ID: MRFR/ICT/6600-HCR | February 2021 | Region: Global | 111 pages
The blockchain in media and entertainment market is estimated to reach USD 1.54 Billion by 2024, registering a 32.94% CAGR during the forecast period 2018–2024. The growing adoption of blockchain technology by media, advertising, and entertainment enterprises to streamline business processes such as royalty distribution, payment management, digital advertising and content license and rights management are driving the market growth. Rising demand for eliminating data and content piracy and providing secure and faster transactions also promote the adoption of blockchain across media and entertainment companies.
Blockchain is a digital immutable, secure, encrypted, and distributed ledger for recording real-time transactions. The first blockchain transaction ledger was introduced in 2009, to serve as a public transaction ledger for cryptocurrency Bitcoin, which is now poised to revolutionize the media and entertainment industry. Digitalization across the media and entertainment industry has caused a massive expansion in the way media and entertainment services are accessed by the consumers. Blockchain technology has the potential to transform several processes within the media and entertainment industry for content security, license & rights management, digital advertising, and royalty distribution. Blockchain allows secure and resilient data transactions and consists of a peer-to-peer network, a distributed ledger for recording the transactions, and a consensus mechanism to validate the transactions. This distributed ledger of blockchain offers visibility, traceability, and transparency to the media and entertainment companies and the supply chain trade partners. The technology has immense potential to reinvent business functions and facilitate secured transactions across the media industry. The media and entertainment industry has mostly been a contract-based business. Smart contracts built on blockchain enables counterparties to automate transactions, resulting in fast, accurate, and cost-effective contract management across the media and entertainment industry. With the help of blockchain technology, media and advertising enterprises are able to eliminate fraud, reduce costs, and increase transparency within critical and time-consuming business processes. Further, blockchain technology helps the media and entertainment companies to effectively protect Intellectual Property (IP) rights of content such as music records.
Blockchain technology unveils various potentials for media and entertainment organizations to address business challenges. One of the major challenge faced by the media, advertising, and entertainment companies is the rising number of cyber-attacks. Major enterprises such as Sony Corporation and HBO were victims of cybercrime. With the help of decentralized structure, cryptography, and sequential hashing through blockchain-based contracts, media companies are able to secure these transactions and make them virtually inaccessible for hackers. Media companies are also adopting blockchain technology to enhance secure rights payments. For instance, in June 2016, the Berklee's Institute for Creative Entrepreneurship (BerkleeICE), launched the Open Music Initiative that includes around 200 members, including Sony Music Entertainment, Times Warner Group, YouTube, Netflix, and Spotify to enhance the royalty payment transactions, music rights compensation for artists and entrepreneurs in the industry based on blockchain technology. Another advantage provided by blockchain technology is monetization or micro-contents in the entertainment industry. Customers can divide the payments into smaller sizes according to the size of the content, for instance, buying a single track out of the album of songs through iTunes. Television broadcasting and advertising firms can leverage blockchain technology to make content housing, content acquisition, and distribution rights through a distributed ledger.
However, procuring talent and expertise that better understand blockchain technology, interoperability among various blockchains, lack of regulatory standards, and time required for the integration of legacy systems with blockchain technology are some restraints that may restrain the blockchain in media and entertainment market growth in the coming years.
By type, the blockchain in media and entertainment market has been segmented into public, private, and consortium.
By platform, the blockchain in media and entertainment market has been segmented into Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger, MultiChain, and others.
By organization size, the blockchain in media and entertainment market has been segmented into large enterprises and SMEs.
By application, the blockchain in media and entertainment market has been segmented into content security, license & rights management, smart contracts, payments, digital advertising, royalty distribution, online gaming, and others.
MRFR recognizes the key players in the global blockchain in media and entertainment market as IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services, Accenture PLC, Oracle Corporation, Infosys Limited, Bitfury USA Inc., Factom Inc., GuardTime,AS, Auxesis Group, Nyiax Inc., MetaX, BTL Group, Voise, and ClearCoin.
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to expand their reach to the customers.
Global Blockchain in Media and Entertainment Market, 2018–2024 (USD Million)
Source: MRFR Website
The global blockchain in media and entertainment market is estimated to grow at a significant rate during the forecast period from 2018 to 2024. The geographical analysis of blockchain in media and entertainment market has been studied for North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, the rest of Asia-Pacific), and the rest of the world (the Middle East and Africa and South America).
At present, North America holds the largest market share due to the growing adoption of blockchain in media and entertainment among enterprises for better employee engagement and workforce collaboration. Among the North American countries, the US accounts for the largest market share due to rising implementation of collaboration tools within large enterprises as well as SMEs in the advertising industry. Europe accounted for the second-largest market share due to rising adoption of blockchain in media and entertainment solutions in countries such as the UK, Germany, France, Spain, Italy, and Sweden. Asia-Pacific accounted for the third-largest market share and is expected to attain the highest growth due to the adoption of blockchain in media and entertainment solutions in China, Japan, India, Australia, Singapore, South Korea, and other Asian countries. South America and the Middle East & Africa region is expected to achieve a substantial market growth with key players focused on investing in this region to offer blockchain in media and entertainment services to small- and medium-sized enterprises.
Frequently Asked Questions (FAQ) :
The blockchain in media & entertainment market is supposed to mark 32.94% CAGR.
By 2024, the blockchain in media and entertainment market is supposed to reach USD 1.54 Bn.
The blockchain in media & entertainment market has been segmented on the basis of application into content security, smart contracts, license & rights management, payments, royalty distribution, digital advertising, online gaming, and others.
The segments of the blockchain in media and entertainment market based on type are public, private, and consortium.
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, and ClearCoin.