Ticketing has been hailed as one of the most practical applications of blockchain in entertainment. It successfully combats scalping, fake ticketing, and allows artists to retain complete control of pricing.
As we continue to watch distributed ledger adoption and innovation spread across industries, one sector in particular stands to gain substantially from the transparency and traceability that blockchain offers.
The media and entertainment industry is primarily relationship-based, meaning that creators are often put at a disadvantage by middlemen margins and stealth profits.
This has been particularly exaggerated by the fact that many artists are never taught or exposed to the intricacies of business, law, and finance in their pursuit of creativity and artistic expression. With the help of blockchain technology, the industry could potentially eliminate fraud, vastly reduce costs, and increase transparency overall.
One of the greatest issues in entertainment is ownership and rights management over content. The awkwardness of tracking who owns what across audio, visual, and written content has created ample lawsuits and payment disputes. Blockchain promises a way to effectively track IP across multiple channels. Using this new technology, intellectual property rights can be properly tracked, and digital rights management companies can access the full record of transactions made.
Distributed ledger technology can also create a very practical application of accounting and timely access to profits for both creators and investors. Frequently, profits are held by either labels or studios, and artists and other stakeholders can be left waiting for months to see any monetary compensation for their hours of work while accounting takes place. Blockchain technology is perfectly suited to provide liquidity for all of its stakeholders.
Although this particular brand of innovation is only a few years old, there are already several companies making their mark.