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
“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
“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
“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
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
“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
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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