How blockchain can change the entertainment industry – Cryptonium News

How blockchain can change the entertainment industry

The integration of blockchain technology will make the leisure industry more democratic and will undoubtedly help in the fight against piracy and make it easier to monetize content.

The global leisure industry is going digital. Consumers are demanding that developers provide them with superior content that they can access at any time and from any device. Companies are constantly looking for new ways to stay competitive in a constantly evolving marketplace. But no matter what part of the industry you are in, the future of the leisure world is directly linked to the integration of blockchain technology.

The Leisure Industry is Ready for the Blockchain Revolution
In 2021, the global leisure industry has recovered from the Corona Shock and experienced unparalleled growth. The market size was $2.2 trillion, of which $717 billion came from the United States. Between now and 2030, the U.S. media and leisure industry could grow by 8.90%.

But with the rise of the industry comes massive change. Developers need to generate content faster than ever. And the amount of inexpensive content consumed is breaking all records.

The leisure industry is ripe for a blockchain revolution, as both developers and content buyers benefit from the changes Web3 technology will bring to the industry. This is because decentralized systems can be applied not only to highlight the important superior quality of projects to provide access to content, but also to ensure proper royalty payments to developers. Could not load all totals. Repeated retries…

Challenges that blockchain can solve

Piracy

Digital piracy and intellectual property piracy are costing the leisure industry a fortune. It is estimated that the South American economy alone loses approximately $30 billion annually.
Blockchain enables access to copyright ownership information and use of content in an agile and unmediated manner. Transparency allows for tracking when and by whom copyrighted content is used, and appropriate action can be taken when infringement occurs.

In addition, blockchain technology allows rights holders to make copies of their content and stipulate the permitted uses for each. For example, one copy can be downloaded and the other can only be displayed on a website.

Reduce Brokerage Costs

The music industry generates $43 billion annually in the United States. However, artists receive only 12% of that money. The majority goes to record labels, executives, and middlemen such as streaming services like Spotify, Apple Music, and Soundcloud. With the introduction of smart contracts, manufacturers can pay royalties and avoid having intermediaries charge very high fees for their products.
Introduction of micropayments

As content is made available on the blockchain, each implementation can be tracked. This allows for a real-time, adaptive, and transparent method of pricing. Smart contracts can continue to be used to implement self-service micropayments between content creators and buyers.

Content Distribution

Content creators can use blockchain to automate most of the administrative tasks associated with contracts, licensing, and payments. In this way, Web3 technology allows actors and designers to distribute their work directly from one user to another without expensive intermediaries.

Royalty Management

Content creators can submit their own works to the blockchain platform, publish autonomously, manage distribution, and control licensing options. Royalties for each piece of content can be placed in a smart contract and payments can be set up for creators at the time of use. Unable to load all totals. Repeated retries…

Creating a Balance Sheet

Blockchain technology is already bringing unprecedented content to the world. The next challenge is to help developers free themselves from the constraints of bureaucracy and constrained, risk-averse businesses. Tokenization of creativity has important implications for the story. Non-changeable tokens (NFTs) allow actors and artists to regain control over their work and how and where they are used.

Additionally, the regulatory elements of this section need to be clarified. As blockchain technology grows in importance, regulators may impose strict standards that call into question the decentralization theory that underpins the entire virtual currency industry.