NAB
article here
Blockchain has the potential to disrupt the way content is produced,
aggregated, distributed and consumed — and the possibilities for content
creators, brokers and arbiters of intellectual property are too big to ignore.
Major studios, angel investors and crowdfunding platforms are
actively exploring the potential impact of blockchain and cryptocurrency access
and investment on the entertainment industry.
Although blockchain is still most associated with
cryptocurrencies like bitcoin, the emerging technology has the potential to offer
multipurpose business applications for a range of industries.
“Media and entertainment offer an interesting use case
because of two challenges the industry has struggled with as content has gone
digital: the ability to protect as well as monetize intellectual property,”
says banker JP Morgan. “For media companies, blockchain has industry-wide
applications that can transform the way content is created, consumed and
protected.”
Funding to blockchain companies doubled between 2017 and
2020, according to CB Insights, and actual spending is expected to reach
$16 billion by 2023. While the most visible changes thus far have been in the
financial sector blockchain’s gaining popularity is set to have a lasting
impact on the entertainment industry.
According to Tony Fountain in an article for Rolling
Stone, entertainment executives are starting to identify how it can impact
their businesses. “Smart contracts, which are powered by the blockchain, could
influence entertainment agreements, providing a secure alternative to
traditional negotiations, ensuring reliable payment of creators, a more
seamless way to work with the crew on global projects and eliminating the red
tape that hampers many large projects.”
Ahmed Shabana, a founder of Parkpine Capital, tells Fast Company: “With crypto and blockchain, the movie and entertainment industry is poised to reinvent its business functions, facilitating secure, transparent, and traceable transactions across the market.”
According to JP Morgan, the entertainment industry stands to benefit from the implementation of blockchain-powered processes, like content micropayments, the elimination of content aggregation, more reliable and accurate royalty distributions, and support for consumer-to-consumer sales.
Experiments are stacking up. AMC Entertainment says
it will be accepting Ether, Bitcoin and Litecoin for ticket and concession
purchases by the end of 2021.
Last year, indie movie Zero Contact was among the
first to be auctioned as an NFT.
Marvel and Fox have released NFTs, including a limited
edition set for Deadpool 2. MGM did the same for the release of No
Time to Die.
Cryptocurrency firms like CoinFlip, Robinhood and PayPal are
tapping celebs like Tom Brady, Spike Lee and Neil Patrick Harris to drive
mainstream adoption of the technology.
The IOC minted NFTs for a mobile game themed around the Beijing Winter Games and to drive digital merch for the same event.
“It’s only a matter of time before blockchain technology
becomes core to the way in which we interact with new media,” says Fountain
at Rolling Stone. “However, there remains a need to increase access and
funding to diverse entrepreneurs and startups all over the world that often get
lost in the background.”
Like the launch of the commercial internet in the 1990s,
Fountain believes we’re at a transitional point. In a decade, media and
entertainment will have transformed completely.
“As entertainment companies begin rolling out new technology
to distribute media and collectibles through blockchain, it’s imperative that
leaders watch this space.”
No comments:
Post a Comment