Blockchain in entertainment
Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil. We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on. In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined.
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Blockchain in entertainment
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- NFTs as the future of digital entertainment
- Fox Entertainment Joins NFT Market With Blockchain Creative Labs Unit
- How Blockchain is Disrupting Traditional Media and Entertainment
- Fox Invests in Blockchain Distribution and Monetization Platform Eluvio
- Vistas Media Capital expands into blockchain entertainment with launch of Fantico
- Will NFT backlash stop the blockchain gaming boom?
- How blockchain could kill both cable and Netflix
NFTs as the future of digital entertainment
New York, Feb. The increasing need for eliminating intermediaries between content creators and end-users, the growing demand for secure and faster transactions, and the growing instances of data piracy in the media and entertainment, are some of the key factors driving the market. Also, all media segments have suffered significantly from digitization, since content can be copied and distributed quickly and without loss of quality. This is because the Digital Rights Management Systems has not yet reduced copyright infringements.
Blockchain technology permits bypassing content aggregators, platform providers, and royalty collection associations to a large extent. Thus market power shifts to the copyright owners.
Blockchain technology has the potential to increase profits for content creators and media companies by providing real-time consumption-based pricing against assets with an immutable state and digital identity.
However, lack of standardization is hindering the growth of the market to a certain extent. Also, the process of implementing new technology is expensive and time-consuming, hence restraining market growth. Scope of the Report Blockchain technology is a digitalized public ledger.
Initially, it was only used for cryptocurrency transactions. The blockchain is now used in various sectors of the manufacturing industry, such as consumer electronics, media and entertainment, automotive, aerospace, and defense, textile, energy, and power, food and beverages, etc. Various processes, such as transactions, transportation, and stock management, are noted and organized sequentially without maintaining any records or files.
Key Market Trends Payments Application is Expected to Dominate the Market - Media users are nowadays highly accustomed to having free access to a broad variety of content. This is primarily because the media and entertainment industry is a contract-based business that places a premium on the protection of intellectual property. Also, all media segments have suffered significantly from digitization, since content can be copied and distributed quickly without loss of quality.
Another popular application, cryptocurrency, is facilitating micropayments to content providers. Companies use it for enabling customers to buy and play single songs or videos, for instance, or to purchase permission to read a news article. Since transaction costs in Bitcoin Cash are extremely low and no banks or credit card companies are needed to complete a sale, authors can charge as little as a few cents per article and publish and monetize their content themselves. For instance, Dish Network has taken Bitcoin as payment from subscribers since and recently started accepting the slightly different but still crypto Bitcoin Cash as payment.
North America Expected to Hold the Largest Market Share - North America is expected to hold the largest market size in the global blockchain in media, entertainment, and advertising market during the forecast period. The region has witnessed increased investments in the blockchain in media, advertising, and entertainment industry owing to the presence of key players in the region. The early adoption of advanced technologies and digitization are expected to fuel the growth of the blockchain in media, advertising, and entertainment market.
These initiatives are bringing together start-ups, private sector companies such as IBM and Accenture, and various levels of government to establish a strong foundation for the developing ecosystem. It combines a real-time data and payment infrastructure with a personalized experience for each viewer and is compatible with popular web-based services such as YouTube, Facebook, Vimeo, and Twitch as well as TV and radio distribution networks.
Competitive Landscape The competitive landscape of the blockchain in media, advertising, and entertainment industry is moderately concentrated as there are very few players offering blockchain solutions, especially in the media and entertainment industry. The vendors have adopted different types of strategies, such as partnerships, collaborations, and acquisitions, and new product launches, to expand their presence in the market and also increase their market share.
The open-source platform, named SurroundTM, will encourage collaboration and promote innovation within the industry, the company said. Aiming to streamline the costly and time-consuming processes in entertainment rights and royalties, the solution is first being deployed within gaming with Microsoft and its game publisher partners. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
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Fox Entertainment Joins NFT Market With Blockchain Creative Labs Unit
Blockchain technology will disrupt the entertainment and media industries to the next level. It shall help solve the issues of unfair compensation for the artists and accurate distribution of the content. It shall create a systematic approach for digital rights management. Not just the media and entertainment sectors, but the sports, gaming and advertising industries would also achieve seamless digital progress throughout the globe. Blockchain being run as a distributed , decentralized, immutable database technology, it would be easier to create a more transparent system, tracking the worthy royalties. It would definitely help create a fair system for all the partners involved, along with elimination of unnecessary middlemen, like those involved in the conventional system. As the system is centralized and the artist can reach the audiences only through the centralized industries, a worthy share of profit does not reach the artist, along with creating an accessibility gap between the artist and the audience. The absence of global records for the origin of artwork, generally creates the duplication of work without the consent, raising the Intellectual Property Right IPR issues.
How Blockchain is Disrupting Traditional Media and Entertainment
Sheppard Mullin, a leader in both blockchain and entertainment law, is hosting a 3 part webinar covering the overlap of these areas. Please join us for the second installment on March 10, for a discussion on the top trends and legal issues in Blockchain and Art. Topics to be discussed include:. The third installment will focus on blockchain and music. Stay tuned for more information on this future programming.
Fox Invests in Blockchain Distribution and Monetization Platform Eluvio
The media sector is always innovating — harnessing the latest and greatest technology to create and distribute content in the battle for eyes and ears. From virtual reality music videos to CGI in blockbuster films to video game streaming , there's no shortage of ways to grab our attention. Of course, great innovation brings great hurdles, and the media industry certainly has its share — digital piracy, inaccurate royalty distributions, fraudulent content and erroneous data to name just a handful. That's where the decentralized ledger system blockchain comes in. Right now, it's most prominently used in trademarking and rights management, but the applications are numerous. For starters, the recorded distribution of music and movies allows artists to be paid fairly and maintains accurate data on streams and purchases.
Vistas Media Capital expands into blockchain entertainment with launch of Fantico
These digital assets — like bitcoin and ether — are traded using blockchain technology. But unlike cryptocurrencies, they are unique hence non-fungible. NFT art and gaming items use digital certificates to authenticate rare online assets and track their movements. This concept, a novelty for most people, has seen an influx of activity from artists and gamers who have learned to utilize the technology to their advantage. NFTs gained mainstream awareness thanks to the Beeples of the world, whose digital artworks were auctioned off for millions of dollars. Local artists, too, have capitalized on this new venue for selling their work, albeit at more modest prices. With guaranteed ownership and authenticity, plus a purely digital nature, NFT art attracted people like xlvrbk, who then found communities in Twitter and Discord. These digital spaces, tight-knit and constantly up to date, gave artists options outside the traditional industry path, with art collectors directly contacting artists online.
Will NFT backlash stop the blockchain gaming boom?
Vistas Media Capital, a Singapore-headquartered media investment holding company has expanded into the blockchain entertainment business with the launch of Fantico, an innovative non-fungible token NFT platform. Fantico will allow entertainers to create and auction their own collectibles for investors, superfans and collectors. The NFT trading platform will feature an exclusive collection of digital artworks from luminaries from different backgrounds such as cinema, sports, music, art.
How blockchain could kill both cable and NetflixRELATED VIDEO: Sam Chi discusses benefits of blockchain in entertainment
New York, Feb. The increasing need for eliminating intermediaries between content creators and end-users, the growing demand for secure and faster transactions, and the growing instances of data piracy in the media and entertainment, are some of the key factors driving the market. Also, all media segments have suffered significantly from digitization, since content can be copied and distributed quickly and without loss of quality. This is because the Digital Rights Management Systems has not yet reduced copyright infringements. Blockchain technology permits bypassing content aggregators, platform providers, and royalty collection associations to a large extent. Thus market power shifts to the copyright owners.
Over the past few decades, the music industry has undergone constant change. Though digital transformation has changed the stakeholder landscape, the old structures that formed the music value chain have hardly changed. And although the volume of data has increased manifold, there is still no global database for copyright and neighbouring rights. Not only does this mean slower payments to artists, it also exposes fledgling digital businesses to significant risks. Blockchain technology is aimed at changing this status quo.
But what exactly does it mean? And how does it impact networks, studios, and new media companies? This is where blockchain comes into play. The beauty of its technology is that it offers a unique approach to storing content and related assets, making transactions, and establishing trust.