Blockchain is a new technology that can introduce the possibility of seamless transactions, with data coexisting between multiple parties all having controlled access to a single, shared source of the truth.
Greater transparency, more accurate payments, more detailed understanding of audiences for specific content and more effective targeting of advertising, are just some of the potential benefits. But for media businesses to take advantage they’ll need to understand how the technology works—and its implications for each and every participant in industry value chains, from content creators to consumers.
Could blockchain be a game changer for media and entertainment?
So how might blockchain’s impact be seen in the media and entertainment industry? As with the internet in its early days, it is hard to determine what its effects might be in the long term. Most industries are only beginning to experiment with this new technology; but one thing is certain—there would be short-term and long-term impacts for media and entertainment entities.
Blockchain’s future can be summed up in two words: Rapid change.
The question for media and entertainment companies is how to quickly adapt and leverage this technology to their business models to become more efficient while at the same time continuing to innovate with new products and services for customers. Understanding a strategic way forward to drive the potential of blockchain can help media companies get ahead of the competition and potentially create a new level of collaboration and trust for the future media industry.