Blockchain will transform the media and entertainment industries
Industries are now starting to innovate with distributed general ledgers, and it's worth noting that one of them can benefit greatly from the transparency and traceability provided by blockchain.
The media and entertainment industry is basically a relationship-based industry, that is, middleman service fees and stealth fees tend to adversely affect creators. Moreover, the impact is all the more striking because many artists have never learned or experienced the complexity and subtlety of business, law and finance in their pursuit of creative and artistic expression. The media and entertainment industries can take advantage of blockchain technology to eliminate the potential for fraud, significantly reduce costs, and improve overall transparency.
One of the bigger problems in the entertainment industry is thatManagement of content ownership and permissions. It can be difficult to track the owner of a cross-audio, video, and written content, so there are many lawsuits and payment disputes.Blockchain can provide a way to effectively track intellectual property through multiple channels. Blockchain new technology can track intellectual property rights well, and digital rights management companies can query all records of various transactions on this basis.
Distributed general ledger technology can also create practical accounting applications that can make timely profits for creators and investors. Typically, the profits of a work are held by a record company or studio, and artists and other stakeholders spend time waiting months for transfers to see any money. Blockchain technology is ideal for providing all stakeholders with timely funding.
Although blockchain innovation brands are only a few years old, several companies have made their name.
With the development of blockchain technology in the industry, more outstanding projects will appear in the following list.
One of the bigger problems some up-and-come-going musicians face is funding their first song or album. Artists may indulge in all their passions and skills in one work, but ownership of the work usually belongs to the record company. The ad emerging of streaming has changed this less reasonable situation, allowing artists to easily track music playback and even launch their own music without a record company. Blockchain can help create a more direct relationship between creators and fans, which can further change the irrationality of the above.
Vezt, backed by Sony BMG, is aiming to become the first music rights market in which fans can share their favorite songs and recordings. Vezt's goal is to reshape the music industry by providing direct funding to artists, songwriters and producers. The corresponding concessions are tracked on the chain, and the copyrights of all songs are coded. Fans can buy a percentage of the song's copyright, they help their favorite artists succeed, and the fans actually have a part of the success themselves.
Verifi, another player in the industry, tracks music copyright management, media file links, ownership data, and artwork. Verifi's main value proposition is to synchronize each song among various stakeholders, including artists, record companies, streaming services, and more.
General Catalyst and Kleiner Perkins and Audius, backed by Light Speed Ventures, use blockchain-based technology called BlockCloud. Audius offers free hosting for its artists, 90 percent of its revenue returns to creators, and Audius promises to increase exposure and support for emerging artists. The Audius platform already has DJs such as Deadmau5 and 3Lau.
It's not just music media that can benefit from the distribution of general ledger innovations. Movies, television and short digital media can also benefit, with the distribution of general ledger innovations that can more effectively track ownership of intellectual property and simplify fund-raising and spending models.
FilmChain is a platform based on Ethereum technology, and FilmChain tracks the border gang Hollywood film industry, collecting, distributing and analyzing information about movies, television and other revenue-earning digital media. The FilmChain platform is designed primarily to encourage greater transparency in the distribution process and to compensate stakeholders without the need for an intermediary. The FilmChain platform also attracts global funding for development projects and generates a global audience.
Toronto-based StreambedMedia has created a content source mechanism that allows creators to track content posted on YouTube, Instagram, Weibo and Facebook, with a reputation mechanism. StreambedMedia is a free platform where users can share traffic data with other creators and provide unalienable links to other creators, including those who pay to make videos, those who share videos on other platforms, and other co-creators. StreambedMedia's strategy also addresses another big unfulfed trend: using blockchain to make money from micro-content.
Audience engagement is at the heart of every entertainment business. Whether it's movies, music or any other type of media, long-term survival and profitability and the monetification that comes with it depend on effective participation.
Audigent is a new platform for transparent data, with advertisers in entertainment, sports and lifestyle spaces. Audigent has an active partnership with YouTube and Instagram, and Audigent is supported by the new fund, Rained in Space, and by Ripple's XSpring and Warner Music Group. Audigent wants to be the first all-in-one solution for audience engagement and the first data monetaization platform.
Of course, the ultimate goal of audience engagement is generally to convert it into a ticket sales event. Ticketing is considered one of the most useful applications for the entertainment blockchain. Blockchain technology can be used to successfully combat ticketing, fake tickets and give artists complete control over prices.
YellowHeart aims to be the first "socially responsible" ticketing platform. Musicians, concert venues, or other "event triggers" using the YellowHeart platform can set their own resold rules for tickets. YellowHeart's CEO wants artists to avoid price increases from middlemen, who can set a price cap to ensure artists and fans make a profit. YellowHeart plans to take back up to $10 billion a year from the bad guys in the yellow cow secondary market and return it to fans, artists, venues, sponsors or charities.
Most importantly, the media and entertainment distribution ledger solution is designed to increase transparency and accountability in the interests of creators, so the end product is often more affordable to consumers because it reduces unnecessary middleman involvement while protecting valuable relationships between artists and audiences.
Data-driven the future Digital solutions experts around you
Go to "Discovery" - "Take a look" browse "Friends are watching"
sent to have a look