How Blockchain Could Start to Make Waves in Entertainment Industry

by Jenn martin Health Consultant

This year blockchain will create a new wave of major disruption in entertainment and media-content distribution. Several entertainment and media firms are trying to ride the blockchain wave in order to increase funds. The entertainment industry is mainly ripe for a blockchain revolution as celebrity and fans alike stand to benefit from the changes the technology could bring about. Not only could a dispersed system offer momentous advantages in terms of giving individuals access to content, it could also be used to make sure creators are fairly compensated. To imagine potential markets which are ripe for disruption in entertainment, let’s think of ones where members would benefit from both security and transparency, like payments, funding, monetisation, and contract enforcement.

Cut out the Middleman

At the moment, celebrities are at the mercy of the record labels and streaming companies, dependent as they are on the audience which comes from their huge user bases and advertising budgets. Blockchain technology can help celebrities sell their music directly to their fans (preferably using cryptocurrency) with smart contracts which immediately split and pay the royalties, and with no need for middlemen like labels, publishers, or collecting societies. The addition of this is celebrities minting their own cryptocurrencies. Smart contracts can then automate royalty payments based on a song's consumption, including streaming.

Distribution

With blockchain, the need for widespread distribution system is disregarded. Celebrities can release their work directly to their fans without having to strike a deal with a large corporation or media person which will eventually take a heavy percentage of the revenues.

Micropayments

Through blockchain technology, the celebrities will be rewarded immediately for streams of plays through micropayment. Through this possibility of micro-payments, the revenues will go directly to the pockets of the celebrities who should be getting them, instead of passing through a long list of mediators.

Piracy

Blockchain technology promises to legalise, and monetise, online piracy and lets viewers pay rights holders directly through digital tokens. It would allow celebrities to protect the fruits of their labours from being downloaded for free. With blockchain, music is issued on a ledger with an exclusive code and time stamp that cannot be changed. Each record holds metadata which contains the possession and rights info. As a result, it cannot be downloaded, copied, modified and shared for free. Celebrities can have Minted Coins which they can be used by the fans to given final vote for the rising celebrities (https://final.vote). It offers exclusive incentives to fans, and rewarding users for voting rising stars through celebrity minted coins. Final.Vote offer fans a customisable, fair and transparent celebrity voting system.

Conclusion

Blockchain technology could be a remedy for all situation discussed in the article for the entertainment industry— and what’s good for the celebrity is ultimately good for their fans.

Eliminating as many mediators between audiences and celebrities could be the best way to confirm that the work itself meets the expectations of both the parties. Ultimately, the effective use of blockchain technology could make the entertainment industry fairer and more reasonable, while also introducing practical advances which change the way that people consume media.