Digital piracy costs the US film and TV industry up to $71 billion annually and this is just one reason why so many large media players—including Disney, NBC Universal, and Channel 4, have already started their journeys with blockchain. Through its shared ledger approach, blockchain can help creatives battle problems like copyright infringements, high commission rates demanded by intermediaries, and low or zero royalties. The use of blockchain in the media and other industries is in its earliest phases. As time passes and developers dream up new ways of providing creators with the security, independence, and freedom they yearn for, new applications for blockchain will continue to arise. Read on to discover more about blockchain’s revolutionary capacity in the industry of stars.
Greater Freedom and Economic Independence for Creators
One realm in which film and TV creators are already making big gains is that of NFTs. By minting their content into NFTs and attaching a 10% royalty to their smart contract, they can charge this fee every time their work is resold. Blockchain enables creators as a whole to exercise creative freedom. In the realm of NFTs, they can use marketplaces like OpenSea to upload original works, manage distribution, and make decisions on licensing. This can benefit audiences, too, by enabling them to embrace a pay-per-consumption model instead of a monthly subscription model.
A New Way of Funding Projects
Late last year, the Hollywood Reporter stated that independent filmmakers like Kevin Smith, Jennifer Esposito, and Anthony Hopkins were all turning to NFTs as a way to sell and fund films. Esposito, for instance, chose to make her directorial debut with an indie film that was financed via NFTs and a public offering. She sees NFTs as an excellent alternative to traditional Hollywood funding—and one that “will enable new voices to be heard.”
Blockchain and Logistics
Shipping and logistics play a key role in lending films and TV shows their magic, with location managers, logistics coordinators, and other experts ensuring that all equipment is delivered to film sets on time. Blockchain can add value to logistics functions because it enables numerous parties to share and update data, it requires participants to validate actions, it removes intermediaries, it is time-sensitive, and more. Administrative blocks, a lack of transparency, and inefficiency can lead to a bottleneck in the supply chain. Often, parties are unaware of where shipments are, and it can be difficult to predict delivery times. Blockchain can eliminate these problems by providing transparency, providing real-time information to parties, and proving compliance throughout the many links in the supply chain.
Decreasing Intellectual Property Infringement
Artists can use the blockchain to prove that they are the creators of their works. Before the advent of blockchain and NFTs, artists (especially digital artists) were extremely vulnerable in terms of having their work illegally downloaded, copied, and even fraudulently sold by scammers. Through the blockchain, copyrights can be registered. Through NFTs, meanwhile, creators can provide access to their films or series to specific parties. The blockchain can also be useful for tracing the complete chain of ownership. Currently, platforms like Binded enable creators to record copyright ownership, see how their work is being used online and obtain a digital certificate of authenticity. This registration can help creators keep track of infringements.
Blockchain is already being employed by film and TV creators, owing to its transparency and security. Its decentralized nature and lack of a need for intermediaries also make it an ideal tool for both creators and audiences. Although its applications are constantly rising in number, just a few ways it is already being used include funding, logistics, and protecting intellectual property rights.