How Blockchain Is Changing The Entertainment Industry
Emerging, decentralized media streaming platform indieOn is using blockchain technology to eliminate the various inconsistencies that exist in the entertainment industry. Issues such as under-compensation, monopoly and fraud have halted the development of an industry that is already estimated to be worth $34 billion by 2030.
With the millennial growth experienced by digital and mobile technology, media content creation and distribution has expanded significantly. Unfortunately, as the industry grew, the inconsistencies and limitations that existed with it also increased.
What Are the Media Content Challenges?
The freedom associated with cyber space, and the eventual loopholes that come with it has given rise to situations where the creative content stakeholders in the industry are relegated to the backseat when it comes to rewards. By creative content stakeholders we mean singer/songwriters, musicians, bands, filmmakers and podcasters.
By introducing a smart contract enabled platform, indieOn brings a robust solution where fraud and mismanagement are eliminated and the full potential of the industry is unleashed.
The P2P network provided by indieOn eliminates the various intermediaries that have so far shortchanged content owners. IndieOn enables media creatives to directly market, manage, monetize and distribute their media through a process that is enabled by blockchain technology.
The indieOn platform introduces a transparent payment system that is traceable and instantaneous. This is different from the existing system that is shrouded in secrecy and complex contracts by agents and intermediaries that take advantage of artists.
What Happens to Intermediaries?
The nature and role of intermediaries in the present system will be redefined. Instead of having only a privileged few raking in all the cash, intermediary functions will be carried out in a community format by audiences and influencers in the network. Community participants are rewarded for sharing and interacting with others in the community.
Audiences who till date have been considered as mere revenue targets are therefore presented the opportunity to earn rewards for consuming content and other functions that they may perform. The artists on the other hand can create a persistent identity on the distributed ledger that authenticates their work. This eliminates piracy, and the platform rewards them for every content that they upload.
Indeed, the blockchain solution that indieOn brings to digital content creation and distribution is a massive step towards regularising the system. However, this is made possible through the implementation of an indieOn community media currency. This is the NDI Token currency.
All transactions and rewards on the platform will be executed using the NDI token upon which the smart contract runs. This will enable the blockchain functionalities of transparency, traceability, auditability and security of the system to be achieved effectively and efficiently.