Most people will think about cryptocurrencies when they hear about blockchain technology. However, this advanced system is capable of providing benefits to many other sectors. The core features are safe and fast transactions, but it can also be used for storing data and protecting author rights.
The best example of how the movie and entertainment industries might benefit from this system is related to NFTs. This is a new market, and it quickly became a trend. The main feature is that every artist can create digital content and protect it by adding the digital item on the blockchain.
There is a special code that will secure the rights no matter how many people are copying and sharing the same digital item. That is the reason why this type of digital assets became so valuable, and if you are interested to start trading with NFTs, check out OKX.com.
While the current trend is related to trading with these digital items, we expect that big companies and producers will start using this technology since it represents an excellent way to deal with current challenges on the market. Here are the best ways of how it can help the movie and entertainment industry.
It Can Protect Author Rights
While there are already many regulations where artists and big names in entertainment industry can protect their work, piracy is still a big issue. However, it will be impossible to share content without the permission of author anymore after the content is secured with the blockchain.
Another advantage is that it can secure less-known artists as well. For example, if you create a video, music effects, digital item, or any other type of content, and protect it with this technology, it will be impossible for anyone to use it without your permission.
Therefore, small artists can expect higher revenue if their digital items are implemented in movies, TV shows, video games, and other content. Each item has an implemented code that provides transparency, and you will keep the rights no matter how many people are sharing the same digital item.
Moreover, it is a great way for the movie industry to resolve the current challenges related to streaming services and the fact that they became much more popular than TV and movie theaters. It will be impossible for pirate platforms to share such content.
Increased Revenue
Not only that it is a perfect way to secure the owner’s rights, but it also provides a much better environment for collaboration with various brands and secure an even higher profit that way. For example, if there is a new video game where developers are adding NFTs, they could implement any type of digital items from artists and big names.
That will make the content less annoying as well since there won’t be any need for commercial in current format. Instead of that, we will see popular brands on various items in movies, shows, and video games.
The advancements in technology are allowing producers of movies to implement digital items while not affecting the quality in any way. That will provide them with the ability to add different items for different areas of the world. For example, the same movie in the US and Germany might show different ads and brands on various items and characters.
The possibilities for video games are even greater. Developers could add brands and ads on all type of items and characters without affecting the game at all. For instance, a loot box in some shooting game can have some popular brand on it.
Therefore, there are benefits for all sides in the entertainment industry. Producers and big names will secure even higher profit, while small artists might reach a higher popularity and profit with their items implemented in movies, games, and other content. On the other side, it represents a revolution in marketing, and many companies will be interested in this new model of promotion.
Smart Contracts
It will become much safer for different sides of some project to be more secure in their collaborations. For example, you are an artist who is making music effects, and some developers are interested in adding it to their video game. The processing of signing a contract can be much faster, transparent, and safer when you are using the blockchain technology.
When both sides agree on some terms, they will create a collaboration and store it on a blockchain where there is no possibility to make any changes to the contract. Also, it is much faster than current processes.
Expansion of NFTs
People became very interested in this market since its introduction. It is especially the case in the entertainment industry since there is no better way of securing the rights on some content. It might change to current model of how creators are making the content.
For example, movies in the future might have a lot of NFTs added. With the advanced technology, we won’t be able to notice that it is a digital content if that is a standard movie. It will allow producers to implement a lot of ads and items from various artists and developers.
That will help the entertainment industry to grow and attract even more people to become artists. Storing digital items on a blockchain will help creators to reach new projects and they don’t need to worry about the copyrights. As we already mentioned, you can secure any type of content with this technology.
The Bottom Line
The blockchain technology is a perfect solution for the entertainment industry to deal with current challenges like potential copyright issues, expansion of streaming services, high competition, and new trends.
It will provide producers with a chance to collaborate with much more people, get funded by popular names, and implement the content from less-known artists at the same time.
Audience will be more satisfied as well since they won’t be bothered by commercials in the same way anymore since various brands and ads will appear in the content they are watching on various items and characters.
