Web 3.0 integrating blockchain technology can help the trillion dollar media and entertainment industry by democratizing the industry. Thus, it helps with copyright infringement, content monetization, and much more. But despite the hype, the blockchain segment remains ‘unexposed’.

The global media and entertainment industry has recently experienced a digital revolution. Today’s consumers expect immersive, on-demand content tailored to their preferences and available anytime, anywhere. Meanwhile, the increasing number of players and entertainment options leads to subscription fatigue. So what does it take for a media and entertainment company to remain relevant and competitive in today’s ever-evolving marketplace? A human-driven approach? Cutting-edge technology? Personalized narration? or perfect connectivity?

The answer may be a combination of all these factors under one roof but with a blockchain twist. Whether it’s new age media cloud OTT, quality of experience connectivity or security, the future of media and entertainment with blockchain integration.

So here’s a deep dive into how blockchain can play a crucial role in transforming the media and entertainment (M&E) industry. Even more so in helping the industry in constant growth.

2021 saw unprecedented traction in the ever-evolving industry around the world. In this paper, the media and entertainment market is worth $2.20 trillion as of 2021. The market size of the US media and entertainment industry is $717 billion. The US media and entertainment industry can grow at a CAGR of 8.90% through 2030.

Australian consumers spent more than $30 billion, an increase of 6.23% over the previous year. This was the highest single-year jump in the history of the E&M Outlook, according to a report by PwC Australia.

“The largest contributor to consumer spending remains internet access, followed by Games and subscription TV, which accounted for almost 60 per cent of the remaining A$14 billion, both of which are expected to see significant continued growth. during the forecast period.

The growth of the entertainment and media industry is 5.50% in 2022, reaching a market share of 32.66 billion dollars, according to forecasts by PwC Australia.

Said growth was aligned with the great transformation within said industry. Creators need to create content faster than ever. More content is being created than ever before. And so the entertainment industry, in general, looks to technology as a way to empower the creative community.

Simon Crownshaw, leader of media and entertainment strategy at Microsoft, in a YouTube video stated:

“We are seeing a massive disruption in the way content is consumed, and I think that will continue. There will be constant thoughts about how to get more and more people involved in that content creation process. And then if on top of that I need to collaborate across borders, for example, to make sure those things happen in real time because I need to do those things much faster.”

The role of Blockchain technology in the M&E industry

Given the growth of the discussed industry and the need for the latest technology, Blockchain continues to play a critical role in further democratizing the rapidly growing M&E space.

As far as understanding how blockchain can help the entertainment industry, here is a simple narrative. The attractive attribute of blockchain is that it is taking a middleman out of the industry, given the decentralization aspect. Similarly, within the entertainment domain, the role of intermediaries is enormous. So the connection between an artist in any form, whether it’s a journalist, an entertainer, or a content creator, a go-between in some way empowers their audience.

But with blockchain integration, such a cohort can connect directly with their audience. Thus, helping creators further monetize their work. Another interesting and straightforward application of the blockchain is digital rights management.

Protection of rights

Today’s digital rights management solutions are complex, as they must be developed to support the diversity of today’s business models, such as music download streaming services and set-a-box consumption across multiple media. devices. Ownership and usage data today is stored in silos with record companies, movie studios, publishers, distributors, etc. in quite complex ways.

The interest of blockchain is really to use this technology and create self-executing smart contracts that can make digital rights management for the entertainment industry transparent, accessible, easy to understand and help monetize assets quickly.

Fun fact: One of the most popular shows, Game of Thrones Season 7, received over 1 billion views according to a September 2017 report. Shockingly, total legal views accounted for only 16 million, increasing the need for technology. blockchain to help monetize creators. ‘ to work.

The intersection of Web3 and content creation

With the increasing trend of web3 demand, the entertainment industry could also benefit. Web3 already allows different creators to interact with never-before-seen content. Furthermore, it aims to compensate creators and artists restricted by a risk-averse, conservative bureaucracy that puts business first.

Talking about this matter with BeInCrypto is Navdeep Sharma, the creator of ReelStar. According to the company’s claims, ReelStar is the first ‘everything app’ built from the ground up on a multi-blockchain web3 decentralized platform with integrated live streaming, video sharing, peer-to-peer chat, audio/video calling, NFT minting , NFT marketplace, and a Digital Wallet with unique features.

The app sought to “rebalance the economics of content creation, engagement, and value for both creators and appreciators of their creativity with the help of blockchain technology.”

Thoughts on the matter

Symbolizing the value of one’s creative work can greatly enhance the way it is represented in the digital world. By creating content on NFT, artists can take back control of their creations and how and where they are used.

Web3 may be the next technological step and has been touted as a new era to be revolutionized by blockchain. The technology is still new and has relatively less exposure to extreme conditions.

Also, there needs to be more clarity regarding the regulations around the niche segment. With the increasing traction of blockchain technologies, be it web3, regulatory bodies can clamp down on strict regulations. This may or may not call into question the concept of “decentralization” behind this sector.

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