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What Trends Are Shaping Blockchain In The Entertainment Industry? 6 Experts Share Their Insights [2019]

  • 21 June 2019
  • Sam Mire

While A-list movie stars probably don’t give a lick about blockchain technology (Michael Keaton being a notable exception), the part-timer waiting tables to finance his silver screen dreams might have a different take.

Start talking about things like faster royalty payments and you’ll have attention from any ambitious part-time entertainer. Ryan Gosling is going to receive a check before shooting a single scene. But what about the extras who slave every day for a part that few even notice?

Blockchain technology can bridge this gap immediately. It can accelerate us toward fairer, faster royalty payments in the entertainment industry. Music businesses are fiddling with blockchain-powered platforms that dole out real-time royalty payments, and something similar is bound to emerge for film and television.

Platforms for streaming content are all the rage, and blockchain could enhance royalty payments on these platforms, as well as providing other incentives for content providers and viewers to participate.

Blockchain just isn’t there yet, but the possibilities are real. It’s only a matter of demonstrating that this technology can walk before it can run.

1. Mike Esola, CEO and Founder of Fiction Riot

Mike Esola“There have been issues around fair and timely compensation within the entertainment industry for years, so a big trend we’ll see is for blockchain to address these challenges. For example, by recording transactions over blockchain’s secure and encrypted platform, artists can not only receive royalties more quickly than ever before, but also accept payments directly based on how often their content is viewed. Because the formula is agreed upon upfront, everyone involved in production is paid in a fair, consistent and timely manner.”

2. Chris Gale, Co-founder of Verasity

Chris Gale“IP protection and proof of ownership and fake news are a huge problem for the entertainment industry. If blockchain platforms can solve this by improving the transparency and proving ownership, you will see a large scale adoption. But it is a very challenging problem to solve.”

3. Marc Urselli, 3-Time Grammy Award Winning Engineer and Producer

Marc Urselli“Projects like Mycelia are being started and there are a few startups that could disrupt the industry with the adoption of blockchain for tracking of credits and revenues. This would be a welcome change in an industry where Sustainability and profitability are at stake.”

4. Chris Richardson, CEO of Linius Technologies

Chris Richardson“Scaling demand for video, streaming services, and the need to manage, track, monetize and incentivize that demand.

Demand for online content is growing rapidly, and will continue to push video creators, rights holders and publishers to find new ways to securely distribute that content, while connecting with greater audiences. Top OTT platforms include Hulu, which has seen demand for its services grow by more than 230 per cent since 2016, and Netflix.”

5. Adrián Garelik, CEO and Co-founder of Flixxo

Adrian Garelik“STOs (security token offerings). Everybody wants to participate in the entertainment industry and would love being involved in the production of content. STOs could bring an opportunity for democratizing the investment in media products such as movies or television/streaming series.”

6. Mike Raab, VP at Sinai Ventures

Mike Raab“I expect more experiments with blockchain technology enabling digital rights and royalty payments, specifically in the music industry.

Sony has already announced a Rights Management System for digital content utilizing blockchain technology, and startups Littlestar, Stem Disintermedia, and Audius are similarly working on solutions.”

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About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.