The media industry worldwide is one of the largest industries. The revenue in the media market is projected to reach $0.44 tn in 2024. The CAGR from 2024 to 2029 is expected to grow at 7.78%. The growth of the media industry is expected to grow even further to 2.5 billion users by 2029. This shows that the potential of the industry’s growth despite facing several challenges remains robust. Therefore, blockchain technology can play an important role in further accelerating the growth of this large industry. Since the media industry is multifaceted, it is going to utilize the versatility of the technology.
The potential of Blockchain in the Media Industry
The potential of blockchain technology in the media industry can positively affect several departments in multiple ways.
Micropayments
The crypto wallet transactions can serve as a safe micropayment facility. It can help the media to pay and support content directly and reduce credit card fees. It also helps creators in the media industry to keep track of micropayments and save more money by reducing errors and detecting fraud.
Immutability
Immutable ledgers are a defining feature of blockchain technology. The media industry can utilize this feature to engage more transparently, authenticate ad impressions, and combat fraudulent transactions. The transparency in financial dealings will increase manifold after integrating this technology.
Peer-to-peer transactions
The media industry constantly needs transactions between consumers and creators at a local level. Blockchain technology leads to involving consumers as legitimate merchants and encourages fair and impartial content distribution.
Privacy Protection
Privacy plays an important role in the media industry because of its dealings with risky areas. For instance, the media often takes huge amounts of risks while reporting in conflict zones. Sometimes investigative journalism also tantamounts to taking life-threatening risks and requires an adequate degree of privacy protection. In this context, blockchain can protect privacy because of its traceability and transparency features.
Protect Digital Rights
Copyright violations and piracy harm the media industry. Sometimes, it undermines its credibility and adversely affects its profitability. However, blockchain technology can reduce the problem considerably by protecting the integrity of content creators and publishers. It can store, manage, and help them manage their IP on the time-stamped ledger and track all changes accurately. Therefore, it can substantially reduce IP infringement.
Popularization of Non-fungible tokens (NFTs)
NFTs are digital assets and blockchain tokens. These often appear in the form of in-game items, music, graphic art, collectibles, videos, and music. These are also encoded with the same software as numerous cryptos. These NFTs can offer a plethora of opportunities for publishers, content creators, and media outlets to create and furbish their image.
Also Read- Global Economic Implications of India’s Crypto Legislations
Conclusion
The media industry can benefit from all perspectives by integrating blockchain technology. It can also resolve and reduce many of the persistent challenges. The challenges of privacy protection, content originality protection, financial security, and widespread technological issues can be reduced considerably. There is a need to evaluate the potential of blockchain in specific roles since it is diverse and requires a considerable amount of customization.
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