Market Trends of Blockchain in Media, Advertising, and Entertainment Industry
This section covers the major market trends shaping the Blockchain in Media, Advertising, & Entertainment Market according to our research experts:
Payments Application is Expected to Dominate the Market
- Media users are nowadays highly accustomed to having free access to a wide variety of content. This is primarily because the media and entertainment industry is a contract-based business that places a premium on protecting intellectual property. Also, all types of media have been hurt by digitization because it makes it easy to copy and share content quickly without losing quality.
- Blockchain technology provides real-time consumption-based pricing against assets with an immutable state and digital identity. This solution reduces transaction costs by 40% to 80%, depending upon the level of adoption and extension in the industry, thus making payment applications the leading segment amongst others. Another popular application, cryptocurrency, facilitate micropayments to content providers. Companies use it to enable customers to buy and play single songs or videos, for instance, or to purchase permission to read a news article.
- Further, pay-per-use consumption has become feasible due to blockchain-powered micropayments. Blockchain's ability to record its data comprehensively could allow for more accurate tracking of when and how copyrighted content is consumed.
- Many content providers are using technology to accept payments through cryptocurrency. For instance, in November this year, the Austin, Texas-based fintech business Oveit collaborated with the Swiss start-up Utrust to provide cryptocurrency payment services. They want to introduce a new payment mechanism to the entertainment industry so that event planners may more readily accept and use cryptocurrency payments and reach a larger market. The businesses will act as an intermediary for cryptocurrency payments made by up to 1 billion visitors globally to events, theme parks, and travel packages.
- In October of this year, BlueSnap, the preferred worldwide payment orchestration platform for major B2B and B2C companies, announced a new collaboration with BitPay, the prominent provider of Bitcoin and cryptocurrency payment services. This product collaboration supports BlueSnap's objective to assist businesses all over the world in growing their revenue and decreasing their costs by enabling them to accept and be paid out in up to 15 different cryptocurrencies and seven fiat currencies globally.
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North America Expected to Hold the Largest Market Share
- Media users are nowadays highly accustomed to having free access to a wide variety of content. This is primarily because the media and entertainment industry is a contract-based business that places a premium on protecting intellectual property. Also, all types of media have been hurt by digitization because it makes it easy to copy and share content quickly without losing quality.
- Blockchain technology provides real-time consumption-based pricing against assets with an immutable state and digital identity. This solution reduces transaction costs by 40% to 80%, depending upon the level of adoption and extension in the industry, thus making payment applications the leading segment amongst others. Another popular application, cryptocurrency, facilitates micropayments to content providers. Companies use it to enable customers to buy and play single songs or videos, for instance, or to purchase permission to read a news article.
- Further, pay-per-use consumption has become feasible due to blockchain-powered micropayments. Blockchain's ability to record its data comprehensively could allow for more accurate tracking of when and how copyrighted content is consumed.
- Many content providers are using technology to accept payments through cryptocurrency. For instance, in November this year, the Austin, Texas-based fintech business Oveit collaborated with the Swiss start-up Utrust to provide cryptocurrency payment services. They want to introduce a new payment mechanism to the entertainment industry so that event planners may more readily accept and use cryptocurrency payments and reach a larger market. The businesses will act as an intermediary for cryptocurrency payments made by up to 1 billion visitors globally to events, theme parks, and travel packages.
- In October of this year, BlueSnap, the preferred worldwide payment orchestration platform for major B2B and B2C companies, announced a new collaboration with BitPay, the prominent provider of Bitcoin and cryptocurrency payment services. This product partnership helps BlueSnap reach its goal of helping businesses around the world make more money and cut costs by letting them accept and be paid in up to 15 different cryptocurrencies and seven fiat currencies.
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