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. Blockchain technology is beneficial for the entertainment industry. The medical supply chain is expected to witness high efficiency, speed and access control. Music videos and pictures are predictions of the entertainment industry. The demand for these media products is growing. Many regions have massive spending for entertainment.
The increase in per capita income is leading to higher spending on the media industry. Managing complex supply chain tasks in this market is possible through Blockchain. Media equipment is sophisticated. Consumer spending and purchase are hard to manage in this industry. However, managing personalized content services is a key feature of Blockchain in Media and Entertainment Industry.
Digital ecosystems are becoming more advanced. The royalty collections, digital rights and handling transactions with vast intermediaries are possible with Blockchain. The ledger approach of Blockchain in this market will provide massive demand. Both the developing and developed regions have high scope for this market. The growth rate is continuously surging for Blockchain in Media and Entertainment Business due to these functions.
Many global witness unexpected changes due to covid 19. The outbreak of the virus is causing much damage to the Blockchain market. The media industry market operations are slowing down due to the pandemic. The deployment and sale of media products are declining during this period. The economic recession is affecting investments in the entertainment industry. It is a period that raises concerns about life and health. However, online entertainment is rising.
The Blockchain in media and entertainment market is advantageous for online media services. The customer base is rapidly expanding for this market. OTT and other online services surge demand. The products related to the blockchain in media and entertainment market have high requirements among customer end. The availability of online services, entertainment equipment purchases is stirring growth. Post covid 19, the situation is positive for the blockchain in media and entertainment market.
The media and entertainment industry is prone to piracy and security threats. Deploying Blockchain in media and entertainment prevent these threats. Also, minimizing risks helps to carry out the operations of the blockchain in media and entertainment market smoothly. Piracy is causing high revenue losses for the market. The deployment of Blockchain technology will increase the security of data. These factors are rising adoption rates and driving immense demand for the market.
The need to eliminate piracy will increase Blockchain in Media and Entertainment Market Profit. Further, the media industry has plenty of data. Managing all these transactions and openings of the industry is difficult. For effortless tractions and payments, Blockchain technology is helpful. Many medical companies are using conventional technologies to manage operations tasks. In upcoming years, the traction to this effective Blockchain will be higher.
These factors will stir the audition rate among enterprises. Also, organising these data is effectively done through Blockchain. A massive amount of unstructured data can confuse and affect accessibility. However, Blockchain in media and entertainment industry transactions are organised. The need for secure and fast transactions is another factor driving growth. The need for secure platforms is essential in the market. All these drivers will lead to the high expansion of Blockchain in media and entertainment market.
The demand for Blockchain in various segments of the media and entertainment industry will lead to growth opportunities. Especially the music segment of the blockchain in media and entertainment market is receiving high demand. The music writers need to deal with copyrights. Music streaming and selling of albums will earn revenue for the industry. Managing these tasks expands the demand in this market. The growth of intermediaries will benefit the market.
Technological development will provide high developments in the market. The growth of technology will lead to customized services and new services. The immense growth of streaming apps such as Spotify is bringing favourable changes in the blockchain in media and entertainment market. Many customers have high adopted streaming apps. They are the integration of these new technologies creates more need for Blockchain
All these factors contribute to the growth of Blockchain in the Media and Entertainment Market Growth. The increasing R&D in the Blockchain market will offer impressive services. Research and development will lead to market launches and innovations. The launch of Blockchain needs application is possible in the upcoming years. These developments in the market will increase awareness among end-users. All these factors will benefit the market greatly.
The dynamic regulatory standards of the software are restraining factors of the industry. The Blockchain in software is under constant development. These advances affect the current regulatory standards. The use of technology and its operations are affected.
The uncertain regulation is the crucial restraining factor. Further, the lack of regulation affects the adoption of the software among end-users. The demand from key medical institutes and their segment can decline considerably. The lack of standard standards in the market can affect the transactions. Especially the Bitcoin payments of the market are affected due to these challenges.
The Blockchain technology cycle is constantly developing. There are plenty of other technologies in the media and entertainment industry that are gaining traction. The purchases and spending of the market are carried out on alternative platforms. The availability of substitutes hinders the blockchain in media and entertainment market growth.
Blockchain has many features those safe and secure transactions. The media industry can lessen frauds, follow compliance and security risks with this technology. However, the lack of awareness about the platform can have a declining effect. These challenges of the market can affect the market demand. Adoption of these technologies is expected to reduce in upcoming years.
The Blockchain in Media and Entertainment Market Report shows a positive growth trend. The piracy and data threats are driving demand for the Blockchain medical market. The need for effortless and secure transactions in the industry is leading to high growth in this market.
Lack of compliance standards affects the growth of this market. Also, the availability of many subsidies can hinder the demand. The need to handle plenty of crucial data in the market will continue to boost expansion. There are many growth opportunities in the blockchain in media and entertainment market that will support profitability.
North America will outgrow with the highest Blockchain in Media and Entertainment Market Share. The adoption rate of Blockchain is rapid. Also, there are many Blockchain in Market Top Companies in this region. The video streaming industry is witnessing exceptional benefits through technology.
US and Canada are top investors in this region. Also, the adoption from both these countries is tremendous. According to an international survey, nine out of ten media company is adopting Blockchain software. All these will contribute to the immense revenue rates in America. The blockchain in media and entertainment market opportunities and innovation will reach their peak.
Blockchain in Media and Entertainment Market Segments
The competition is surging in the Blockchain media and entertainment market. The number of substitutes for the technology is growing immensely. As per Blockchain in Media and Entertainment Market Analysis Product launches, new features and product variation is a crucial developments. Also, market acquisitions, partnerships and expansion rates are higher. Further, the technology promotion strategies will be high in upcoming years.
The key regional players of the market are Asia Pacific, Europe and North America. North America will lead the Blockchain in Media and Entertainment Business. The region will contribute to immense revenue and adoption in the forecast period. There is a massive investment in research. The launch of the advanced and new high-end features in the technology will attract more demand in this region.
Further, Asia Pacific is the rapidly market in Blockchain. The adoption rate is remarkable. The industry is facing high piracy in the Asia Pacific. The Blockchain in media and entertainment will prevent revenue losses in the market. Europe is witnessing high expansion in this period. In upcoming years, the adoption rate is higher.
The key players of Blockchain in the Media and Entertainment market are
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.