Blockchain: The Rise of Decentralized Video-on-Demand Services
Great developments in the decentralized web and blockchain technology have been made over the past couple of years. The secure and transparent distributed ledger technology is being used for numerous, more or less sensible purposes. The video streaming industry has long been disadvantaged by centralization, complex content licensing schemes and piracy. Let’s have a look at how four companies are leveraging the blockchain to create the video streaming platforms of tomorrow.
Swedish startup CINEZEN is poised to disrupt traditional models of film distribution by offering a diverse selection of international titles and allowing users to pay directly to content rights holders using their CNZ tokens. The company takes advantage of blockchain technology in their aim to make every movie accessible to the public.
In an interview with Swedish Radio, the company’s founder and CEO, Sam Klebanov, said,
“There are lots of great movies but they are not accessible for Swedish consumers because local distributors do not buy them. The situation is the same in all countries. Our solution will enable anyone who owns movies to open their rights and distribute globally.”
White Rabbit’s ambition is to turn pirate streamers into loyal, paying customers while rewarding rights holders at the same time. They are currently developing a browser plugin that recognizes whatever content is being streamed in a users browser. The plugin will enable the user to reward films or series using White Rabbit’s crypto-currency, WRT. Token rewards are placed in an encrypted pool that the rights holders can claim. If they wish to do so, they must enter into a blockchain smart-contract allowing the rights holders to claim any funds immediately.
The company says its solution will generate new revenue streams for rights holders and simultaneously de-criminalize fans who are now forced to stream illegally because of their desired content not being available elsewhere.
In 2018, Slate Entertainment Group (SEG) announced its development of Binge, a new VOD (or “BVOD”) service, positioned to compete with current major video streaming platforms like Amazon Prime, Netflix and Hulu. For Binge, blockchain technology will facilitate streaming content and transparent behavioral analytics that reveal consumer tastes.
Binge says it will offer unrestricted premium content globally by taking advantage of decentralized storage and delivery. The SLATE network will be made up of a secondary level of masternodes to store and deliver content. Masternode operators will be incentivized with SLX tokens as a means to ensure an ‘always-on’ network.
Many independent filmmakers are struggling to reach their audiences because conventional distribution channels have little incentive to buy and distribute works from ‘non-bankable’ producers and directors. StreamSpace is addressing this issue by building a platform that eliminates the need for parties that currently exist between indie filmmakers and their audience. By leveraging blockchain technology, StreamSpace will enable indie filmmakers to securely distribute their works directly to indie film aficionados using a decentralized storage/distribution system.
Hype or hope?
More accessible content, more efficient delivery systems, smart-contracts and fair revenue sharing between parties would all be welcome changes to the world of video streaming. We’ll certainly be watching as these companies attempt to solve some big problems in the VOD space. 🍿