Is Blockchain Marketing Capable of Reinventing the Entertainment Industry?
The entertainment industry is always on the move. There is something big happening all the time. It could be a new song, a new movie trailer, a series, there hasn’t been a time when the internet is not raving about one breaking news or the other from the world of glitter and glam.
The blockchain industry is not far behind either. Blockchain enthusiasts around the globe come up with new innovative ideas every day to make our lives easier and secure. Blockchain marketing is the newit-thing in the decentralized world of technology. And the word on the street is, it will change the way we have known the media and entertainment industry.
The transparency and traceability guaranteed by blockchain, and blockchain marketing, in particular, will resolve some of the issues the industry has been grappling with for years like piracy, plagiarism, and payment delay to name a few. The industry will gain substantially by the integration of blockchain technology in marketing and distribution. Let’s see how.
From Relation-Based Network to Peer-to-Peer Network
Although they are always in the limelight, artists don’t run the entertainment industry. Contrary to popular belief, the real players are behind the reel. The industry is mostly based on relationships. How many people you have in your contact list matters more than your talent or beauty. Artists are often at the mercy of agents and middlemen who connect them to producers and distributors. They continue to haunt the industry for decades and deteriorate the quality of content. Most artists don’t pay heed to the stealth profits and huge margins middlemen make as they would rather let the middlemen get away with it than concerning themselves with law, business, and the endless documentation involved. But that will prove to be a huge price to pay in the long run.
Blockchain will eliminate middlemen from the game. The decentralized nature of blockchain will attract talent and bring them to the forefront. With the help of a token-based reward system facilitated by blockchain marketing, great content and great artists will run the show. Since blockchain platforms are trustless, fraud and hidden commission can be eliminated once and for all.
Transparency and accountability will pave the way for affordability in the media and entertainment industry. As middlemen commission is reduced to none on blockchain-based platforms, the content will reach to the audience at an affordable rate benefiting creators, artists, and investors alike and in turn increasing the engagement. A wider audience will receive the content pushing creators to improve the quality of content.
Puts an End to Piracy and Plagiarism
Piracy and plagiarism have been plaguing the entertainment industry for centuries, but it has become particularly rampant and unmitigable with the advent of digital technology.
Today, a few hours into releasing, a movie is out for sale on the internet. We can find books from any author for free download. Worst yet, your creative content is copied word for word and put on public display without your permission. Although the number of people filing lawsuits against plagiarists is increasing by the day (like the crime), since most don’t have the time or resources, they turn a blind eye to copyright violations. The payment disputes are so perplexing that you would rather sit on your couch and let them get away with it.
But with blockchain, you don’t have to worry about plagiarism, piracy, or copyright violations. Your content is stored on the blockchain in blocks that are sealed with cryptographic hashes, which essentially means that nobody can copy it and claim it to be theirs.
Accurate Profit Distribution
Creators, stakeholders, and artists often get into disputes over compensation and profit distribution. If the movie bites the dust within a few days of release, the blame game and retrieval of payment as compensation can turn really ugly. The case is not very different if the movie turns out to be a huge success either. Well, the good news is, blockchain offers the perfect solution.
The distributed ledger technology used in blockchain platforms makes data extraction, accounting, and computation easier, timely and accurate.
Often, artists and creators are given no payment until the content is released to a public audience. Studios and producers will withhold the money for months as the accounting progresses in the sidelines. Minor artists and technicians will be the most affected.
But with blockchain, real-time profits can be calculated with accuracy and shared among all people involved fair and square according to their contributions. It guarantees liquidity for stakeholders, artists, and technicians so that they can move on to other endeavours without cash crunch.
At the end of the day, you make a movie, song, or any other form of art to entertain and engage the audience. If your art doesn’t sell, if you don’t have a live audience cheering for you in your concert, if seats are left vacant while your movie runs in the theatre, chances are, you will be left with no further work. The industry is never running short of wannabe artists. A single movie that didn’t perform well in the theatre can leave a producer bankrupt and out of business. A loyal audience keeps the industry kicking and alive.
Blockchain marketing will be able to solve your dilemma. Through optimized targeting blockchain marketing platforms creates a loyal group of followers for your art. Unlike in traditional marketing, the audience is shown ads only if they have shown an active interest in the product increasing the likelihood of turning up at your events and boosting the sale of your tickets. Blockchain also effectively solves issues like scalping and fake ticketing.
Armacoin, the pioneer company to offer blockchain marketing follows a token-based reward system on the platform to engage the audience and provide value to their time. Armacoin is a fresh breath of air in an industry where the audience is often bombarded with ads without their permission. By earning the trust of the audience, creators can send across their content to a wide audience with a higher potential of conversion.