry.