Is the media, entertainment and advertising industry ready to make the most of blockchain technology?

In the media and entertainment industry, the ability to share a single, unchanging set of recordings could be transformational in a wide range of contexts, from content distribution to advertising. Blockchain is a new technology that can introduce the possibility of transparent transactions, with data coexisting between multiple parties all having controlled access to a single, shared source of the original material.

In the context of media, entertainment and advertising, blockchain can be defined as a shared ledger that can be used by multiple parties to work together in a value chain or across an ecosystem to leverage and help update a single version of records . The application cases of blockchain in media and entertainment continue to grow as the industry strives to meet its various challenges with new technological solutions. Due to the tremendous opportunities offered by blockchain, the size of the media, entertainment and advertising market is expected to reach $ 6.62 billion by 2027, with a CAGR of 82.3% in 2020-2027.

Blockchain in media and entertainment is increasingly enabling disintermediation, streamlining digital rights management, and creating a more transparent system for everyone involved, from content creators to advertisers. In an environment riddled with middlemen, unequal distribution of profits, shifting consumption patterns and multiple inefficiencies, blockchain can become the answer to many problems.

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Blockchain use cases

Below are a few examples that the media, entertainment and advertising industry has faced:

  • In 2018, it was found that there was a significantly unfair distribution of profits in the music industry in the United States. Despite record spending of over $ 43 billion, artists received only about 12% of the revenue, which stood at around $ 5 billion.
  • Bot traffic, invalid traffic, and hidden ads all continued to drain advertisers’ purses in 2019, resulting in both low ROI and a miserable user experience, mainly due to ad fraud that cost the company. sector about 23 billion dollars.
  • By 2022, piracy in the media and entertainment sector is expected to cost the industry nearly $ 52 billion. The large number of counterfeit content versions results in significant losses for content providers and artists around the world.

Blockchain can solve all of these problems. By deploying smart contracts that meet predefined requirements, it can streamline and enable more accurate royalty payments. In the media and advertising industry, blockchain provides immutable metrics that allow agencies, advertisers, and clients to authentically track and attribute ad metrics so they can see how their money is spent. and where the actual clicks are generated. Although difficult to combat, the effectiveness of blockchain in preventing media piracy is starting to emerge.

Benefits of blockchain in media, entertainment, and advertising

Some of the benefits that blockchain can provide for media, entertainment, and advertising include:

Reduced costs: blockchain should reduce costs because it could eliminate intermediaries. It could help businesses save money by reducing the cost of advertising. If a business advertised through an Internet business, for example, it would be charged a price that would normally include handling fees. Then, when the business sells a product or service, it will be charged additional transaction fees. This means that the marketing and transaction costs must be borne by the business. However, with blockchain, businesses will be able to buy ads and process transactions at little or no additional cost, giving them the competitive advantage of pricing flexibility.

Reward the consumer: Right now, when visitors go to a website or online store, they are tracked. The business can have information about where the person has been, what they watched, and how many clicks it took to get to the business site. The company then uses this data to try to convert a visitor into a customer. The same can be true for Facebook and other businesses that have access to personal information, including the amount of time a person spent viewing a certain message. This data can be sold and used to help businesses plan better. Blockchain can likely disrupt this process by allowing companies to reward or compensate customers who willingly and securely share their information with them. When done through the blockchain, the procedure can keep customers safe while rewarding them for providing the crucial information businesses need to enable better publicity. The need for intrusive levels of information sharing could thus be eliminated.

Email advertising: An inbox overflowing with emails touting a constant stream of sales or the next big thing is a common complaint. There could also be a spam filter filled with unwanted content from companies that have purchased customer data from another company. But blockchain can disrupt email marketing if companies reward recipients for accepting emails by incorporating a modest microtransaction, while deterring spam senders because of the cost. Sending mass spam would be prohibitive for businesses that send millions of emails every day. Salesforce, for example, has obtained a patent describing how blockchain can be used to prevent spam emails from filling our inboxes.

The challenges of blockchain

Additional revenue streams for new and old material, as well as better content intellectual property security for content owners, could be created through blockchain. However, the technology is still in its infancy and these applications are still in development. Early adopters should be made aware of the risks and costs involved. Because the blockchain is currently unchecked, clear rules for using technology to create value must be developed.

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Additionally, in other circumstances, taking full advantage of blockchain may require replacing current technologies. It will take time to integrate the technology into existing procedures, as well as to build, test and ensure its security. There is also the question of where to keep all this intellectual property, which involves deciding where these huge volumes of transaction data should be kept. It is critical that media industry participants strive to define blockchain application standards and identify areas where technology could help key industry players, such as content providers, aggregators and distributors.

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