What is Blockchain In Media & Entertainment Market?
Blockchain has the potential to revolutionize the delivery, consumption, and payment of media content such as music, video, and other forms of entertainment. Complex, customized content and service packages are beyond the capabilities of current technologies. Managing digital rights, royalty collections, and transactions among intermediaries is exceedingly complex in today's digital ecosystems. Content artists, such as musicians or authors, may use blockchain's decentralized structure to directly distribute their work to customers, avoiding existing distribution methods and retaining a bigger part of the money. Geographically, North America has the largest potential for Blockchain in Media and entertainment.
Highlights from Blockchain In Media & Entertainment Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | SAP SE (Germany), IBM Corporation (United States), Accenture Plc (Ireland), Microsoft Corporation (United States), Oracle Corporation (United States), Amazon Web Services Inc. (United States), GuardTime AS (Estonia), BigchainDB GmbH (Germany), Bitfury Group (United States) and Digital Currency Group (United States) |
The growing popularity of Blockchain technology because of its primary decentralized feature has drawn the immense attention of investors and firms from the media and entertainment industry. The decentralized structure of Blockchain would allow individual creators to get a better share of their content and would revolutionize the consumption and payment mechanism in the media and entertainment industry. North America is expected to emerge as the largest market of Blockchain in media and entertainment. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Blockchain In Media & Entertainment market throughout the forecasted period.
SAP SE (Germany), IBM Corporation (United States), Accenture Plc (Ireland), Microsoft Corporation (United States), Oracle Corporation (United States), Amazon Web Services Inc. (United States), GuardTime AS (Estonia), BigchainDB GmbH (Germany), Bitfury Group (United States) and Digital Currency Group (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Decent (Switzerland), Voise (Canada) and iProdoos, Inc. (United States). Blockchain In Media & Entertainment Market Segmentation:
Scope | Sub-Segments |
---|
Application / End User | Licensing & Rights Management, Digital Advertising, Smart Contracts, Content Security, Online Gaming, Payments and Others |
Offering | Middleware,Infrastructure |
Deployment | On Premise,On Cloud |
Organisation Size | SMEs,Large Organisations |
On the basis of geography, the market of Blockchain In Media & Entertainment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Payments Segment is expected to Experience the Highest Market Growth
Market Growth Drivers:
Rising Demand for Reducing or Eliminating the Intermediaries between Consumers and Content Creators, Enhanced Focus on Data Privacy and Increasing Popularity of real-time billing and real-time allocation of royalty payments
Challenges:
Highly Sophisticated Algorithms Limit the Growth to Certain Regions and Lack of Standardization of Blockchain Applications in Media and Entertainment
Restraints:
High Initial Cost of Setup
Opportunities:
Blockchain in Online Gaming could make In-Game Purchasable Items into Transferable Items to Other Games, thus Putting Real-World Value on Digital In-Game Assets
Key Target Audience
Blockchain in Media & Entertainment Developers and Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Analysts and Strategic Business Planners and End-Use Industries
Market Leaders & Development Strategies
IN 2019, Facebook, Inc., an American multinational tech company famous for its social networking site announced the acquisition of Chainspace, a United Kingdom-based small startup working on a decentralized “smart contracts” system that could facilitate payments and other services through blockchain technology. This is in line with Facebook’s ambitions to capitalize on the nascent crypto and blockchain industry. The company aims at building its own cryptocurrency backed by a fiat currency.
In 2021, Collectibles, the Fusion NFT Blockchain Company, and a complete subsidiary of Cosmos Group Holdings Inc. announced plans to acquire Phoenix Waters Productions, an award-winning multinational production company. The acquisition deal may be valued at USD 4.4 million. The acquisition may be aimed at producing "Crypto Keepers" – Asia's first NFT drama series. The completion of the acquisition deal may witness, a combined entity with the shared synergies of both companies, producing valuable media and entertainment physical assets with the help of blockchain technology.