For the media and entertainment industry, “blockchain” was the biggest buzzword of 2017.
And in 2018, it’s only going to gain traction.
But what exactly does it mean? And how does it impact networks, studios, and new media companies?
For starters, there’s a legitimate reason for all the hype: it has the potential to ease the complexities surrounding content rights management.
With digitalization rapidly changing the way content is created and delivered, M&E businesses need to be able to safely manage their intellectual property. This is where blockchain comes into play. The beauty of its technology is that it offers a unique approach to storing content and related assets, making transactions, and establishing trust.
Blockchain functions as a digital database, allowing participants to store specific information about a piece of content (e.g. who has created it, who owns it, etc.). From there, a distributed ledger maintains a continuously growing record of transactions –– known as “blocks” –– which cannot be altered or reversed once added to the chain. This solves the issue of trust as it does not require an administrator to guarantee the accuracy of a given transaction.
Let’s take a look at some of the concrete ways blockchain technology can significantly impact content rights management for the media and entertainment industry:
While there is still a lot to be explored on how Blockchain technology can impact the media and entertainment industry, one thing is clear: it’s destined to make waves in 2018 and beyond.
In the 2020 Winter edition of the MESA Journal, FilmTrack's current COO Michael McGuire explains how the pandemic has impacted the entertainment industry and how that impact may have fundamentally changed the industry moving forward. Most notably the halt of production and the shutdown of theaters has put tremendous value on existing libraries. Utilizing software such as FilmTrack to fully understand what is currently available for sale or distribution, as well as what will be coming available and when, has become imperative to not only conduct business as usual but thrive in the current economy.