It is now safe to claim that anyone who has know-how in digitization is acquainted with blockchain and its ability to re-imagine practically every industry.
However, media streaming industry is still uncharted territory for the new technology. As more users subscribe to social media platforms like Youtube, Facebook or Instagram, more powerful and influential they become. In other words, the “network effect” of internet gains a large control over what can be published and what cannot?
The ugly world of internet
The irony is that these streaming platforms make a living out of the quality and the amount of content that users publish. So, one would think that the equation is simple. Better content creators get better control of social platforms.
Unfortunately, it isn’t! Social media platforms are known to collaborate with major advertisers and search engines to identify what sells on the internet. Based on the responses generated by complex algorithms, they determine the worth of each artist.
A reality check for the social media savvy – the creator often ends up earning an insignificant amount, as opposed to the advertiser or the media platform, for his or her own work!
Everyone will relate to these examples – how often has one uploaded a compelling video on Youtube that garnered a large number of followers? How many engaging blogs or articles are produced on Facebook or Instagram by talented writers every day?
Media streaming companies like Spotify will help artists generate a fan base, but how much do the artists really earn? Infinitesimally small! Not to mention, the free streaming features literally leaves them with nothing.
As a result, several deserving creators and artists turn to Watch show pages on Facebook. Although this platform earns them big bucks, they are often left to deal with the ugly black market. There couldn’t be a greater need than now for an ecosystem that is run by the creators and not by the social media companies. This is where blockchain can turn the tables!
Blockchain could solve all media streaming problems
It’s a known fact that blockchain has the potential to completely reverse the industry dynamics. An open electronic ledger, it enables complete transparency in tracking, demands accountability for each action and a decentralized method of rewards.
It can empower creators with accurate rewarding for their creation and ensure no one is victimized. How easy will it be for an artist to publish his work, attract viewers and earn his righteous money and even store rights, all by means of blockchain?
Blockchain could very well become the backbone of an all-new ecosystem for content creation – devoid of intermediaries and middlemen feeding on creators’ money.