How Blockchain is Impacting Traditional Media and Entertainment

Blockchain technology was mostly known for its use in the creation of cryptocurrency. Today, blockchain has gone beyond that, and is now being used in various commercial sectors to improve business transactions. In a nutshell, blockchain technology is used to make transactions more transparent because there is a record of all exchanges within a particular system. It can also be used to control access to certain resources, because each server in the system has singular access to a common resources. Blockchain is great for use in a database, since users can access whatever information they need. Third parties can also be kept out effectively.

The media industry relies heavily on advertisements as the main source of income. By running ads for multiple businesses, the companies reach multitudes of people and get paid for it. Large companies can ask for payment up front without needing to prove themselves, especially of they have a very wide market reach. On the other hand, smaller platforms often have to show that they have reached a lot of people, and payment is based on these specific numbers. These transactions are at the heart of income generation in traditional media.

When it comes to the entertainment industry, artistes make money off the royalties they earn when their music is purchased or played on music streaming sites. Within well established music applications, this system works very well, and artistes are duly paid for the work they do. Even then, the internet has made room for millions of online sites whose mandate is to copy the music and sell it for lower prices, or allow free downloading. Since these sites have been created in large numbers, it becomes increasingly difficult to monitor illegal copying and take action. Instead, artistes have to deal with the losses they make from these sales. Below are some of the ways in which Blockchain is impacting traditional media and entertainment;

Transparent advertising

Blockchain developers will be able to penetrate traditional media in many ways and make advertising more transparent. While bigger media companies actually deliver on the required numbers, smaller entities actually have to prove themselves by showing the number of ad clicks or viewings they get per ad. Then, they get paid accordingly to these numbers. While this works well for the most part, it has also paved way for some ad runners to give fraudulent numbers and get paid for work they did not actually deliver. Blockchain systems can be used to monitor these clicks in real time, giving very accurate results that cannot be interfered with or faked. This is made possible by the fact that every transaction in a blockchain is recorded and these records cannot be altered. Hence, all ad payments made will have been earned in an honest way.

Data collection

In a much wider way, blockchains will enable major media houses to collect market data much faster than they currently do. At the moment, these media platforms use different data sources to estimate their market reach. For example most of these platforms use a combination of numbers from social media followers, newspaper sales, online viewers, as well as radio listeners to give clients a rough idea of how much market penetration they have.

Instead of all these numbers, blockchains can be used to consolidate the information into one central system that will then be used as a data source for clients. In addition, the media companies themselves can use the information to make decisions on how to improve their services in order to reach more people. Access to this information can be given to all involved parties, and they will have equal and secure rights to this data.

Smart contracts

The best Blockchain developer companies will also be able to provide for the use of smart contracts in advertisement transactions. Smart contracts are agreements that are executed online for the exchange of a service for payment. Smart contracts can be entered by business owners with media companies to provide advertising services. While they can easily be done without blockchains, the alternative is much safer. The contracts will be protected from modification by external parties. Also, the chances of repudiation are greatly reduced because there will be a clear record of the exchange that took place. This record can even be used in court as proof of a breached contract.

Music rights

Dedicated Blockchain developers India will be a very welcome addition to the entertainment industry. As mentioned above, artistes often struggle with their rights over music and other productions. Illegal reproductions of this property leads to the loss of significant monetary income, but it can be prevented. Blockchain technology provides for the large-scale storage of data in a central place. The data is only available to those who are part of the system. It is also well secured from access by other people. Artistes and their record labels can use these systems to store music online in a safe way. Also, the system will be used to limit who gets access to the music, and hence who actually makes money from it. Additionally, the data will not be reproduced without permission from those with ownership rights.

In general, blockchains in traditional media will probably be the most secure form of data storage, and information sharing. This advantage cannot be overlooked, and media companies should start to consider making these adjustments soon.

Conclusion

While blockchain technology is a major game changer for sectors like economics and finance, it may not completely overturn traditional media and entertainment. This is as a result of the fact that traditional media is not largely based on the internet. Aside from common features like data storage and monetary transfers, the media and finance sectors have little in common. That being said, blockchains will serve to streamline certain functions and make it easier to make money from marketing on the media. For entertainment, blockchains may have a huger impact. Entertainment has shifted onto various online platforms, and has also become one with social media. Taking steps to hire Blockchain developers team experts can play a lot of roles here, thereby improving the industry as a whole.