Blockchain in Media, Advertising and Entertainment Market – Impressive Global Growth at 71.4% CAGR Expected Between 2021 and 2026 – ResearchAndMarkets.com

DUBLIN – (COMMERCIAL THREAD)–The “Blockchain in the Media, Advertising and Entertainment Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” the report was added to ResearchAndMarkets.com offer.

Blockchain in the media, advertising and entertainment industry was valued at $ 166.6 million in 2020 and is expected to reach $ 4,371.31 million by 2026 at a CAGR of 71.4% during the period forecast 2021 – 2026. Blockchain not only disrupts the existing business models but also enables the development of new business models, especially in the media industry.

  • Digital technologies are dramatically transforming the global media and entertainment industry, especially in the areas of content production and distribution, with blockchain being the biggest technology disruptor. According to Accenture, 55% of media and platform executives believe blockchain is a top priority for their business. Additionally, 83% of executives plan to increase their blockchain investments over the next three years.

  • The need for blockchain in media and entertainment is increasing due to the subsequent commoditization of content and widespread intellectual property (IP) piracy. The growing need to eliminate the middleman between content creators and end users, the growing demand for secure and faster transactions, and the growing cases of data piracy in media and entertainment, are some of the key factors. that drive the market.

  • In addition, media users are used to having free access to a wide variety of content, as the media and entertainment industry is a contract-based business that places great importance on the protection of intellectual property. In addition, all media segments have suffered greatly from digitization, since content can be copied and distributed quickly and without loss of quality. Indeed, digital rights management systems have not yet reduced copyright infringements.

  • With the advent of blockchain, this industry structure could change dramatically. Blockchain technology makes it possible to bypass content aggregators, platform providers and royalty collecting associations to a large extent. Thus, market power shifts to copyright owners. Blockchain technology has the potential to increase profits for content creators and media companies by providing prices based on real-time consumption against assets with immutable digital identity and state. This solution reduces transaction costs by 40 to 80%, making the payment application the leading segment among others.

  • This technology also eliminates the need for intermediaries and subsequently reduces administrative costs and time for providers and payers. However, the lack of standardization hinders the growth of the market to some extent. Also, the process of implementing new technology is expensive and time consuming, which limits the growth of the market.

Key market trends

Payment app set to dominate the market

  • Media users today are very accustomed to accessing a wide variety of content for free. The main reason for this is that the media and entertainment industry is a contract-based business that places great importance on the protection of intellectual property. In addition, all media segments have suffered greatly from digitization, since content can be copied and distributed quickly without loss of quality.

  • Blockchain technology provides pricing based on real-time consumption against assets with immutable state and digital identity. This solution reduces transaction costs by 40% to 80%, depending on the level of adoption and extension in the industry, making payment applications the leading segment among others. Another popular app, cryptocurrency, makes micropayments easy for content providers. Businesses use it to allow customers to buy and play songs or videos, for example, or to purchase permission to read a news article.

  • A blockchain-based startup called Yours operates a digital platform where authors and other content creators post their work and charge fees in the form of Bitcoin Cash (a spin-off of Bitcoin). Since Bitcoin Cash transaction costs are extremely low and no bank or credit card company is needed to make a sale, authors can charge as little as pennies per article and publish and monetize themselves- even their content.

  • Consumption-to-use has become possible thanks to micropayments powered by the blockchain. Blockchain’s ability to keep a full record of its data could allow more accurate tracking of when and how copyrighted content is consumed.

  • Many content providers use the technology to accept payments through bitcoin. For example, Dish Network has taken Bitcoin as a subscriber payment since 2014 and recently started accepting slightly different (but still encrypted) Bitcoin Cash as a payment method.

North America is expected to hold the largest market share

  • North America is expected to hold the largest market size in the global blockchain market in the media, entertainment and advertising market during the forecast period. The region has seen an increase in blockchain investment in the media, advertising and entertainment industry due to the presence of key players in the region. The early adoption of advanced technologies and digitization is expected to fuel the growth of blockchain in the media, advertising and entertainment market.

  • Canada is one of the fastest emerging countries in the region as a major player in blockchain development. This is mainly due to initiatives such as the Blockchain Research Institute (BRI) in Toronto, the Blockhouse in Montreal, and the BC Blockchain Forum in Vancouver. These initiatives bring together start-ups, private sector companies such as IBM and Accenture, and various levels of government to establish a solid foundation for the developing ecosystem.

  • For example, Dubtokens, which has offices in Montreal, Toronto, and Switzerland, whose Interactive Video and Experience Protocol (IVEP) is a blockchain-based platform. It combines a real-time data and payment infrastructure with a personalized experience for each viewer and is compatible with popular web services such as YouTube, Facebook, Vimeo, and Twitch as well as TV and radio distribution networks.

Companies mentioned

  • IBM Company

  • Microsoft Corporation

  • Ernst & Young Global Limited

  • Bitfury Group Limited

  • SAP SE

  • Accenture

  • Amazon Web Services, Inc.

  • Oracle Corporation

  • Infosys Limited

  • Ujo Music

For more information on this report, visit https://www.researchandmarkets.com/r/4egg7l