The Impact of Blockchain Technology on the Entertainment Industry

Blockchain Technology

Blockchain technology has completely changed the global financial landscape; more and more people are now moving on from conventional financial instruments and adopting cryptocurrency and other blockchain-based assets to ensure financial security and reap all the other benefits that this futuristic tech has to offer. 

From cryptocurrencies to NFTs, we have seen how online ownership can be safeguarded and how the neverending issues of privacy can be overcome. Along with this, blockchain tech offers security that has not been seen with any other type of technology, which has played a major role in attracting more people to this tech. 

After leaving a huge impact on the global banking network and how people conduct transactions beyond borders, blockchain technology is now taking over the entertainment industry. 

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Blockchain technology has the potential to reshape the way operations are conducted in the showbiz industry and change the whole scene as we know it. From movies to music and other forms of entertainment, blockchain can completely revolutionize the way distribution and copyright protection is done in today’s world. 

Below, we look at the impact blockchain technology will have on the entertainment industry. 

Protection of copyrights

Copyright infringement is one of the biggest problems facing the entertainment industry today. Regardless of years of effort, piracy of everything from movies to songs and scripts is still rampant, robbing the industry of billions of dollars. 

However, with the adoption of blockchain technology, the entertainment industry might finally be able to put an end to these problems. 

Recent developments in the world of blockchain, like NFTs, have provided artists with a new hope when it comes to the protection of copyrights. It won’t take much time before the whole showbiz industry is rushing to incorporate this tech in their distribution to prevent piracy and make sure nothing gets stolen.

Improved product distribution

Because of copyright infringement and piracy, the distribution of products has become somewhat of a headache for movie industry giants. It takes a lot of time and resources to make sure everything goes as planned without any hiccups or something of value being leaked or stolen. 

An example is what happened with Game of Thrones when the show’s episodes were stolen and their distributors blackmailed. 

This is something that has left an impact on the industry to this day and has led to production companies spending millions of dollars in making sure nothing gets stolen. 

Blockchain technology offers a more economical and reliable solution to this problem; the sooner the showbiz industry adopts it, the more money can be saved. 

The best part is that there are a number of ways in which this idea can be converted to reality and all of them guarantee better distribution of the production and protection of copyrights. 

With the competition that we see in the movie industry today, distribution is key to making sure a movie does well. If the big production houses plan on keeping up with the fast-paced industry, it won’t be long before we see the complete incorporation of blockchain technology in numerous aspects of movie making and distribution.

Fan Feedback

When it comes to movies, the feedback of fans matters a lot; it can be the deciding factor between the success and failure of an upcoming movie. 

The introduction of blockchain in Hollywood will allow companies to connect with their fans and use their real-time feedback to help improve movies and make changes ahead of time. 

We have seen a number of movies changing crucial aspects before their release because of fan feedback, and if blockchain is adopted in its essence, it can become something that can help more movies become successful. 

With the adoption of blockchain tech, the movie industry will be able to use fan feedback for the better and improve upon several aspects of its production.