Blockchain in
Media and Entertainment
The advertising and media industry has a lot of intermediaries working with them. Once a content creator has registered their property on a blockchain platform, the blockchain records every usage of that piece of content. Digital piracy, fraudulent copies, infringed studio intellectual property, and duplication of digital items cost a bomb to the industry, every year. Blockchain’s enterprise Ethereum enables artists to digitise the set of data of their original content and store and handle their IP rights on a time-stamped, immutable ledger. The append-only structure of a blockchain makes it easier for creators to legally enforce their rights once infringement occurs.

This tracking enables real-time, flexible, and fully transparent consumption-based pricing mechanisms, e.g., metered billing. A smart contract can be used to carry out automatic micro-payments between the consumer and the creator.

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The decentralised nature of the public Ethereum platform will provide artists in the entertainment industry to reap the benefits in the form of decreased IP infringement, disinter-mediated content from industry intermediaries and direct monetisation of all copy-written assets through smart contracts.

With the help of Etherium, artists can automate a large size of the business administration work that may consist of licensing, contracts, and payments and once the contractual-based work, which is otherwise usually alive through intermediaries, is automated and performed at a much lowered cost, creators can sell their work directly peer to peer, thereby allowing creators  to interact in the blockchain-based marketplaces for digital content, without costly intermediaries.

On a blockchain-based platform, artists can upload original works, self-publish, control licensing options, and manage distributions. Royalty payments can be programmed into a smart contract for every piece of content and can be automatically paid out to the creator upon usage.

At present, customers pay content aggregators to access advertising and media like YouTube, Amazon Prime, and Netflix. As customers are pounded with streaming service overload, an opportunity for pay-per-use consumption-based models presents itself. Blockchain technology has the ability to log an intricate record of media usage data and enables efficient micropayment pricing models.