Have You Heard? Blockchain in Entertainment Industry Is Your Best Bet to Grow

by Aini Clive Marketer

Blockchain, a digital ledger which offers fast, secure, transparent and tamperproof recordings of transactions is set to disrupt nearly every business one can think of, including real estate, shipping, healthcare, banking and entertainment in industry. Blockchain technology branching out to different industries such as entertainment with new opportunities that it presents is your best bet to grow. Below are some of the features of blockchain technology and how you can grow your entertainment business.

Revenue Sharing

Celebrities or creators in the music industry are the first to put in any work and the last to ever see any profit. The celebrity receives a certain amount of money per play. Rights holders like music labels, producers, musicians, vocalists, etc., are all claiming their share of the revenue generated. With smart contracts, the celebrities will be able to sell their music directly to the fans without any intermediary. A smart contract, alternatively, can perform the similar crowdfunding actions – sharing projects, setting goals, and collecting donations – but without a third party.

Enable Interactions Between Celebrity and Fans

Some of the celebrities tried their luck in cryptocurrencies and ICOs which includes Paris Hilton, Jamie Foxx and Floyd Mayweather by issuing celebrity coins. Blockchain technology could help the celebrity to connect with fans and advertisers directly without dealing with agents and their hefty fees. A renowned superstar could make a new revenue stream by vending the merchandise or private communication options to followers, start a competition or a charity initiative or discover new sponsors. In return, the fans can use the celebrity coins to given final vote for the content they want to listen with Final.Vote. They can also vote for the rising celebrity through using minted coins (https://final.vote).

Micropayments

The apparent use of blockchain technology in entertainment industry is the capability to support micropayment which can be processed without the need for an intermediary payment network or its fees. Without a mediator, when digital items can be cryptographically linked with their makers, then there is no need for delivery channels. Think about that for an instant. This technology can place all kinds of media directly in the control and management of their inventor. Today there are start-ups which are exploring new payment models through blockchain technology which are focused on bringing more value to content creators.

While looking at the changes in the entertainment industry going to blockchain technology, there are going to be plenty of developments in the industry. It would be a win-win situation for the fans as well as the celebrity. With the growing acceptance of the blockchain technology, it would certainly become easier for the celebrity and fans to obtain good quality music and entertainment content with the help of blockchain-based platforms. It would also be easier for the content creators to bring their content in front of the viewers. While there is still a lot to be explored on how Blockchain technology can influence the entertainment industry, one thing is clear: it’s your best bet you grow.