What if I told you blockchain technology could upgrade your video streaming experience? Is this something you’d be interested in?
Though it’s most associated with changing the way money moves around the world, blockchain technology can also change the way the entertainment industry operates.
One blockchain-enabled benefit to the entertainment industry is the ability to pay for movies or shows incrementally. This is called micropayment, and it could save you money each time you fall asleep during a movie and don’t want to pay full price to watch the ending. This could incentivize more rental purchases while giving users a better, fairer home viewing experience.
Another benefit is crowdfunded movies and shows. It would change give directors funding without sacrificing their creative freedom.
Here’s what the experts say.
1. Adrián Garelik, CEO and Co-founder of Flixxo
“Transparency [is the biggest benefit of blockchain]. The entertainment business is a license business. By using blockchain for recording every single interaction of an entertainment asset, content creators will be able to keep track of the revenues that flow on top of their work. Transparency will turn into more profits, and that could lead to more competitive prices and new consumption models/behaviors for the final consumers.”
2. Marc Urselli, 3-Time Grammy Award Winning Engineer and Producer
“Easy. The ability to properly and fairly track, accrue, credit and pay all the creators and copyright holders is a huge benefit and the only way to ensure the sustainability of this industry.”
3. Piotr Kocel, CEO of BOMBAY SOUR
“It has the potential to make Nicholas Negroponte’s “long-tail” self-sustainable. While social platforms have enabled anyone to create content, Web 3.0 will also make it profitable, as opposed to today’s hit-driven model where only the top 5 percent of creators actually make money.”
4. Chris Richardson, CEO of Linius Technologies
“Fundamentally, blockchain technology protects digital assets more comprehensively than other anti-piracy measures. It protects digital assets more comprehensively than visual markers alone.
Most digital content today is tagged and tracked via archaic anti-copyright infringement technology, including watermarking as well as CAP coding (a distinguishing pattern of dots added during post-production, used as a forensic identifier to pinpoint the source of illegal copies). But it is not well protected.
The protection such technologies offer does not thwart film copying, sharing and other forms of content piracy, because there are many ways to circumvent them, including file compression, cropping, color variations and erasure of logos using content editing software. A simple Google search will uncover a variety of apps that have been developed specifically to remove digital watermarks.
Visual markers merely allow copies to be traced back to the original piece of content once it’s already been pirated. And that’s too little too late.”
5. Chris Gale, Co-founder of Verasity
“The potential of using blockchain technology to record and distribute a single, immutable version of the truth to multiple parties can bring huge benefits and clean up digital advertising, IP ownership, and form a new type of value exchange between the viewer and the creator.”
6. Mike Esola, CEO and Founder of Fiction Riot
“Fair and timely compensation has been an issue in the entertainment industry. The major benefit that blockchain brings is the opportunity to correct this.
Recording transactions over blockchain’s secure and encrypted platform enables royalty payments to be made directly to artists based on how often content is viewed. Furthermore, with blockchain, the formula is agreed upon upfront, everyone involved in the production is paid in a fair, consistent and timely manner.”
7. Mike Raab, VP at Sinai Ventures
“Blockchain technology has the potential to bring transparency, quicker royalty payments, and new monetization models to media. For instance, micropayments utilizing digital currencies could allow consumers to spend fractions of a penny for content that they consume — whether a song, movie, or article — instead of paying a hefty monthly subscription for content they don't want to consume.”
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