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Video creation, conveyance & consumption trends around the world is experiencing a major disruption. The distinctions between print and digital media, video games and sports, wireless and fixed internet access, pay TV and Over-The-Top (OTT), social and traditional media are blurring. For consumers around the world, entertainment has become more of a necessity. It provides a gateway to happiness and gratification, during the momentary breathing spaces that people get in this rapidly progressing world. Unsurprisingly, the Entertainment and Media industry generates over $2 trillion in annual revenues worldwide. The USA ($750 billion), China ($190 billion) and Japan ($157 billion) are the world leaders in E&M markets.
Production houses and studios who once subjugated the E&M landscape are now eagerly looking over their shoulders at the adamant, aggressive and ambitious online streaming service providers such as Youtube, Netflix, Prime Video etc. This phenomenal growth of the online video content in the last decade has triggered a notable shift in the balance of power. While online and offline content providers are engaging in the tussle for control, consumers are the sole beneficiaries with unparalleled choice of contents. But is the shift of control from oligopolistic studios and production houses to like-minded video platforms a sustainable option? Or there exists a better option which raises the expectations of the content yearning consumers and simultaneously rewards them for watching and reviewing videos. And also, maintains a robust, transparent and egalitarian relationship between content provider and content creator. The response to this is definitely affirmative.
Entertainment & Media industry is sublty poised to experience the blockchain disruption and incorporate a pragmatic use of cryptocurrency. The existing greed driven business models of online video industry is set experience a major setback with the emergence of blockchain based video platforms which will place the control back in the hands of the users who feed the entertainment economy- viewers and creators. The glimmer and shimmer of the yesteryear’s entertainment industry can be ushered back with the radiance of today’s technology.
One of the features I like about this platform is that the uploading will be user friendly. We all agree that blockchain is not the most accessible technology to be used by grandma and grandpa, and these types of platforms are needed to make it easy on old people, on kids, and on technology ignorant. Although technology ignorance is no longer a good excuse, having such user-friendly platforms is suitable for blockchain adoption.
The data is very secure since blockchain keeps all the data fragmented on different nodes, all over the world. Even someone gets a hold of your information on one of the computers; your data will still be safe because only a fragment of the data will be on the hacked computer, and it will not make sense to the hacker. Besides, copies of the data will be on different computers, which will make hacking, modifying, or changing the data an impossibility unless you hand your private key to third parties. This technology makes not only your data but your reputation as secure as it can be with today’s technology, which is the blockchain.
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