Transparency and Efficiency: The Benefits of Blockchain in Media and Entertainment
For the media and entertainment industry, blockchain technology is facilitating the creation of new business models that enable the sector to keep pace with changing consumption habits. It’s replacing inefficient, centralized systems, reducing the need for intermediaries and driving efficiencies. Plus, with transparent, immutable records of data shared between all parties, blockchain is creating a fairer, more equitable arena — bringing clarity to previously ambiguous practices.
The media and entertainment industry is convoluted. Large numbers of intermediaries (such as streaming platforms or content aggregators) are diluting revenues for all involved. But blockchain technology is enabling disintermediation across the industry. Smart contracts are automating settlements while consensus mechanisms are validating data and generating transparent and immutable audit trails for everything from content views to royalty payments. This is eliminating the reliance on intermediaries (such as collecting bodies), streamlining processes and generating cost savings across the sector.
Reducing Collusion and Increasing Transparency
From content rights, to licencing, to advertising metrics; blockchain technology is helping to combat complex challenges in the media industry relating to fair payment. A transparent account of data stored on the blockchain (such as streams, downloads or clicks) means indisputable data to support royalty distribution, usage-based payments, or the effectiveness of advertisements. Costly and inefficient usage-monitoring systems are eliminated, and near real-time payments are enabled via smart contracts. All this means a fairer system, where all parties benefit from increased data integrity and trust.