Global Blockchain in Media and Entertainment Market is projected to grow at a CAGR of 52.8% during the forecast period: MRFR
The Blockchain in Media and Entertainment Market is predicted to reach USD 11,766.5 million by 2030, registering a 52.8% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Increasing need to eliminate intermediaries between content creators and end users, as well as increased demand for faster and more secure transactions, are driving market revenue growth in the media and entertainment business.
In media and entertainment, blockchain is a technology that keeps track of any digital transactions done by users in numerous systems for decentralised data storage. Decentralized storage in a blockchain is known to be extremely reliable. Even if several network participants fail, blockchain remains operational, eliminating single points of failure. Smart contracts, which are largely kept as computer code and can conduct activities under particular situations, are a relatively new but potentially important essential concept for media firms. The need for blockchain in media and entertainment is growing as a result of the following commoditization of content and widespread intellectual property theft (IP). Some of the important drivers driving the market include the growing need to eliminate intermediaries between content creators and end consumers, the growing demand for safe and speedier transactions, and the increasing occurrences of data piracy in media and entertainment.
Blockchain in media & entertainment provides a stable framework for securely sharing data in real-time. The technique increases the security of real-time digital economic processes. The introduction of blockchain technology into the media and entertainment markets might substantially alter the industry structure. To some extent, blockchain technology enables the avoidance of content aggregators, platform providers, and royalty collecting groups. As a result, the blockchain in the media and entertainment markets swings toward copyright holders.
The scope of the global Blockchain in Media and Entertainment market has been segmented based on Type, Enterprise Size, and Application.
On the basis of type, the market is categorized into Public, Private, and Consortium. The public and private segment captured the biggest market share by type in 2021 and is likely to maintain its dominance in the future years, owing to the increased adoption across various industries in developing Asia-Pacific and Latin American countries.
On the basis of enterprise size, the market is classified into large enterprises and SMEs. The SMEs segment accounted for the largest market share in 2021.
Based on Application, the global Blockchain in Media and Entertainment market is segmented into Licensing and Rights Management, Digital Advertising, Smart Contracts, Payments, Online Gaming, Others. The payments segment is expected to exhibit the growing CAGR during the projected period.
Geographically, the global Blockchain in Media and Entertainment market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America held the highest share of the Blockchain in Media and Entertainments market by region in 2021, and it is expected to do so for the rest of the forecast period. This is owing to the presence of big competitors who offer cutting-edge solutions and make considerable investments in technologies, creating profitable opportunities for the market. The region is rapidly adopting innovative tools, and digitalization is likely to accelerate blockchain revenue development in the media and entertainment markets. The United States is the largest contributor to market revenue growth, and Canada is the fastest growing contributor. Early adoption of new technologies and digitization are likely to drive blockchain growth in the media and entertainment markets.
The Asia Pacific (APAC) region's Blockchain in Media and Entertainment market is expected to grow at the fastest rate in the global Blockchain in Media and Entertainment market, owing to an increase in the incidence of data piracy, an increase in the adoption of advanced solutions in the media & entertainment sectors of developing countries such as China, India, South Korea, and others, and an increase in the number of Blockchain in Media and Entertainment service providers in this region.
In 2021, Europe's market accounted for a sizable revenue share. Blockchain in media and entertainment is widely recognised in Europe as a result of increased government initiatives and ambitions to develop technology, as well as an increase in desire for transparency in the region.
Some of the prime market players profiled by MRFR that are operating in the global Blockchain in Media and Entertainment market are IBM Corporation, SAP SE, Microsoft Corporation, Amazon Web Services, Oracle Corporation, Accenture, PLC BTL Group Voise, Infosys Limited, Factom Inc., Bitfury USA Inc., GuardTime AS Nyiax Inc., MetaX Auxesis Group, ClearCoin, and others. The players in the global Blockchain in Media and Entertainment market are undertaking various strategic initiatives such as increased investments for business expansion, carrying out mergers and acquisitions and others in order to sustain the competition in the global Blockchain in Media and Entertainment market.