Since the blockchain technology marked its inception in Fintech, it has caught the attention of several other industries. One sector in particular stands to gain substantially from this technology is media and entertainment. The M&E industry has its own set of challenges including content ownership, copyrights, payments and transparency in processes. With features like encrypted transactions in a distributed ledger, blockchain has increased the value of transparency and traceability for the media and entertainment industry.
Blockchain has the features and scope that can create a positive impact on existing media value chains, processes and cost. Among many benefits, transparency, trust, speed, security and control across the supply chain are some key aspects where blockchain technology can redefine the entire process in the M&E sector. In advertising, it can help in targeting the right target audience with timely and relevant ads, thus optimizing advertising revenue. It also has the potential to counter ad fraud possibilities such as bot networks and domain spoofing.
Blockchain can streamline the delivery, consumption and payment for media content as well as help in tackling issues like copyright infringement. Some media players have already introduced blockchain in their business model. Music streaming giant, Spotify acquired blockchain startup Mediachain Labs to connect artists and other rights holders with the tracks being played on its platform. For advertising, NYIAX recently adopted a blockchain technology-based ad exchange platform in partnership with Nasdaq that allows publishers and advertisers to trade advertising contracts efficiently.
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