Wall Street has already adopted crypto technology, but Hollywood is pretty new to it. While the entertainment industry might be a few years late in implementing crypto, it has now realized that blockchain has the potential to revolutionize the distribution of music and movies, and can resolve the piracy problem.




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The Film Industry can be Unfair


If you look around Tinseltown, you’ll find that several actors and singers have passed away in a penniless condition. One example is Sammy Davis who made over $50 million singing and dancing, yet died in debt and poverty.



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There are several artists who produce genuine art but aren’t able to earn enough to survive. The cultural industries of cinema, theater, music, and art are often littered with the struggles of artists along with the middlemen who feed off their art.



See also: What is Blockchain 2.0


The movie food chain includes audiences such as cable subscribers, moviegoers, and pay-per-viewers. Before any movie reaches these viewers, there are several middlemen such as Netflix, Amazon Prime, Hulu, theaters, and movie distribution channels (such as Sony and Warner Bros).

These are just a few of the names in a long list of middlemen. From the artist to the audience – there are several intermediaries, and each one takes their own cut. The leftovers are passed to the artist.




Music Industry Woes


The music industry is very closely related to Hollywood and isn’t very different when it comes to the presence of middlemen. The market for music services is growing, but with the bureaucratic system of distribution services and artist managers, smaller artists are choked when they cannot get sponsorship contracts with big labels.

As a result, artists are forced to depend on streaming services such as Spotify that pay small amounts such as $0.006 for a stream. And this isn’t even the amount that goes to the artists. The holder of the song might have to split this amount between the label, artist, songwriters, and others. Long story short, the end artist is paid peanuts.

Can Blockchain Improve this Scenario ?


The blockchain is a relatively new P2P and transparent system. Anything can be stored securely on the blockchain. The blockchain is not run by powerful central authorities but rather by mass collaboration. This means that control wouldn’t lie in the hands of publishing companies and labels anymore.

Copyright and Ownership Provenance


The establishment and protection of copyright in the film industry is a complex and expensive process. A movie has several rights and titles associated with it, including screenplays, trademarks, and design creations.

Copyright infringement is a major expense for everyone involved in the entertainment business. Blockchain technology can resolve this issue by creating a record of all transactions that have been carried out on a particular asset.

Once something is recorded on the blockchain, it can be tracked transparently throughout its life. For example, if you’re a scriptwriter, you can secure your script on a blockchain, and the blockchain will record everything including the transfer of rights, titles involved in it, and smart contracts.

There are many companies that use blockchain to keep their entertainment assets secure. As an example, Veredictum is a startup that has a system to put scripts on their blockchain.