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Blockchain Technology and its association with Media & Entertainment Industry

ICO data

What is a Blockchain? Before going into the industry specifics, let’s clarify what a Blockchain is: A Blockchain is a digital, immutable, distributed ledger that records transactions in near real time. A necessity for each subsequent transaction to be added to the ledger is the respective consensus of the network participants (called nodes), thereby creating a continuous mechanism of control regarding manipulation, errors, and data quality.

Compared to existing technologies, the potential of Blockchain-based platforms relies on the ability to record and distribute a single, immutable version of the truth to multiple parties. This is particularly useful to improve the efficiency and effectiveness of an industry's value chain.

 

Number of ICOs in the Top 10 Industries

# of ICOs in top Industries of Blockchain Technology

Source

 

The Media & Entertainment Industry has the third most number of ICO/STOs according to InWara’s ICO+STO Database and this statistic shows the increasing demand and need for such ICOs. It contributes to ~4% of the total number of ICOs from all industries.

Not a little more than a century ago, the height of media technology was the printing press, but the 1900s saw the advent of mass communications, which led to an entertainment technology boom — one that we’re still in the midst of . The current U.S. media and entertainment industry contributes ~ $650 billion to the economy and represents a third of the global industry (source). Media and entertainment companies have had to figure out ways to adapt to these technological developments while still attracting consumers and staying solvent.

With Blockchain involved in the Media & Entertainment Industry, content creators could manage the list of authorized viewers in favor of their own needs without being affected by the rules of a third-party. The accuracy and sustainability of the system would be ensured by the time-stamping feature of blockchain and the decentralized digital ledger, which prevents any tampering of the process.

 

Applications:

 

  • Ujo:

 

In the Blockchain music streaming industry, the Ujo music platform was famous for collaborating with Grammy winner Imogen Heap, who then became the first person to release a music piece on the Ethereum blockchain.

Imogen Heap quoted:

“We are at an amazing point in history for artists. A revolution is going to happen, and the next year it’s going to take over. It’s the ability of artists to have the control and the say of what they do with their music at large. The answer to this is in the Blockchain.”

 

  • MediaChain Labs:

Two years ago, Spotify acquired a Brooklyn-based Blockchain startup called Mediachain Labs who has developed a decentralized database of media and information as well as an attribution engine for content creators and a cryptocurrency for rewarding creations.

 

  • Monegraph:

Another platform called Monegraph also implemented a Blockchain-based system to provide a series of services such as licensing, payment processing, media handling, and distribution of work for artists, photographers, designers, and other media makers. With Monegraph, buying and selling licensed digital media can be done under the complete control of the artist.

 

  • Opus:

On the Ethereum blockchain, Ethereum Opus is another such company specializing in music streaming. Opus guarantees artists receive all proceeds from their works forever, and this contract never expires. On this platform, artists list their songs and decide any price the artist feels appropriate. Opus uses the Ethereum blockchain to transact business and uses IPFS for file storage. Opus has raised ~$5.8 million in funds, according to Inwara’s ICO+STO Database

 

Top 5 players in Media & Entertainment Industry in terms of funds raised ($MM)

Funds raised on Blockchain Platform in Media & Entertainment Industry

Source

These firms are all trying to integrate Blockchain technology into their platform and aim to mitigate the inefficiencies in Media & Entertainment Industry. According to InWara’s data, TaTaTu Tokens Ltd. emerges as the dominant player, with total funds raised at $575 million, almost 50% more than its nearest competitor. According to InWara’s ICO+STO Database, the total funds raised by Media & Entertainment Industry is ~$1400 million and TaTatu has contributed over  41% of the funds.

Read a full report on the Industry Sector Outlook of the past month, here.