Blockchain in Media & Entertainment Market – Introduction
- Blockchain technology provides advanced solutions & services in media & entertainment in terms of security and transparency in business operations. Blockchain technology offers a secure platform solution in funding, distribution of payments, contract enforcement, and monetization.
- In the media & entertainment industry, blockchain technology is applicable in micropayments, in the elimination of content aggregation, in royalty distribution, and the consumer-to-consumer sales process.
- Media companies and content creators are adopting blockchain technology to increase profit with a real-time content consumption-based pricing module. Blockchain technology helps to provide enhanced efficiency, transparency, trust, security, and overall control access to media content in all transaction points with its ledger approach.
- Blockchain technology is majorly used by content brokers, content creators, aggregators/platform providers, and performance right organizations to explore new market opportunities with a secure business process.
Key Drivers of the Blockchain in Media & Entertainment Market
- Increasing demand for secure online platforms for real-time pricing modules for content consumption and elimination of content aggregation is expected to drive the growth of the blockchain in media & entertainment market. Advancement in technology to enhance customer experience by providing multi-country access to digital content is expected to boost the growth of the blockchain in media & entertainment market.
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- Adoption of blockchain in media & entertainment helps to automate real-time billing and real-time allocation of royalty payments, which is expected to create better business opportunities for providers of blockchain solutions in media & entertainment.
High initial set-up cost and lack of standardization expected to hinder the Blockchain in Media & Entertainment Market
- Adoption of new blockchain technologies in media & entertainment is expensive at the initial stage and blockchain technology is under development for its application in the media & entertainment industry. This may restrain the growth of the blockchain in media & entertainment market.
- Lack of standardization in blockchain technology due to the initial phase of technology development is also expected to hamper the growth of the blockchain in media & entertainment market.
Impact of COVID-19 on the Global Blockchain in Media & Entertainment Market
- Content creators and companies are expanding their geographical presence and services to capture more market share in Asia Pacific due to the increasing impact of COVID-19 on business growth. Companies are adopting the advance real-time pricing module to improve billing cycles as per content consumption, which increases the demand for the solution during lockdown conditions.
- Companies are adopting advanced technology services to provide better content services to viewers and customers with secured platforms. Increasing demand for online streaming data also increases investment by content companies to offer seamless services to consumers during the COVID-19 period.
