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8 Ways Blockchain Is Delivering Optimum Viewing Experience To Video And Movie Streamers

Gone are the days we had to wait weeks or even probably months to watch our favourite television shows and films. Today, the entire 100 years of cinema and entertainment is available online to watch at our preferred time and from our convenient location. This has also influenced consumer behaviours in such a way that we now watch an entire season of a series or movie trilogies in a single day.

With the onset of streaming services like Netflix, Hulu, Prime and more, the way entertainment is consumed is being rewritten now. The seeds sowed by YouTube revolutionized content and video consumption. Today, we have diverse varieties of content and entertainment formats to enjoy at our will. There are podcasts, live sessions on YouTube and social platforms, GIFs, user-generated content, movies, shows, limited series and whatnot.

To give you an idea of the growth of video streaming in numbers, here are some statistics:

● The market size of on-demand video streaming is estimated to be valued at around $224bn in 2028.

● Netflix remains one of the top streaming platforms with over 23% of adults in the US streaming a movie or a show daily.

● YouTube, on the other hand, has over 1 billion active users monthly, making it the world’s largest platform.

However, as you read, video streaming is undergoing yet another revolution with the incorporation of the most in-demand technology today called Blockchain. After dynamically shattering conventions in the finance, banking and healthcare sectors, blockchain app development is making its entry into the entertainment industry to pave the way for decentralized video streaming.

Curious how blockchain is reshaping video streaming? Let’s find out.

8 Ways Blockchain Is Delivering Optimum Viewing Experience To Video And Movie Streamers

Decentralized Content Distribution

Because blockchain is devoid of any centralized authority, the technology enables the verification of transactions from a user’s end without the need for any intermediary. Powered by its peer-to-peer transaction architecture, payments are also agile and swift.

Smart Contracts

With the help of smart contracts, video streaming services can connect content creators with their target audiences. Instead of receiving payments from consumers, taking a cut and then paying content creators, smart contracts powered by blockchain technology can enable consumers to directly pay their preferred content creators. This helps artists and creators connect directly with their fans, work more efficiently and cater to their exact entertainment needs.

Eliminate Accessibility And Ownership Concerns

One of the shortcomings with on-demand live video streaming apps and websites is that you never own any of the content you watch or access despite you paying for it. It is the exact opposite of owning a DVD or a Blu Ray disc of your preferred movie or series. When your subscription ends, you no longer have access to any content offered by the streaming service.

However, with blockchain, changes can be made at architectural levels, allowing consumers to have encryption keys or tokens they can use to save or download their favourite movies and access them from any device or location with just the token. Blockchain encryption is foolproof and ensures the content is available for private ownership only.

Digital Advertising Is Optimized

Digital advertising at any day outdoes conventional advertising in the fact that the performances of advertisements and campaigns can be tracked, optimized and tested over and over again. However, statistics reveal that over 60% of marketers lack access to some of the basic advertisement analytics tools. This hinders their ability to assess consumer demands, behaviour, ad performance, clicks and engagement levels and more.

With blockchain, however, advertising can be redefined for returns and profits as the technology enables advertisers to retrieve data from over 24,000 transactions every single second. This makes way for personalized ad campaigns, RoI-driven advertisements and value deliverance to consumers and stakeholders.

Consumer Behavior Analytics

If you use Netflix, YouTube or Hulu, you already know that these streaming services are backed by some of the most powerful algorithms and recommendation engines that are constantly studying our viewing patterns, preferences and tastes.

With blockchain, consumer behaviour analytics will only become more intense and transparent. Content creators can know exactly what their audiences want and deliver, know from which devices or location their majority of viewers or consumers are, the optimum runtime of their content, the exact time their content is watched and more. All these can allow them to come up with personalized or tailored content that meets audience expectations.

Seamless Transactions And In-service Payments

Crypto-based apps designed for video streaming can allow creators to get paid for ancillary services or features directly from their consumers. Usually, consumers pay an additional fee as transaction charges to streaming platforms, which in turn take a cut before sending royalty or revenue to original creators. With blockchain, the intermediary layer can be eliminated and users can directly access additional content and features by paying creators through crypto or blockchain wallets.

Storage Space Optimization

Running a streaming service is a very expensive affair. One of the major operational constraints lies in maintaining massive volumes of servers to store content for streaming enablement. The emissions from each server during streaming is also extensively being studied upon.

However, blockchain can bring in a drastic change in how servers are deployed and maintained for storage space by making use of free spaces across users’ devices. Every byte of unused storage space in users’ devices and hard drives can be used as a P2P-enabled cloud storage module. Through a Content Delivery Network powered by Blockchain, streaming platforms can ensure their servers are distributed around the world amongst users and by users.

Simplified Content Licensing And Monetization

When something is online, it is exposed to duplication, replication, piracy, criticism, reactions and more. With each instance, there are also monetary benefits involved which can happen without the knowledge of the original content creator. Intellectual property is still ambiguous to several creators and it is in this ambiguity that an entire micro-market thrives and takes advantage of.

With blockchain, licencing and ownership of a creator’s content can be firmly established. Besides, the content can be locked and made tamper-proof with blockchain. The content cannot be accessed by unauthorized users, downloaded or even viewed, maintaining the integrity of the content.

This ensures creators are away from intellectual property thefts and are always paid the right amount for usage of their content with appropriate licensing and permissions.

Real-world Examples Of Blockchain Streaming Platforms

Livepeer

This is an open-source venture that is developing a media or an entertainment server capable of streaming video apart from connecting Livepeer nodes. To access broadcasting content, users pay tokens and to buy tokens, they can contribute to the platform by transcoding content onto their systems.

Flixxo

Based on the BitTorrent protocol, Flixxo operates on a content-sharing methodology rather than a streaming methodology. Despite this, Flixxo fosters an environment where creators can share their videos and consumers can access them. The business eliminates any expense associated with maintaining servers, thereby increasing profits. To access content, Flixxo viewers pay with tokens.

ThetaNetwork

Claiming itself to be the next-generation video delivery platform, the brand removes all instances of centralized servers that give rise to poor video quality, massive storage requirements and more and replaces them with decentralized P2P modules. With this, consumers can experience better video streaming quality, reduced content delivery costs, minimized data requirements and more. By accepting Theta Fuels as payments, the venture makes use of the latest blockchain use cases to offer optimum solutions to users.

Wrapping Up

It’s quite surprising how blockchain technology is influencing the entertainment industry, right? So far, all our understanding of blockchain has been on modifying healthcare and fintech sectors. However, there seems to be a lot more experimentation going on with blockchain than what meets the eye.

Going forward, you never know, the movie you are probably watching could be streaming from one of your family member’s devices. How cool is that!

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Intuz is a custom Mobile, Software, IoT, Blockchain and Cloud services company. Our passion for work reflects our values & produces delightful experiences for enterprises.

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Pratik Rupareliya

Pratik Rupareliya

Techno-commercial leader heading Intuz as head of Strategy.

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