With the rise of the blockchain / cryptocurrency world, we
are seeing many changes in the entertainment industry, I thought to share my
thoughts as a seasoned professional working from major label, music festivals,
entertainment management, and beyond - My take on the blockchain & crypto
world is from the perspective of how I see the entertainment industry moving
forward working with the blockchain and talent across; Film, TV & Music,
and how this can provide NEW and exciting income streams for major labels to
the new unsigned artist (who is hoping for a golden career).
I will start with what I have seen for many years in the
entertainment space. With the fall of income streams across many disciplines,
from singles, albums and with the rise of digital and streaming services, it
has been difficult for artists to make a steady living, and I mean INDEPENDENT
artists who struggle daily trying to earn a living from the entertainment
industry, looking for the golden break. The live scene has never been better
over the last 20 years, but again it is proving to be really hard for new and
unsigned acts to really make their mark, parts of which I can understand, with
music promoters under constant pressure to deliver the commercial acts to bring
in the audience through the gates each year, and turn a profit. Yes NEW acts do
get slots at festivals and grasp the opportunity when the time arrives, but
very far and few, if they do get on a tour for example this could be a buy on
(paying a fee to support the headline act), in other words, the support acts
can NOT profit from the headliner so you have to pay to play, how many times
has that been said...!!
The entertainment industry has many income streams across
varies disciplines, digital, streaming, publishing, SYNC (for Film, TV &
the Gaming industry), albums, live and merchandise, the last two have a big
significance with acts, being able to control their merchandise and to a
certain degree controlling LIVE (supply and demand) within some cases exceptional
fees (working with the live agent). Looking at the collection agencies a lot of
royalties do go missing for the acts, which becomes a problem over time, this
can be down to many factors, bad management, label, publisher not tracking the
income and with an archaic system which in my opinion is broken, and needs a
complete overhaul.
This takes me on to the creation of the blockchain
technology over the past several years, what is the blockchain and how it can
help the entertainment industry ?
MORE ABOUT BITCOIN
A blockchain is a decentralized method of maintaining
records digitally that’s incredibly tamper-resistant, thanks to the way
individual blocks are linked to one another and time stamped. The technology
was first developed to support financial transactions using cryptocurrencies,
but it’s already proving beneficial for industries outside of the usual finance
sector.
The entertainment industry is particularly ripe for a
blockchain revolution as creators and fans alike stand to benefit from the
changes the technology could bring about. Not only could a decentralized system
offer significant advantages in terms of giving people access to the content,
it could also be used to make sure creators are fairly compensated. This is
where I see how this technology over time can benefit many in the entertainment
sector with a very positive outcome, for the artist, label & publisher as
an example.
BLOCKCHAIN BENEFITS
Smart contracts, like those made possible by the Ethereum
blockchain, are one of the most attractive features of the technology. They
allow parties to make and execute agreements in a secure, immutable way, and
this ability has numerous potential applications within the entertainment
industry.
Getting paid as a creative is not always a straightforward
process. All too often, up-and-coming musicians are stuffed on their royalties
and crew members on film sets don’t receive proper compensation for their work.
Smart contracts could help mitigate those problems, ensuring that creators aren’t
cheated, which is a great thing !!
As for consumer benefits, today’s streaming services are
closed systems as that makes it easier for companies to protect their content —
you need to use a service like Spotify or Netflix to access the content on
those platforms.
However, the blockchain makes it possible to track
permissions in a much more sophisticated manner. You won’t have to use a
particular platform’s proprietary audio or video player — individual files will
have all the information they need about whether you have the proper
credentials, making it feasible for you to use whatever software you like to
listen to music or watch your favorite shows.
As for consumer benefits, today’s streaming services are
closed systems as that makes it easier for companies to protect their content —
you need to use a service like Spotify or Netflix to access the content on
those platforms.
However, the blockchain makes it possible to track
permissions in a much more sophisticated manner. You won’t have to use a
particular platform’s proprietary audio or video player — individual files will
have all the information they need about whether you have the proper
credentials, making it feasible for you to use whatever software you like to
listen to music or watch your favorite shows.
An correlated challenge is currently facing the VR industry,
which is confronting a lack of premium quality content. This may seem like a
simple problem, but it’s difficult to solve due to the high cost and
complications involved in filming or generating VR compatible video. A
potential solution? Merge the demand for the live concert experience with the
growing supply of VR headset technology and the proliferation of blockchain
technology. One startup working to do just that is CEEK,which aims to extend
the reach of events for sold-out shows by allowing artists to sell unlimited
virtual tickets and digital merchandise. Projects like CEEK can give the fan,
consumer access to live music concert and festivals across the world, while
ensuring that artists receive their due revenue fees..
CEEK achieves this through the use of a blockchain
framework, which provides fans looking for merchandise or tickets to live and
virtual concerts a more reliable and secure systems for purchasing them, as
well as the implementation of smart contracts to provide respective rights
holders and publishers automatic payments from such transaction. It is designed
as a fairer and more efficient system for everyone.
Solutions like those provided by CEEK are permitting
artists, labels, and brands to take advantage to new digital transaction
technologies without the red-tape that comes with launching their own ICO.
Instead, they can create their own new coin or virtual item in less than an
hour and reap the benefits of decentralized record keeping.
Blockchain could also make it easier to access media by
bypassing some of the geographical limitations on services like Netflix and
Spotify. A decentralized ledger isn’t kept in any particular location, so the
days of regional broadcasting contacts might be coming to an end.
Then there’s the potential for cutting down on piracy. While
blockchain isn’t expected to end illegal content sharing completely, it could
provide creators with better ways of keeping track of where their work is being
distributed without their consent.
In the film industry, for example, a crytographic
transaction could be embedded into the metadata of a particular movie. By
tracking uploads or modifications on the blockchain, the owners of the content
would be able to see who is responsible for unauthorized distribution of the
file.
THE FUTURE OF ENTERTAINMENT
The entertainment industry grew exponentially over the
course of the past century. As a result, a status quo has become established in
which company executives and the top tier of artists make enormous sums of
money, while many of those below them don’t receive nearly as much.
The internet has already started to change things, allowing
a much broader swathe of creators to find an audience. However, big problems
still exist in terms of revenue, with distribution services and piracy both
cutting down on the amount of money that actually ends up in the artists’
hands.
Blockchain technology could remedy that situation — and
what’s good for the artist is ultimately good for their fans. Removing as many
intermediaries between audiences and creators could be the best way to ensure
that the work itself meets both parties’ expectations.
For further information about Ceek please contact Peter
Moore at PRB: info@prbmedia.co.uk.
Plus you can join our Telegram channel for
up to date information on Ceek VR: www.t.me/ceekvrtokensale
Disclosure: The views expressed in this article are by the
team at PRB media. Their personal investment perspectives have no impact on
editorial content. PRB media does not provide investment advice. Writer
contribution from Mr. Reuben Jackson & Mr. Brad Jones.
