How can blockchain revolutionize the entertainment industry?


There is a huge revenue generation in the broadcasting industry across the globe, and the figures of earnings keep rising with every passing year. There has been a huge market share of streaming services such as Netflix and Amazon Prime, amongst others, especially after the pandemic. The advent of these services has reduced the theater appeal of the film industry to some extent. In this scenario, blockchain is an appealing way to generate funding for creatives that do not have top branded franchises in the film industry. It is also a good mode for royalty payments that are fair and can serve as a tool to deal with piracy. It can also provide ownership platforms to give a new look to the TV and film industries. A good example of such innovative app isBitcoins Digital which is a completely transparent platform, click here to visit the platform

Crowdfunding using crypto for movies and TV: there has been a rise in indie film, but still, the funding structures of Hollywood have not changed a lot. There is a huge marketing cost associated with blockbusters. With the reduction of budget, there comes a compromise on quality. With high funding, there are many times unwanted demands from the end of studios. To overcome the means and issues related to traditional crowdfunding, crypto-based solutions can provide better solutions. Micropayments along with viewer autonomy are possible with crowdfunding of movies using blockchain platforms.

Compensation using smart contracts: there are contract disputes in many movies of Hollywood. And the results of such disputes are not so contractual. To solve this issue, blockchain is a good solution to prevent disputes over expensive contracts. It provides a quite transparent network that is swindle-proof in the case of smart contracts, which payout when the pre-agreed conditions and date are met. These smart contracts will help to remove any type of backstabbing and sleaze from the execution of contracts. It is quite a simple way to provide effective financial agreements. It works by reducing the number of variables and moving parts in the entertainment industry and ensures all parties get what was agreed.

Use blockchain to deal with piracy: Piracy is a huge threat for the television and motion picture industry. It has already cost a huge amount for the industry, and with the increasing rate of illegal download and streaming, this is increasing further. To reduce this behavior, it is important to put an enticing alternative to this method. Some services provide better value propositions and pull people to the theater seats. But the revenue model of blockchain-based platforms for theaters is still not clear. Viewers can get amazing discounts based on interactions on blockchain-based platforms. This provides better intel, and the user gets to view more shows and movies. In return, the person is rewarded with discounts or tokens, which give access to premium level shows and films at a low price or for free. The idea is to provide legal alternatives to piracy.

Crypto-based streaming services: the streaming services show the downside of the digital revolution associated with the video and television industry. Such losses can be sustained by big brands only. There are a lot of middlemen in the current video streaming network, such as providers of cloud storage infrastructure, third-party playback, payment merchants, and others. So blockchain can serve as a good means for storage, storing playback, and enhancing transaction capabilities using crypto. This is possible using a single technology platform without cutting anything from ultimate revenues.

Global streaming services: restrictions and content offerings on streaming services are not global. People of different parts of the globe can stream only the limited content of Netflix. To provide uniformity of content globally, it is ideal to use a blockchain platform. This can lead to consistency for those who are frequent travelers. An encrypted platform which is using blockchain technology can provide this consistency even after maintaining copyright protections. These platforms would not serve as a rival for the top streaming services and still provide appealing and viable content.

These are some of the applications of decentralized blockchain technology and bitcoin in the video streaming, television, and film industry. These platforms provide expansive models for digital ownership and rental services.

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