Blockchain technology is so structured that it can forever change the entertainment industry. Unequal distribution of content, as well as unfair compensation for authors, are problems that have ruined many careers, but developing blockchain technologies seem to be able to solve them.
The distribution of finance must change
Artists and musicians interested in new technologies are able to permanently change the payment system. The music and entertainment industry is constantly changing as the popularity of streaming platforms is increasing.
Although digital platforms have made the media more accessible worldwide, they have not allowed fair compensation for the creative to the person who created it. Blockchain is a possible solution by fundamentally changing the methods of calculation.
The entertainment industry has always suffered from conflicts over revenue sharing. Because of this, their favorite bands disintegrated, and the artists left the producers. The introduction of the blockchain promises to create a fairer payment system, forever fixing in their chains which people are entitled to compensation.
In addition, the blockchain is resistant to falsification; after entering the data, it cannot be changed. And it can make tracking license fees and money distribution agreements easier.
Nipsey Hussle - an innovator in the use of bitcoins to pay for creativity
The late Nipsey Hussle was a proponent of the decentralization that the blockchain could provide. The Los Angeles rapper, who was famous for his mixtapes and social activism, was also a businessman. He first invested in bitcoins in 2013.
Hasl was an innovator in that he saw blockchain as a major technological revolution, comparable even with the advent of the Internet.
He was confident that for 5-10 years, blockchains would be universally used to pay for and settle the relationship of authors with intermediaries.
Blockchain can restore justice. Often, authors of masterpieces receive significantly less than their producers, recording studios, but there are already several companies striving to change the way the industry conducts business.
Change of ownership
Artists put their talent into their music, but often companies buy back ownership. And with the advent of social networks, artists lose huge profits, since it is difficult to control the free distribution of music among fans. Time is changing the way music is distributed, giving artists, songwriters and producers direct access to funding from their fans.
These fees can be tracked through the blockchain. All rights to songs are encoded through the blockchain on the Vezt platform. Artists can more easily use their work, and the blockchain offers a transparent solution for collecting royalties. Fans are invited to ISO (Initial Song Offering), which allows them to acquire a percentage of the rights to the song.
The digital rights of the authors are stored in the Vezt wallet provided to each member. Although Vezt is still at an early stage of its development, it is a promising opportunity for both artists and those who want to invest in them.
FilmChain works similarly because it uses Blockchain to provide transparency in the distribution process. Authors, using the system, can receive income without intermediaries, independently concluding transactions. And since distributing films on a global scale is expensive, the blockchain can eliminate some of these costs and help make it possible to distribute the work internationally.
Change in the entertainment industry
The ENX Coin streaming platform is designed to address two of the main challenges facing the entertainment industry: restoring fair pay for creators and popular artists and lowering the price of tickets and albums for consumers.
ENX Coin offers unlimited access to streaming services as well as live events in all entertainment sectors. Consumers can directly connect to objects, and these consumers will be rewarded for their loyalty. All tickets purchased for ENX will be fake resistant, and the low cost for startups will make the entertainment sector available to a larger audience in the future.
Producers will receive less
Innovative developments with the help of Blockchain make it possible to transform the media, giving benefits to those who participate in the industry and for audiences around the world. Although the official adoption of the blockchain in the main entertainment industry is unlikely to happen in the near future, given the uncertainty and lack of regulation in space, the technologies promise to completely change the distribution of funds between authors and producers in the near future.
Artists using blockchain and digital platforms will be able to receive money directly from their fans, and the creation of a cryptocurrency chain will help fix copyright.