BLOCKBUSTER: When Blockchain meets Movies
By Rakesh Kumar on The Capital
While blockchain technology rose with its financial application in the way of bitcoin, it had also sowing its seeds to other sectors at the same time. So if blockchain is proving itself useful in every sector, then why not in the film industry. The movie industry of this decade can be profited from this technology, an innovation which could digitally support a dynamic and connected global network of content producers, distributors and audiences globally.
Blockchain Technology is a decentralized distributed public ledger system to store digital information.
In literal terms, it means the digital data (“the blocks”) are stored in a public database (“the chains”) where a single change in information is visible to all the connected nodes in that single ledger.
According to Statista, the worldwide spending on Blockchain solutions is expected to grow from $1.5 billion in 2018 to $15.9 billion in 2023.
Opportunities in Movie Industry
Though there could be more opportunities as this technology would evolve in the coming days, but we have prioritized its current issues faced by the film industry. These are the following solutions:
- Combat Digital Piracy: Despite the technological advancements to protect the content, there has been a serious increase in leakage of movies online. Piracy is one major issue that the film industry hopes to solve through blockchain. Though we cannot say that blockchain will totally eliminate the issue of piracy by its roots, but it can help deter the illegal leaking of contents. Distributed ledgers can create an immutable record of transactions of any work or creative idea. While smart contracts and tokens could legitimize the screening, broadcasting and uploading contents online.
Annual global revenue losses from digital piracy are between $40 and $97.1 billion within the film industry.
2. Copyright & Ownership provenance: Movies are generally a collection of rights and title covering screenplays derived works from books, music, trademarks, artistes’ performances, technical and design creations to licensing rights on film characters, merchandise and so on. So gaining copyrights is a costly and complex affair. On one hand, copyrights infringement has a major insurance expense and while on the other, for independent producers and distributors, ensuing litigation and fines could be a major barrier threatening their existence. So, blockchain can provide immutable transaction records of any assets. Smart contracts could also be used to define the norms governing the assigning of rights and licenses.
3. Equal Opportunities for small players: Digital content and online platforms have enabled smaller independent players to realize projects at low costs and establish a direct relationship with their audiences. Blockchain technology can offer further opportunities for independent production houses and emerging regions with limited reach to audiences and infrastructure. Ethereum is often utilized to set-up a distributed autonomous organizations or virtual entities for funding projects with ownership and shares assigned on the Blockchain.
4. Smart Contracts for distribution: The distribution system of movies in this globalized world has increased manifold in the last decade. With the expansion of digital distribution models and online digital platforms like Netflix, Amazon Prime. So with the involvement of blockchain, the distribution system can be decentralized. A smart contract can register and enforce the distribution and release the agreements between the content producers and distribution partners thus building a trust.
The Ultimate Future
Blockchain is attracting new minds to make its way to all possible sectors, and what film industry needs is to grab this opportunity to its advantage. Also, with the emerging blockchain startups like Mediachain Labs, which is Spotify’s recent acquisition, has turned attention of the film industry to this technology.
Blockchain is still an emerging technology penetrating every sphere possible with a decentralized governance, which will surely attract the film industry to tackle its challenges. Along with new technologies like AI, Cloud Computing, blockchain can double its value, particularly in film industry. Having knowledge on blockchain operations and market dealings in its nascent phase could be the need of the hour.
You can tap into other similar articles of mine here:
Entrepreneurial Opportunities in Blockchain
What if Blockchain integrated with Cloud Computing?
For availing cryptocurrencies or blockchain related services, you can reach to Brugu Blockchain Solutions.
