What Part Will Blockchain Play in the Streaming Wars?
People were used to viewing TV directly, seeing movies in theatres, and buying DVDs when they needed entertainment a decade ago, so the concept of streaming content was novel and uncommon. Streaming services like Netflix and Disney + are now utilized by millions of people all over the world, and this has had a huge impact on the entertainment industry.
Streaming services are releasing big-budget films alongside theatre releases, traditional television stations are closing, and content on streaming platforms is being seen by millions. Streaming is clearly not going away any time soon, but could blockchain play a role in the streaming wars?
The Trouble With Streaming
Streaming has clearly altered how consumers interact with the content they adore, but the situation is far from ideal, particularly for content creators. Previously, a director would have wanted their picture to be shown in theatres to gain recognition, but today streaming is an option. Smaller and independent filmmakers, on the other hand, may lack the resources to get their films onto a streaming service such as Netflix.
While streaming has made the content more accessible, it hasn't fixed all of the industry's difficulties, particularly in terms of access and monetization for smaller creators.
How Blockchain Comes in
At its heart, blockchain technology is excellent at democratizing control and access. When it comes to computer networks, it does so, and when it comes to anything else, it results in democratization. Streaming is no exception, with a variety of methods emerging to allow material to be streamed using blockchain technology. This can be extremely beneficial, particularly to tiny artists.
For starters, the lack of a middleman means that smaller creators won't have to go through the time-consuming process of getting their work approved for large streaming platforms. Additionally, by adopting a blockchain-based network, these smaller creators may be able to keep more of their streaming revenue for themselves.
This has already been demonstrated on services like BitTorrent, which allows users to download content using distributed processing power and has lately added streaming capabilities. This has proven to be popular thus far, demonstrating that this business strategy is both practical and in demand.
Blockchain provides a mechanism for streaming providers to increase the security and reliability of their networks. Not many sites could handle the sudden transition in 2020, when millions went into lockdown and sites all across the world witnessed a significant rise in use, and even top sites like Zoom experienced a security breach at some point.
One of the drawbacks of a centralized computer system is this. Because the computing power and security of a network may be divided over numerous computers with blockchain, security breaches are less likely. In terms of data gathering, blockchain produces irrefutable records of transactions that occur over it, allowing it to be used to store information such as consumer behavior, watch times, and so on.
This information can be referred to in the future, and using it can assist streaming platforms in making better judgments about promotions, content, and site navigation based on customer behavior.
When streaming originally became popular, it was considered as a chance to break television networks' entertainment monopoly. Years later, customers are beginning to worry that there are too many streaming platforms, that the monopoly is being reestablished, and that material will become more expensive to obtain, especially given the many platforms to which a user must subscribe.
The streaming battles are set to alter how consumers get content and how producers monetize their work for the foreseeable future. The far-reaching consequences of streaming will be widely realized in the next decade or two, and blockchain can play a role in this.
From providing creators more control over how their work is seen to protecting the networks of leading streaming platforms, blockchain can do what it does best: provide democratized access, as well as stability and security to those who use it.
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I've enjoyed reading. Interesting content, thank you.
Super interesting subject. Thanks.