Blockchain use in the media and entertainment world is increasing due to its high benefits to the consumers as well as the creators. The involvement of Blockchain in the M&E industry has tackled the challenges that are hindrances in the way of making a considerable profit. Former methods of payments have always included the need for a middleman and the distribution of high commissions to them. The participation of middlemen has resulted in the reduction of high profits for the creators of music and entertainment content. But with the advent of blockchain for media and entertainment, a disruptive technology, a revolution has come in the industry. And now there is no need for intermediaries.
Today all the big media and entertainment organizations are switching to the use of blockchain technology using Blockchain77.com .
Understand: Blockchain for media and entertainment
Now, anyone investing in Entertainment and Media can rely on transparent usage-based payments. At the present the investors have got the space to create new business models and offer innovative solutions to their customers.
Let’s discuss the benefits of the introduction of blockchain for the media and entertainment industry.
Better relationship with consumers:
Because the involvement of blockchains latest updates has brought transparency and deducted the role of intermediaries in the game, it offers better opportunities for creators to get closer to their customers. With no middlemen, everyone will connect with customers directly.
Through this any big media company or a creator can offer better and more attractive pricing models for their content to their customers. Payment, provenance, and distribution will become simpler and cheaper to manage if blockchain technology is used in every media company and can produce much better quality content.
Reduction in Fraud and Piracy:
Researchers have declared that fraud and privacy in the industry of media and entertainment are increasing at an alarming rate. By the end of 2022, it will harm the $52 billion income of the market. Every pirated copy created by the fraudsters generally causes a massive loss for artists, media companies, and content creators. But if blockchain technology is involved in content creation and its services, then the risk of piracy will be reduced. However, innovative technology solutions that will use Blockchain to stop piracy and fraud are in the developing stage. They are still in development due to the insufficiency of data, research, and theories that make the engineers understand why and how piracy occurs.
Ability to support micro-payments:
The introduction of the blockchain latest updates has highly benefited the consumers to pay for what they want by following the micro-payments. Earlier, due to the middlemen, consumers had to pay the complete payment and were forced to subscribe to any service full package only. But not now, all thanks to the Blockchains used as now media and entertainment industry can offer their content and services to their customer partially by accepting micro-payments. Artists and organizations can now attract consumers who do not want to pay for a full subscription and feel happier making one-off individual payments.
Overall, Blockchain technology is the future of the Entertainment and Media industry. It has streamlined the royalty payments, reduced piracy, brought customers closer to the creators, and got a usage-based payments system. The creators share the high-profit margin by providing a more customer-centric approach to every customer. All the operations of the media organization or creators are operated by them more efficiently. These were all reasons that today all the big media and entertainment organizations are switching to the use of blockchain technology using Blockchain77.com. If you are out of them and still rely on a mediator, you must implement blockchain solutions. If you still doubt using blockchain technology. Then, in that case, we will say that every media consumer wants more access to more content from more creators based on a personal, secure, and granular level, and only Blockchain can provide it.