The mainstream adoption of blockchain technology is increasing day by day. The fields in which blockchain is being used are plenty as well. We will today discuss the impact of blockchain technology in the entertainment industry.
Content creation and content utilization
These 2 aspects are vital to the entertainment industry. Currently, the stakeholders involved in the process are plenty. It starts with the content creator which can be a producer or musician or a record label company. After that, the distribution channels can be plenty as well, like the formal distributors or the television channels or even theaters. Only once a chain is formed, the content would actually be able to reach the audience.
The problem is that it makes it very difficult for the normal individuals to launch their own content. All this, however, is changing with the usage of blockchain technology.
More and more companies in the entertainment space are actually using the blockchain technology in order to encrypt the records of ownership. Also, this ensures that piracy can be prevented to a greater extent. Also, since blockchain technology is decentralized, it is becoming easier for the content developers to distribute the content as well. The digital rights can be accessed quite easily as well. Similarly, there are a few blockchain-based platforms like Patreon which are allowing the content creators to raise money directly from the fans.
Also, artists like Imogen Heap are also using blockchain technology in order to make it easier for the fans to access and pay for the music. This, however, is just the start and the blockchain technology would surely change the industry in the future.
The digital rights can be better controlled with the help of blockchain platforms. This ensures that access can be only given to the paying customers and thereby avoid piracy.
As you can see, there are more ways than one in which the blockchain technology would be able to change the entertainment industry. With the increasing adoption of the blockchain technology, it would indeed become easier for the producers as well as the fans to access good quality music and entertainment content with the help of blockchain-based platforms. It would also be easier for the content creators to bring their content in front of the audience.
Thus, when you’re looking at the changes in the entertainment industry going to blockchain technology, there are going to be plenty of evolutions in the industry. This would be a win-win situation for the fans as well as the content creators.