Blockchain influencing the Music & Entertainment industry - A technological transformation!

Blockchain technology has impacted the music & entertainment industry to some extent and has helped the industry shift its power from the third parties directly to the artists. This new form of decentralized technology has the potential to be used to increase financial inclusions in the developing economies where it is highly needed. The Blockchain developers say - the actual use of this technology might be limited to the mentioned domain.

Can blockchain impact the music & entertainment industry?

The most important thing about blockchain technology is the elimination of any third parties or intermediaries and this can be related to the sales of digital content and streaming of new music albums as well. However, on the other hand, many streaming platforms have even changed their way of work and devised a whole new way to intermediate between the music artists and their fans. Services offered by a Top blockchain development company in India have helped the music & entertainment industry get an affordable and user-friendly solution to fight piracy.

The eminence of Blockchain in digital content distribution –

·  Providing a common platform to traders and music lovers.

·  Reduction of monetization issues that might crop up in the industry.

·  Decrease in duplication of digital assets in the entertainment sector.

· Facilitating customized payment pricing and strengthening paid content delivery.

Apart from fighting piracy, blockchain technology has even helped deal with the payment discrepancies which could arise in terms of the music genre and the country of origin as well. This way the artists get royalties’ which was earlier accounted only for a small percentage of music artists only.  

Different ways by which blockchain can help transform the music & entertainment industry –

Blockchain has the potential to transform the music & entertainment industry by helping create an unchangeable, permanent, secure, and encrypted database that will record all bits and pieces of information. Take a look at some of the different modus operandi, blockchain is transforming the music and entertainment industry –

· Securing ownership rights: Different digital media transmitting platforms help enable the consumption of music and entertainment shows to people across the globe. With many instances of unregulated content distribution happening, blockchain can come as a saviour and help industry people eliminate facilitators making huge profits through unfair means. Using blockchain the digital data creators can easily create a list of those who can access any digital media content.

· Management of subscription fees: Copyrighted music & entertainment content is only accessible through subscription fees that have to be paid by the audiences who wish to listen to and view their favourite artists. However, there can be several issues that might affect the content creators. Here blockchain can help with the introduction of a pay-to-use system that will allow the audiences to pay just the amount of content they are consuming on a daily basis.

· Distribution of royalty: Blockchain has introduced us to a self-executing contract that we call a smart contract. These contracts are simple things and are basically a list of terms and rules that will be agreed upon by two parties. In the music & entertainment industry, there can be a lot of disputes regarding the streaming of digital content. Those disputes can be easily sorted out by blockchain in a very different manner, and smart contracts can help in keeping track of the exact streaming and usage of the piece of the digital content in a hassle-free manner.

Wrapping up, with Blockchain development now taking the centre stage, music & entertainment companies can now leverage the technology and make strategic decisions. There is no doubt about the fact that blockchain technology has simplified the music & entertainment industry by creating a streamlined way for the artists and helping them tackle all other dimensions of the industry which can be quite challenging otherwise.