Blockchain Revolutionizing Global Media Entertainment Industry
The prevailing media and entertainment industry scenario across the world is exciting today. The estimated turnover of the global TV industry alone in 2018 will be almost 500 billion Euros. Online video publishers such as daily newspapers, print magazines or large online information portals have an insatiable appetite for high-quality moving image content on their web portals because this content is greatly sought after by the global advertising industry. This is an excellent opportunity for content providers to participate in the constantly growing online video advertising market.
While the content distribution industry is flourishing, technology facilitates simplicity. For instance, blockchain based chain of rights archive will have the ability to protect the creative assets of the content creators on the platform. It fetches them a fair price while reducing the operative as well as legal costs thereby making the lives of content creator much more comfortable.
With many big names understanding the advantages and uses of tokenized processes, it seems pretty much adopted within the B2B sector. However for the society at large, things are evolving quickly but once you’ve understood the implications of it in the real-world as a functional token, it’ll be a pretty much important tool for daily lives and no one would want to miss a massive opportunity.
Going by the current phenomenon, powering the media industry with Blockchain will definitely disrupt the existing practices. With completely new blockchain-managed license, trading and sales platform for high-quality video content, for the international broadcasting, VOD and online video-publishing sectors is underway. In the future, all content owners have the opportunity to provide their content to a global market and to facilitate access to purchasers, advertisers and users. Customers will be able to do business directly with the owner or the producer of the media content with automated, trust free security of blockchain regulated smart contracts. This eliminates a host of intermediaries and significantly reduces the price.
Lack of good platform for quality content to sell
There is no dearth of impeccable, genuine and quality content writers across the globe .Nevertheless, the search for elusive platform is still missing that can facilitate both the end users and content creators to come on the same platform and negotiate without any hassles and ambiguity. In light of this, it becomes very imperative to cater to the needs of both entities to enable a seamless flow of communication and the trust factor remains intact.
A producer normally needs to adapt his idea and the budget country by country and broadcaster by broadcaster and secure his budgets by pre-sales one by one. This is a very time-consuming process. Frequently a pre-sale is agreed but the full budget is not attained, and production fails to start. Early pre-sales partners bail out if the sales process lasts too long. High-quality productions suffer more and frequently fail as the budget is inevitably higher than for simple, more conventional ideas. The victims are both TV broadcasters or VOD platforms and ultimately the viewer who gets fed mass appeal content.
Inevitable Use of Smart Contracts
Smart contracts offer several advantages. They cannot be manipulated, are highly automated and can complete without the intervention of third parties.
Where intermediaries would charge video producers 30-50% to distribute content on their platform, blockchain cum smart contracts reduces this amount to a mere 10%.
Smart contracts condense all relevant sales factors for vendors and purchasers resulting in legally compliant, automated execution.
The full content licensing lifecycle will be managed by smart contracts. When licensing content via smart contract, payment is made without an intermediary. The content is provided to the purchaser immediately and automatically.
The content distribution platform can become a much level playing field. A buyer simply has to find a video content suitable to his needs and arrive at a mutually understandable price for the content. Once the buyer makes the payment on the platform, the system automatically triggers a smart contract and the high-quality video file becomes available for the buyer to use. Blockchain powered with smart contracts brings transparency to the payments system while standardizing the content distribution industry.