Over time we have seen different sectors and industries take advantage of the opportunities offered by blockchain technology. However, there are certain sectors that are just beginning to explore these benefits, and one of them is the media and entertainment.
In an industry known for relying on relationships and contacts, it is not difficult to notice that creators are disadvantaged by constant intermediaries or hidden beneficiaries.
And it is very rare for an artist to be taught about business, law or finance before entering this world. But, with the help of blockchain this could change a lot, since it is a potential ally when it comes to eliminating fraud, and it helps increase the transparency of business in general.
Also, another of the biggest problems of entertainment is the management of copyright or intellectual property. But before this, Blockchain technology offers an alternative, as it would allow to track the intellectual property of something quickly.
However, here are the blockchain application possibilities by entertainment area. In addition, we show you some projects that are already exploring these possibilities.
1. Blockchain brings music creators and fans closer
With the rise of straming services, artists have managed to put their creations in the hands of the public faster. However, applying blockchain technology could reduce the risk of piracy and greater copyright protection would be possible for those artists who are starting their career in streaming services.
An example is Vezt. This project is backed by Sony and BMG and aims to reinvent the music industry. How? providing artists, composers and producers with financing directly from fans.
The royalties are tracked on the blockchain and all rights to the songs are encoded. Fans are offered to buy a percentage of the rights to the song, essentially owning a part of the success that they themselves helped get their favorite artists.
On the other hand, we have Verifi who deals with music rights management. The main value proposition of Verifi is to synchronize ownership between the interested parties in each song, from the artist, through the record label, to the streaming service.
Additionally, we can mention a Soundcloud competitor named Audius. The interesting thing is that it is based on blockchain technology and is backed by Lightspeed Ventures, General Catalyst and Kleiner Perkins. This service offers free accommodation for its artists, and returns up to 90% of the income to the creator. The platform is already home to DJs like Deadmau5 and 3Lau.
2. Improves the benefits of creators of visual content and media
Certainly, cinema, television and short-form digital media could benefit from more efficient monitoring of intellectual property with blockchain technology. In addition, they could also have safer ways of raising funds to finance projects.
An example is FilmChain, based on Ethereum. This platform collects, allocates and analyzes the income of movies, television and other digital media. All this is done with the purpose of promoting transparency in the process of distribution of this type of content. Likewise, with this the interested parties can be compensated without the need for an intermediary.
Another innovative option is StreambedMedia. This platform is creating a content source mechanism that allows creators to track content posted on YouTube, Instagram, Twitter and Facebook with a reputation mechanism. StreambedMedia’s strategy takes advantage of another important trend not yet realized: the use of blockchain to monetize micro content.
3. Blockchain encourages interaction with the audience
Something that has always existed in the entertainment industry is the interaction with the audience, and with blockchain the mechanisms and channels through which it is achieved can be improved.
An example is concerts, and for these events tickets are always sold. Precisely, the blockchain is perfect for sales, because it allows you to successfully combat speculation, forgery of tickets and also allows artists to maintain full control of prices. For example, there is YellowHeart, which aims to be the first “socially responsible” ticket sales platform.
With this platform, any event organizer is allowed to establish the rules for reselling their tickets. This seeks to reduce the profit and profit margins of intermediaries.
In addition, it would be ensuring that these benefits remain on the side of the artist and his fans. As for the socially responsible, it is also the objective of donating any kind of extra surplus to charitable projects. Blockchain is an ideal option, no doubt.
In short, the idea behind blockchain technology is widely adaptable to different sectors and industries. The valuable thing about this is that the goal is always to ensure transparency, and in this case protect the creator from any type of content or benefit theft.
Additionally, as regards exclusively the entertainment industry, if ideas like those outlined here begin to be applied until the consumer ends up benefiting. Why? Because a huge line of intermediaries would be eliminated, and with it the final product would be more affordable for the consumer.
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.