Blockchain offers new ways for entertainers and artists to connect with fans. Kaleido makes building them easy.
The media business is on the front lines of the digital revolution. Controlling ownership and distribution are difficult on the internet. Web3 applications empower creators to better monetize their art. They can set up an NFT marketplace, apply smart contracts to profit off future sales, or reward loyal fans who invest early in their success. Let’s talk about how blockchain makes it possible.
Micropayments to access songs, NFTs to accompany tickets—the blockchain opens new monetization channels and ways for entertainers to reward fans. Let’s dive a little deeper into the use cases and think about how the blockchain will transform the media and entertainment industry in the very near future.
According to Deloitte, new technologies like NFTs will “lead to more digital product innovation, greater empowerment for their creators, and a fuller realization of the grand ambitions for blockchain, cryptocurrency, and the decentralized web.”
As streaming becomes more prevalent and continues to fracture across channels, an entirely new digital economy emerges when decentralization erodes the power (and profitability) of gatekeepers.
Challenges associated with the next digital transformation include privacy, ownership, pricing, and identity—all of which will impact the media industry directly.
Blockchain technology can vet digital assets and eliminate fake videos before they make it on the news. Consumers can pick the channels they want and pay for the amount of content they consume. And NFTs can create exclusivity in a streaming world where everything is available all the time.
An actor wants to be paid based on the (verified) reach of a movie. A studio wants to accurately price ads or product placements. Creators want to control access to and ownership of work. Identity, ownership, and copyright challenges can all be helped with blockchain.
The legacy of Napster lives on in peer-to-peer sharing of music to this day, and an entire industry had to adapt. But challenges with payments, stream tracking, and payment distribution persist. Smart contracts, NFTs, and micropayments may cure what ails an industry on its heels.
Learn why companies ranging from large global institutions to cutting-edge start-ups have chosen Kaleido as the #1 asset tokenization and blockchain as a service provider.
