Blockchain Technology Decoding Possibilities In Media Industry
Currently, blockchain is one of the most talked-about and published technologies. There are only a few sectors that are not enthusiastic or concerned with the concept, as use cases, proof of ideas, and full-fledged companies based on blockchain principles are emerging. Indeed, blockchain has the potential to disrupt existing ones, but also to enable new business models.
Media players should consider blockchain-based applications and its potential impact across the industry. Pricing options for micropayments for paid services content, a change in market power ignoring aggregators and better distribution of royalty payments.
Potential Of Blockchain-Based Technologies For Current Concerns
Media industry includes interlinked operation and project, and to manage it with full efficiency becomes a challenge.
Below are some factor that could be impacted;
• Paid content may increase thanks to new pricing models based on micropayments
• Monetization options arise for an increasingly fragmented content inventory (for example, blogs, news, photos)
• The allocation of advertising budgets becomes more precise and targeted because the use of the media can be directly linked to the particular content elements
• Copyright violations and piracy are almost impossible. However, technology and mechanisms are still young and evolving, and industry-wide adoption of standards is likely to occur in a few years.
With the advent of blockchain development, this industrial structure can change significantly. Blockchain technology helps to largely ignore content aggregators, platform providers, and royalty collection associations. Market power is therefore transferred to the copyright owners.
Although some blockchain applications still seem overblown and require new technological advances, the use cases focused on payment have already been proven. Therefore, parts of the media value chain are already threatened by new blockchain-based payment and contract options. This can fundamentally redefine pricing, advertising, revenue sharing, and royalty payments.
Payments or advertising revenue will be no longer need to be collected centrally. Payment transactions become cheaper, and income distribution is automated based on predefined smart contracts.
According to Deloitte study titled“Blockchain @ Media”, below are some pointers that should reveal how blockchain is set to be beneficial for the industry.
Advantages Of Blockchain For The Media And Communication
• Affordable content can be resolved efficiently between seller and buyer
• Liberalization of the advertising market
• More accurate monitoring of ad efforts performance
• Almost real-time allocation of royalty payments
• Alternative to inaccurate estimates
• Transparent and "verifiable" P2P transactions
• Automated billing in real-time
• Reduced rights management complexity
• Direct consumer connection to the person/user via Blockchain authentication
To the point,
In summary, the potential benefits of blockchain for the media industry relate primarily to payment transactions and copyright monitoring. Possible applications and technical innovations will have a huge impact. Content creators will be able to closely monitor their reading hours, rights and advertising revenue can be shared accurately and on time, based on consumption, and affordable content can be shared, bought effectively, even for a few cents.
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