The Entertainment Industry and Blockchain Create New Possibilities | Acemyhomework Writers
The entertainment industry changes with the times, and blockchain provides the cutting edge technology of the day. As technology evolves, lives change, and people alter their entertainment choices accordingly. Vaudeville on the neighborhood stage once reigned supreme. Then, radio and silent black and white movies took vaudeville’s audience. Movies became technicolor talkies in cinemascope. And, radio added screens to become television. Now, everyone owns a TV set.
Each step of the way, the delivery of content changed, and compensation methods for artists and businessmen changed as well.
What particular qualities does blockchain technology possess, and how might these qualities affect the blockchain industry?
Satoshi Nakamoto invented blockchain to serve as the technical foundation of Bitcoin. Blockchain provides an immutable record of truth in a decentralized environment, and blockchain gives the ability for users to transact business without either side needing to trust the other. Cryptocurrencies also provide smart contract capabilities. Smart contracts exist as units of code that administer transactions based on the rules programmed into the code. Not issued by a nation, cryptocurrencies work across borders without having to exchange one nation’s currency for another.
At the simplest level, cryptocurrency provides a new way for the entertainment industry to sell products or to sell tickets. If you plan a vacation trip from California to England and want to take in a show at a London theater, you buy your ticket in advance with cryptocurrency and don’t have to worry about exchange rates and other issues.
But for digital electronic entertainment, the possibilities expand enormously for the entertainment industry. Streaming of music and video comprise a significant portion of modern entertainment. And, several aspects of blockchain impact it.
Ownership of artistic works by the artist and receiving appropriate compensation benefit greatly from blockchain. A common complaint by content providers on centralized platforms like YouTube and Spotify relates to the lack of fair compensation received by the artist.
Taylor Swift famously removed her works from Spotify for this reason. She explained her perspective in a Wall Street Journal op-ed piece published on July 7, 2014:
“In my opinion, the value of an album is, and will continue to be, based on the amount of heart and soul an artist has bled into a body of work, and the financial value that artists (and their labels) place on their music when it goes out into the marketplace. Piracy, file sharing and streaming have shrunk the numbers of paid album sales drastically, and every artist has handled this blow differently…Music is art, and art is important and rare. Important, rare things are valuable. Valuable things should be paid for. It’s my opinion that music should not be free…”
Decentralized blockchain streaming services remove the middleman. On the blockchain, artists claim 100 percent of revenues without having to settle for the small fractional royalties centralized platforms payout. Centralized platforms like YouTube and Spotify take most of an artist’s revenue to fund the platform and pay for the administrators, the programmers, the servers, and all the other costs of those companies.
Blockchain addresses the problem in the entertainment industry where the middleman feasts while the artist starves. Multiple blockchain companies provide content streaming, and artists receive 100 percent of the revenue their works generate.
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