Blockchain could possibly change the media and entertainment industries. In these industries, issues such as unbalanced sharing of content and unjust payment for content creators are very common and the blockchain network has a way of solving these issues.
Nowadays, artists are using innovative technologies and features to modify the way consumers interact with or pay for their work. This can be seen in the music industry, which went through a massive transformation since streaming platforms emerged in the market.
Even though these platforms made the distribution of content worldwide more convenient, they also haven’t enabled artists to get paid enough money. The decentralized nature of the blockchain network may be the solution that these creators need.
Another large problem in this sphere is ownership. There have been many conflicts around ownership and application of the blockchain network will make the industry more transparent and fair as individual artists will get paid for their work. On the other hand, as the blockchain system is distributed, it also can’t be modified by any person in the system. This makes monitoring payments to content creators much easier.
Nipsey Hussle, a Los Angeles-based rapper and entrepreneur, was a supporter of the concept of decentralization that blockchain offered. Being a businessman, Nipsey Hussle for the first time purchased Bitcoin in 2013 and also became a shareholder of a cryptocurrency business called Follow Coin. The rapper believed that blockchain is an innovational technology.
Hussle stated that new entrepreneurs will build new Google-like platforms based on blockchain and that these platforms will arrive in the market in the next decade.
This technology has the capacity to transform the entertainment industry for the better.
Ownership of Content
Ownership of content is an issue that creators, especially musicians, have greatly suffered from. Funding the creation of music is a complex matter in the sphere. Musicians that create music most of the time don’t get ownership of it. Instead, it goes to the record label. As the streaming platforms came up, the artists’ money goes to the service in return for broadcasting the music to users.
Vezt, a blockchain-based startup from LA, is the first application that allows musicians and fans to gain rights in songs. It is modifying the method of music distribution by enabling artists to fund their music through fans in return for royalties.
The information is managed on the blockchain network. This grants artists an opportunity to make more money through their art and, on the other hand, the network provides transparency to users. Even though the application is still new, it has a promising future and a brilliant purpose.
Another blockchain-based project, Filmchain also utilizes the technology to promote transparency in the entertainment industry. In addition, blockchain lowers the expenses of movie distribution and boost the accessibility to such forms of media.
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