Web3 & Blockchain in Media and Entertainment

Blockchain in Media and Entertainment is enabling disintermediation, streamlining digital rights management and creating a fairer and more transparent system for everyone from content creators to advertisers.

Web3 and Blockchain in Media & Entertainment

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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.

Disintermediation

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.

Blockchain Use Cases in Media

With blockchain use cases in media ranging from streamlined royalty payments, to disintermediation, to micro-payments; blockchain technology is helping to combat age-old challenges that harm both the content creator, and the consumer experience.

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Streamlined Distribution of Royalty Payments

Blockchain technology enables a fairer, more efficient and more transparent process for distributing royalty payments across the music or wider entertainment industry. Royalties can be distributed to artists and copyright owners closer to real-time and based on actual usage data as opposed to estimates. At the same time, the reliance on archaic, costly and insecure centralized royalty-tracking systems can be eliminated, as large amounts of consumption data can be stored securely on the blockchain in an immutable format.

Micropayment and Usage-based Payment Models

Blockchain in media and entertainment is facilitating more consumer-friendly and efficient payment models such as micropayments and usage-based billing. Content consumption can be validated in real-time on the blockchain, while smart contracts are used to execute the settlement of billing and royalties for the content consumed ⁠— all without the need for intermediaries. Plus, with consumers favouring free or low-cost content, micropayments can be utilized to encourage payment for low-value, bite-sized content. All this creates a more efficient, profitable and transparent process for the monetization of content for artists, streamers and content creators alike.

Immutable Advertising Metrics

When applied to the tracking and attribution of advertising metrics, blockchain technology allows agencies, advertisers and clients to benefit from a shared and immutable record of data. From clicks and impressions to the leads generated, a shared ledger enables each party to have an accurate and transparent overview of metrics, guaranteed to be free from manipulation and fraud. In this way, blockchain in the media and advertising market builds trust, enables more focused advertising spend and shows an accurate ROI.

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