Despite the fact that blockchain hasn’t risen to its fullest potential in Africa, we cannot deny the possibilities that it holds for the media industry. Though still in its early stage, It is not too soon for media and entertainment companies to start thinking about its possible implications for their businesses and the industry as a whole.
Just like we have seen the exponential growth in sectors like finance, security, healthcare, the possibilities are endless ranging from music, movies, advertising etc. It has the possibility of disrupting the way content is being consumed and distributed which is something that should not be ignored.
Although its potential in the media and entertainment market is huge, media creators are likely to benefit from the transparency it provides such as funding, distribution of payments, monetization, etc. Through blockchain applications, pay-per-use consumption has become realistic due to blockchain powered micro-payments. This circulated form of blockchain will enable content creators distribute their works to consumers bypassing the traditional means and also getting a larger remuneration for their works.
According to a report by PwC on the impact of blockchain in the entertainment and media industry, Ujo (a music platform) is attempting to change the relationship between music creators and the audience, they intend to do this by using a blockchain application called Ethereum. Ethereum enables the licensing of, and payment for music with much reduced friction, and no intermediaries. It also enables other services to be built on top of the infrastructure, potentially enabling new business models.
As an industry that places high prominence on intellectual property, blockchain has the potential of increasing profits for content creators and media companies providing real-time consumption-based pricing. As the industry grows, media companies should consider collaborating with companies who are experts in these new technologies.
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