The revolutionary impact of distributed ledger technology cannot be overlooked in the media, meaning that media creators are dependent on middlemen to perform transactions. and entertainment industry. Blockchain has the potential to transform the methodology and mode of operation of the media domain. The current system operates in a relationship-based model. These middlemen exploit the profits made by creators by imposing heavy fines and margins that are detrimental to the performance of an organization. The introduction of blockchain in the industry will create a transparent, safe, and trustworthy environment to conduct business operations.
Application of blockchain the Media and Entertainment industry
1.Micropayment Pricing Model
Media agencies generate revenue through a subscription-based pricing model. This method is effective but only satisfies customers opting for a subscription payment basis. In pay-per-use content consumption, customers can make micropayments for a smaller content range such as an article or an episode of a television show.
With blockchain, the micropayment pricing model would become feasible and efficient to implement, satisfying content creators monetary-wise and providing a cost-effective pricing model for customers.
2. Efficient Content Distribution
Musicians, bloggers, and other professionals in the entertainment industry can benefit from this particular feature of blockchain technology. Ideally, media content distribution is handled by traditional centralized channels that demand extravagant fees and margins from creators. Middle-man interference in content distribution can be avoided by blockchain which enables creators to connect with their consumers directly without losing a fair share of the revenue.
3.Automatic content tracking
Blockchain can enhance the tracking of copyrighted materials. It can limit illegal file-sharing of music, television shows, articles, and other copyrighted content. With blockchain, file sharing can be rather legalized and control to generate revenue for people. For example, when a customer buys or subscribes to a blockchain-hosted material and shares it among friends, the content owner can track and charge a fee for that distribution.
This could serve as an additional source of income for content creators and owners that provide and distribute copyrighted content.
4.Royalty settlements
Mismanagement of royalties can be averted by the use of blockchain. The current system in place lacks the proper collection and distribution of royalty funds. This is due to the rapid growth in streaming services it is difficult to keep track and calculate the compensation rate for the content creators.
With the implementation of smart contracts in blockchain, each content can be assigned a contract agreement stating the details for utilizing the content. This improves speed, accuracy, and transparency by automatically executing the contract when all axioms have been satisfied. It could also improve tracking of the content’s usage and hasten the distribution of royalties.
Earn free rewards with zero risks
Put your betting skills to test with Fanspel– the first Blockchain-based fantasy sports platform. Join the Fanspel community and Stake your way to the very top!
Blockchain technology is not invincible in the media and entertainment industry. Its applications to the industry are enormous and can set the standard for years to come. https://www.bitcoinhunts.com/how-blockchain-can-promote-the-media-entertainment-industry/
Cindy Ughanze trades in cryptocurrency.
There are the top seven cryptocurrencies on the market.
Bitcoin is the world's first and most famous cryptocurrency.
Cryptocurrency Exchange - Get the best bitcoin investment and bitcoin marketplace media news in India.
Bitcoinik is the best Bitcoin and Crypto news source provides alerts about bitcoin marketplace and bitcoin investment in India.
Best united kingdom based trading exchange to buy Bitcoin,White Bitcoin (WBTC) in UK.
Before purchasing cryptocurrency always comparing fees and selecting the platform with the lowest fees is always a wiser choice Read More Best Cryptocurrency Exchange In UK
Have you heard of Iota cryptocurrency but have no idea what it is?
Iota uses a different type of distributed ledger technology than Bitcoin.
Take a look at our Iota Cryptocurrency Review and get a better understanding of this cryptocurrency.
Cryptocurrency, the most used word by people all over the world over the past few months.
Cryptocurrency mania is happening everywhere and one-third of the world’s population is aware of the Cryptocurrency market including the terms Bitcoin, ethereum, litecoin, and more.
Buy Bitcoin Norway is one of the best platforms where you can buy bitcoin.
Bitcoin is a trendy way to buy huge amounts of money by using cryptocurrency platforms.
At our site you will get the top three cryptocurrency platforms.
So, contact us for more information and start earning.
