Media and Entertainment
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.
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.
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.