We live in a media centric society. Movies, binge-able tv-shows, music streaming, and endless Tik-Tok videos fill our daily lives. The average American consumes nearly 7 hours of digital media a day and content distributor networks (CDNs) can’t keep up. The rapid rise in demand has made it nearly impossible for CDNs to stay on top of the illegal distribution of media, data maintenance, and manual contracts. These issues are not cheap either, revenue losses from 2016 to this year are in the billions. The solution to all of these issues can be found in blockchain technology, but first let’s delve into what’s really causing these problems.
What’s The Problem?
With the demand for more intriguing content growing rapidly, concerns of illegal distribution have grown as well. According to 2017’s Online TV Piracy Forecasts report, revenue losses due to piracy are expected to nearly double between 2016 and 2022, hitting at least $51.6 billion. Currently, there is a lack of the kind of evidence needed in order to prosecute these virtual offenders.
On top of that, CDNs are struggling to keep up with who even owns the content they’re distributing. In 2016, Spotify failed to obtain mechanical licenses for a large portion of songs on its service. They agreed to a $20 million settlement and a $5 million penalty for unpaid royalties. The reason? Spotify claimed they were incapable of the data maintenance required to legitimize artists’ claims to ownership.
It doesn’t end at piracy and ownership though. In order to stay on top of the rising demand for entertainment, CDNs utilize many different creators. Every creator and every individual piece of content requires their own contracts. Needless to say, this many contracts can cause confusion and be impossible to keep up with leading to even more revenue losses.
With the secure, unalterable, and endless data maintenance blockchain technology offers, all of these issues could become a thing of the past.
How Can Blockchain Help?
The blockchain can and has been used as a modern solution for the modern day problems in the media industry. Major companies have begun implementing software that will allow users to share and verify information such as date and time of creation, and the creator’s details. However, blockchain technology is relatively new still and it can be confusing to navigate. That’s where we come in.
How We Can Help You
We can help you get the most out of what blockchain has to offer so you stay ahead of the competition. Whether you want to implement existing software for your company or would benefit from a more tailored approach, we’ve got you covered. Avellino Consulting will ensure that your transition to blockchain technology is seamless. Contact us today to find out how you can take your business to the next level with blockchain.
