Blockchain has taken the business world by storm. People are talking about cryptocurrencies more than ever and bitcoin is just the tip of the iceberg. According to reports, approximately $1.3 billion has been invested as of now in 2018 only with venture-backed blockchain and cryptocurrency startups are mushrooming across silicon valley. While the banking industry is touted to get most out of blockchain, media & broadcasting industry is hoping to get some of its longstanding problem resolved through the technology. Let’s see how.
1. Empowerment of Artists
The blockchain is devoid of any centralized entity and the power lies within. A communication ecosystem between artists and fans sans any barrier gives rise to a direct customer relationship. Artists can create, grow and reinvent their talent and fans will be at the helm of it. All possible through blockchain.
2. Targeted Marketing and Advanced Advertising
The advertising industry is a billion dollar setup. According to a report, over 70% of marketers fail to target consumers with behavioral data. Moreover, nearly 60% of digital video advertisers lack tools and timely data to measure digital video campaigns. However, not anymore. Blockchain makes marketing investment targeted which helps marketers measure marketing efforts and their efficiency. For example, greater transparency from the ability to track an actual impression (i.e. actual viewing) and the ability for advertisers who make use of agencies or platforms to audit ad campaigns.
3. Royalty Payment
Payment of royalties to artists and copyright owners has been longstanding owe for the media industry. Recently Spotify was dragged to such an infamous issue which led the Swedish streaming giant to a $30 million settlement. Blockchain will help in keeping the royalty payment transparent by deploying a smart contract. Blockchain can be used to store a cryptographic “Hash” of the original digital music file. The hash associates the address and the identities of the creator. The blockchain also stores the instruction in the form of a smart contract on how the artists can be compensated for their music. Leveraging blockchain with Artificial Intelligence (AI) can help in ensuring that the artists are being paid for their copyrighted property. By using an embedded blockchain-based mechanism, medium such as radio stations, television, streaming services can be tracked and copyright owners can be compensated as per the smart contract.
4. Voluntary Micropayments
Blockchain helps in facilitating micropayments for digital content sans any credit card fees and transaction cost. By using a blockchain enabled web browser with a native cryptocurrency wallet, a user can decide on her monthly spending on the content she consumes. The browser can scan the loaded content and by deploying implicit content identifier, can query the public blockchain for license information. At the end of the usage cycle, the browser can propose a list of beneficiaries by analyzing the local history. Accordingly, the user will only pay who she wants to, directly via on-chain payment. The copyright owners are paid for their creative piece through micropayment minus any long chain intermediary transaction cost.
5. Enhanced Licensing and Monetization
Blockchain has the capability to license content in innovative ways. Small to minuscule content can also be licensed using blockchain and media industry will largely benefit wherein video bloggers or video content creators can embed a movie clip to their creative piece ensuring each stakeholder are compensated properly. Movie producers hire third-party multimedia house who charge millions for adding the special effect. The blockchain is certainly essential during the production stage of such creative work wherein content can be tracked and accessed by only permitted users.
6. Digital Timestamping
Blockchain can be used to prevent content theft and unauthorized utilization of creative work by digital timestamping. Digital time stamping is a phenomenon equivalent to a traditional notary service, however, there is no involvement of any third-party as such. Blockchain fills the shoes of a trusted third party and facilitates the secure transaction in a decentralized and distributed network. Blockchain not only makes the whole process cost-effective but also enables peer network participants to verify each transaction that is recorded at the particular point of time. Content timestamping by a particular user proves that the creative content existed at that particular point of time leaving no scope whatsoever for any theft of content or any other foul play. The key, however, is that timestamping can prove the origin, access, and authenticity of the content without exposing it.
7. Blockchain-Powered CDN
Users around the world collectively carry huge unused space on their respective devices, be it a computer, tablet or smartphone. Blockchain can be used as a decentralized management system on which decentralized apps can be built. So, by using blockchain as a decentralized management system, the collective unused space can be exploited for a blockchain-based peer-to-peer cloud storage and data delivery network. Through this users can farm out bandwidth or storage space with other users on the same network. The parties can transact with crypto assets.
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