Blockchain technology has been a boon for all industries where multiple stakeholders are trading assets or transacting commodities over a vast network. A network that encompasses businesses in different countries, consumers, traders retailers. Blockchain has brought in an essential trust layer for cross border transactions, making intermediaries whose sole purpose was to verify the transaction details, redundant and unnecessary.
Blockchain has been a positive disruptive technology with its transparent ways to verify and record transactions over an immutable and secure network that has no central authoritative body. The decentralized nature of blockchain with all its inherent benefits has already created ripples across many business verticals like Healthcare, Pharma, Supply Chain and Logistics, Banking, manufacturing, transport, local governance, real estate, digital identity management to begin with. Now Blockchain technology could help resolve the challenges in the Film Industry globally. This technology has the capabilities to support the global network of audiences, content producers, distributors. It encourages all the global stakeholders including traditional distributors, small and independent producers, modern-day internet-based content streaming platforms, and global studio powerhouses.
And you as a developer can complete your international blockchain certification through a reputed, industry-based approach blockchain training courses from EMURGO Academy and can become a full-stack blockchain developer ready to work on projects that can be implemented in the movie industry. You as a fan of movies and filmmakers now can be an integral part of the entertainment industry.
Before we step right ahead to discussing the ways and means of blockchain to resolve issues, we have to first list the current issues faced by the industry at a global level.
Challenges in the Film Industry
- A changeover from conventional TV to the Internet
The current trend in the industry is an increasing shift from conventional TV and DVDs to internet streaming platforms. These internet-streaming businesses invest hugely in creating fresh production of series and movies, thereby posing a threat to filmmakers.
- Web series competing with conventional Cinema
Web series and movies are giving as stiff competition to the conventional cinema. People don’t need to go out to theatres to experience the magic of cinema. High level of cinematography along with higher production quality ensure they get a theatrical experience without leaving their home. This poses a huge problem.
- Competition between movie theatres and television
TV technology has reached a level of offering Ultra High Definition with 4K clarity for watching movies. This in comparison to the theatre’s 2K clarity seems a little pale. TVs have a high frame rate and dynamic range capability than theatres, people visit premium theatres such as IMAX for enhanced picture and sound quality. Theatres have to keep up with the technology or be at a loss when the quality of TV’s will supersede the experience of watching in a theatre.
- Piracy and duplication
One of the biggest problems is the issue of duplication and distribution of original productions which is a huge loss for Producers.
How does Blockchain resolve the challenges?
Copyright and Ownership
Protecting creative copyright and proof of a story provenance is a mammoth task, one that entails a lot of time and money. Original story ideas and scripts are claimed and exploited without acknowledging the original creator or giving them their due right.
Blockchain tries to plug this gap with it immutable data and transaction recording and with smart contracts. A creator of an idea or a script needs to register on the blockchain technology platform for appropriate rights. An immutable record of that idea, character, script or story is created and stored. Smart contracts ( self-executing digital contract, that stipulates the terms of the agreement between a buyer and a seller) can be programmed to defining the rules governing the assignment of rights to TV and airline versions, international releases, and merchandising licenses.
Online movies and series get leaked and duplicated. Piracy is a huge problem, which costs movies studios very dearly. Blockchain technology may not be a complete solution, it can help to a certain extent and deter the process of content getting leaked online. The Blockchain technology’s distributed ledger creates an immutable record of transactions on any creative work, idea, or asset. Smart contracts and tokens (representation of a particular asset or utility) can be used for signalling or flagging off content owners, search engines, and ISPs (Internet Service Providers), screening and broadcasting, legitimate film uploads whenever a non-blockchain-enabled content is discovered online.
Sales and distribution networks
Due to current distribution models, films get released to a global audience. Networks of distributors and exhibitors across countries have expanded by partnering with those who control local distribution. Blockchain technology serves as a scalable, decentralized solution managing the increasingly complex distribution models. Smart contracts can be used for automating revenue distribution when receiving and recording collections.
Blockchain technology has the ability to bring all the movie lovers as an integral part of the entertainment economy. It is now being used by moviemakers as a film distribution channel. It has been received well and defines a new paradigm in the way content is shared and viewed.
Film industry’s major transformation through blockchain technology is definitely going to be a happy ending.