The entertainment industry has experienced a strong shift from its traditional mode of operations by introducing blockchain technology and cryptocurrencies for its activities. The way art is shared, consumed, and monetized is forever changed with the use of blockchain and cryptocurrency.
In no particular order, these are some of the ways crypto and the blockchain have changed and continue to change the industry.
1. Increased Independence for Creatives
The advent of crypto in the entertainment industry has broken the walls barring creatives from their consumers. Essentially, it has eliminated the need for go-betweens, agents, and managers. As a result, creatives have more financial independence and creative control over their work.
Bypassing traditional funding methods allows creatives to break away from the clutches and control of these traditional avenues, allowing newer, more creative art methods to find expression. The result is that blockchain and crypto afford a richer, more expressive creative field where every artist has the opportunity to reflect their truest work.
2. Cryptocurrency Confers Anonymity
Before cryptocurrency became popularized as an investment driver, it was primarily designed to usurp traditional financial institutions with the promise of faster, safer, cheaper, and, importantly, anonymous transactions. Nowhere are these features more important than in the iGaming and gambling sectors.
For the many people wanting to wager and gamble in their free time without external oversight, cryptocurrency has been the go-to payment method of choice.
Unlike other benefits on this list just getting a foothold, this use case is already full-fledged. For an idea of how much cryptocurrency has revolutionized this industry, here is the right place to understand just how many of these casinos there now are, and how popular they are becoming.
3. Mitigates Risks Associated With Online Entertainment
With entertainment readily crossing borders via the internet, it means the risks associated become exaggerated and more elaborate. It means more people have access to the same pool, and some individuals can join such communities for nefarious reasons. Interestingly, the blockchain that makes this possible also creates safety nets to protect people from no-do-gooders.
The pseudonymous nature of crypto offers protection for people paying for entertainment services online, and the open-ended nature of the blockchain means everyone in the community can track all the activities on the blockchain, effectively mitigating risks of fraud and identity theft.
4. Entertainment, Unbordered
Introducing cryptocurrencies to entertainment has resulted in a pulldown of the global divide and challenges creatives faced earlier in reaching their target audience. With the use of crypto for payment, creatives now have access to a truly global audience as entertainers can make money off their craft on the international stage at a quick rate without being limited by traditional barriers from payments.
This shift also results in a truly united global populace as artists can now connect with consumers from all over the globe, creating an international community of recipients and fostering an interculturally connected world.
5. Royalty Payments for Artists
Before now, these payments were delayed, inconsistent, prone to disputes, and often resulted in lost revenues and inflated costs.
However, with blockchain technology, artists can track their royalties in real-time. The result is that the artists now receive fair and accurate compensation for the effort put into their creative works.
Beyond adequate financial compensation, it allows for proper acknowledgment of the artist, their skills, and their work. It allows them to better improve and give their best.
6. Privacy and Security Reimagined
People across sectors are becoming more particular about being security conscious and keeping their information private, and the entertainment industry is no different. Because of the expansive nature of the entertainment industry, ordinary methods might be ineffective and that is one of the reasons the blockchain and cryptocurrency have become popular among creatives.
This is especially due to strong encryption and the overall decentralized nature of the blockchain web. Beyond financial protection, blockchain also offers security to entertainers by protecting their data from breaches and keeping snooping paparazzi out.
7. Pay As You Use
There are many entertainment services available to users to stream music, video, and podcasts, to name a few. With so many options offering unique content that excite many users, the age-old monthly subscriptions might no longer cut it as people do not have time to spend with any one service.
The alternative would be the pay-as-you-use model powered by the blockchain’s ability to handle and store large amounts of data with accuracy. Doing so allows these entertainment agencies to enable microtransactions on their platforms for users who only want to pay for the content they are consuming.
Conclusion
Blockchain technologies, particularly cryptocurrencies, have swept across all industries with a wave of change, and the entertainment industry is more affected than most. From bridging the relationships between fans and their favorite artists, to speeding up transactions, ensuring security and privacy, and providing the option to pay for only consumed content, these are without doubt welcome developments across the board.