A Closer View On How Blockchain Is Changing The Entertainment Industry
Wall Street has already adopted crypto technology, but Hollywood is pretty new to it. While the entertainment industry might be a few years late in implementing crypto, it has now realized that blockchain has the potential to revolutionize the distribution of music and movies, and can resolve the piracy problem.
A number of technically minded businesses have sprung up to solve the entertainment industry’s problems. Many of them depend on blockchain technology to do it. Bright minds are inventing more equitable profit-sharing models for streaming services. They’re figuring out how decentralized investing platforms can offer a new way to fund films, TV shows, and short films such that the artist retains maximum creative control. In the following, AMC group are giving you some blockchain applications in the entertainment industry which are considered to push this multibillion-dollar industry into a whole new level.
Content Creation and Consumption
Being so noticeable from other industries, entertainment has a gatekeeper problem. Until recently, it is still impossible to put on music without getting a record deal, have a deal with studios and production companies and get approval from movie theaters and cable channels agreeing to showcase it. This leads to the fact that there are several platforms with millions and even to billions of users such as Youtube (1.5 billion users), Soundcloud (175 million), Spotify (140 million). However, this way of cooperation has led to disputes around artist compensation and treatment. That’s the reason why some artists are looking for new options. And the answer is Blockchain
Blockchain has offered a digital public database that stores an ongoing record of transactions giving the companies the ability to have encrypted records of ownership and also smart contracts. Recently several attempts are creating blockchain-based companies and currencies related to media and entertainment. This solution is currently helping the problem surrounding content access, compensation and distribution, managing assets, digital rights and financing things. The use of cryptocurrencies helps reduce all middlemen by securing payment and reducing transaction costs, freeing up a greater portion of each sale for the creator.
Imogen Heap is one of the most outstanding musicians in blockchain-based music. She recently teamed up with Ujo- a company for independent music distribution and payments to release the first song on Ethereum blockchain. The smart contract allows Heap and her collaborators to have full control over how the track was paid and under any circumstances.
Another company called Stem is built to be the payment distribution platform for creators which allow creators to publish content, manage contracts and transact payments all from one simple-to-use portal.
The problem to keep intangible goods secured has been resolved so how about tangible goods? Some actual goods related to entertainment: celebrity merchandise, event tickets, and memorabilia also need help from the blockchain. There is a serious problem with event ticket that is a large number of people who choose to purchase concert tickets from ticket scalpers or secondary ticket websites which can disturb the market order.
Blockchain is used to bring a solution for identifying the authenticity of commodities. Since blockchain has provided irreversible records of transactions in the digital world, it similarly applies to tangible good production by offering a special identity to each product via NFC chip, QR code or RFID tag. When using these tags, manufacturers will be able to connect real-world production and digital world and also track the life of that product. The benefit when applying this technology is that each step in the process would be truly recorded which means it is hard for any fraud contravening in the progress.
A big amount of money, $22 million in losses due to ticket fraud over the past three years according to London Police’s National Fraud Intelligence Bureau. To improve that condition, an Edinburgh-based event ticketing platform utilizing blockchain technology, Citizen Ticket- a collaboration of Harry Boisseau and Philip Shaw- Stewart. Recently, they have launched BitTicket is known as the first digital event tickets on blockchain for public events using Ethereum Classic. The platform guarantees ticket sold is publicly and transparently checkable on the blockchain. There is also an anti-fraud system on the platform to freeze the account and disable ticket’s value when a secondary website tries to break the regular selling rules.
Protect Digital Rights
Blockchain is also a promising solution for some legal issues related to digital rights. The technology allows enterprises to track the transaction process from when the content is created until its promotion campaign finishes. This means any enterprise using the technology can easily get close to traceability and identity its actual author and processing time. Besides, thanks to the completion of blockchain, transaction’s information on the blocks are impossible to be revised or changed which allows authors and writers to simply track their products anytime and from anywhere.
The first corporation has pioneered this method is Sony. The company had been so optimistic about this project utilizing blockchain for its digital rights protection tool called Digital Rights Management (DRM). Sony has planned to experiment with this tool for its educational products from Sony Global Education. With high-security possibility, blockchain has potential to help Sony bring a strong and reliable tool fighting against Copyright infringement. The company is going to apply this extraordinary tool in music, film, game soon if its experiment on education succeeds.
Thanks to blockchain’s feature, most people consume that it has an intimate relationship with the Gaming Industry. Recognizing that fact, some gaming manufacturers had launched several games based on blockchain and the most popular one is CryptoKitties used to be a phenomenon in The Gaming Community. Users can raise a Pet from Kitty to Mother Cat and make an auction. The most expensive cat sold is 106.000 USD, so it is kind of an investment game.
A successful case study from CryptoKitties has brought an innovative wave into the gaming industry which leads others other gaming companies gradually paying more attention to Blockchain. Vietnam is one of that. On this May, a game store using blockchain in payment method called ALAX had launched into the market. This is the first game store application based on blockchain in Vietnam. When making a payment, instead of linking to Visa or Master, user can pay via AIA- an intermediate parameter considered as ALAX’s own cryptocurrency system. With AIA, you can also buy Game and items in games with In-app Purchase (IAP) functionality.
There is no doubt the blockchain offers numerous exciting applications to solve problems that have plagued the entertainment industry for decades. But blockchain doesn’t stop by the entertainment, it has numerous cases on various aspects of life. Therefore, if you are interested in this field, the 4th Industrial Revolution or you definitely a traveling lover, please connect with AMCgroup’s website in the link following to read more wonderful articles: