Altcoins Talks - Cryptocurrency Forum
Further Discussions => Blockchain Technology => Topic started by: felixesteban on May 26, 2018, 08:55:10 PM
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The entertainment industry is no stranger to disruption. In many ways, it’s the ultimate industry in flux as it is continually changing its styles, norms, and distribution methodologies to reach the biggest audience with the best content.
The film, television, and music industries have each undergone significant changes over the past several decades. From television supplanting transistor radios to Napster reorienting the music industry, there is no shortage of examples that demonstrate their malleability. Interestingly, while people often have strong reservations about these changes when they are taking place, new technologies lead to better products that reach a bigger audience.
In other words, change is advantageous for everyone.
That’s a good thing because now another new technology, the blockchain, is rapidly bringing disruptive innovation to the media market. The blockchain has been on the rise since 2009 when it launched as the accounting backbone for the first cryptocurrency, Bitcoin. Since that time, it’s enjoyed a meteoric rise of its own with several blockchain platforms housing hundreds of new startups running on their decentralized networks.
As The New York Times recently wrote, “The Bitcoin bubble may ultimately turn out to be a distraction from the true significance of the blockchain.” That’s not to say that Bitcoin is valueless. Instead, it speaks to the real importance of the blockchain.
For the entertainment industry, this disruption will take many forms. Blockchain will transform the industry, but it will not supplant it. It’s a collaboration that represents the future of the entertainment industry in a number of ways. Here are just a few of its applications.
Verifiable ticket sales
According to data provided by Statista, the live music industry grew in revenue every year since 2012. That’s not surprising since live concert events are more popular, and, by extension, more expensive than ever before. Billboard reports that Live Nation, one of the largest concert promoters in the world, saw year-over-year revenue growth of 25% in 2017.
For concertgoers, this means a plethora of exciting entertainment options, but prohibitive costs lead many consumers to second-hand ticket sources. Unfortunately, this market is often unverifiable and untrustworthy. After all, if you purchase phony tickets from a scalper, there is no recourse for retrieving your money if the tickets turn out to be phony or fraudulent.
In these cases, the blockchain can help. The blockchain specializes in verifying records and transmitting value. The blockchain can record ticket ownership, and it can transfer that information if a ticket is sold or gifted. The permanent records that make digital currency trustworthy are the same records that can track ticket ownership. This broadens the market and makes it more accessible to more people. It’s transformative in the best way.
Decentralised music distribution
The music industry nearly crumbled when Napster, a platform for file sharing music, made illegal music free and accessible to millions of users. While Napster no longer threatens the industry, a slew of other services emerged that transformed it like never before. Services like Spotify and Apple Music offer a streaming revenue model that compensates artists and creates lucrative distribution platforms. In addition, Apple, Google, Amazon, and Android all have digital stores where users purchase music to download on their devices.
https://www.blockchaintechnology-news.com/2018/05/15/three-ways-blockchain-will-have-a-major-impact-on-the-entertainment-industry/
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I love music and I am enthused about Blockchain so I really anticipating Blockchain's integration into the music industry
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The entertainment industry is no stranger to disruption. In many ways, it’s the ultimate industry in flux as it is continually changing its styles, norms, and distribution methodologies to reach the biggest audience with the best content.
The film, television, and music industries have each undergone significant changes over the past several decades. From television supplanting transistor radios to Napster reorienting the music industry, there is no shortage of examples that demonstrate their malleability. Interestingly, while people often have strong reservations about these changes when they are taking place, new technologies lead to better products that reach a bigger audience.
In other words, change is advantageous for everyone.
That’s a good thing because now another new technology, the blockchain, is rapidly bringing disruptive innovation to the media market. The blockchain has been on the rise since 2009 when it launched as the accounting backbone for the first cryptocurrency, Bitcoin. Since that time, it’s enjoyed a meteoric rise of its own with several blockchain platforms housing hundreds of new startups running on their decentralized networks.
As The New York Times recently wrote, “The Bitcoin bubble may ultimately turn out to be a distraction from the true significance of the blockchain.” That’s not to say that Bitcoin is valueless. Instead, it speaks to the real importance of the blockchain.
For the entertainment industry, this disruption will take many forms. Blockchain will transform the industry, but it will not supplant it. It’s a collaboration that represents the future of the entertainment industry in a number of ways. Here are just a few of its applications.
Verifiable ticket sales
According to data provided by Statista, the live music industry grew in revenue every year since 2012. That’s not surprising since live concert events are more popular, and, by extension, more expensive than ever before. Billboard reports that Live Nation, one of the largest concert promoters in the world, saw year-over-year revenue growth of 25% in 2017.
For concertgoers, this means a plethora of exciting entertainment options, but prohibitive costs lead many consumers to second-hand ticket sources. Unfortunately, this market is often unverifiable and untrustworthy. After all, if you purchase phony tickets from a scalper, there is no recourse for retrieving your money if the tickets turn out to be phony or fraudulent.
In these cases, the blockchain can help. The blockchain specializes in verifying records and transmitting value. The blockchain can record ticket ownership, and it can transfer that information if a ticket is sold or gifted. The permanent records that make digital currency trustworthy are the same records that can track ticket ownership. This broadens the market and makes it more accessible to more people. It’s transformative in the best way.
Decentralised music distribution
The music industry nearly crumbled when Napster, a platform for file sharing music, made illegal music free and accessible to millions of users. While Napster no longer threatens the industry, a slew of other services emerged that transformed it like never before. Services like Spotify and Apple Music offer a streaming revenue model that compensates artists and creates lucrative distribution platforms. In addition, Apple, Google, Amazon, and Android all have digital stores where users purchase music to download on their devices.
https://www.blockchaintechnology-news.com/2018/05/15/three-ways-blockchain-will-have-a-major-impact-on-the-entertainment-industry/
Yeah it'll be interesting to see how it plays out.. I'd also like to point out that live performances are becoming more profitable because artists are making exponentially less from album sales than they used to. Its almost in itself a change from an older way of doing things to adapting to changes in technology.