Digital rights management with blockchain can help artists
The media and entertainment sector has exploded in the previous decade, with a plethora of music and video streaming services and an increasing number of subscription entertainment options – Netflix, Amazon Prime, Disney+, and a slew of others. Businesses throughout the world are dealing with increasing amounts of rich media, and the issue of managing, safeguarding, and disseminating that data is becoming increasingly difficult.
According to the 2017 Online TV Piracy Forecasts research, revenue lost to online piracy will nearly treble between 2016 and 2022, reaching at least USD 51.6 billion. So, prior to Covid-19, and especially since the globe has been in this lock-down, stay-at-home condition, there has been an increasing need for media entertainment on-demand. As a result, the contemporary environment has significantly impacted the consumption of entertainment media.
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The challenge of greater media content
The demand for content has skyrocketed. Viewers want more content, and media corporations are responding by releasing more titles regularly to meet this need. We appear to be amidst a content war, with linear broadcasters and over-the-top (OTT) providers vying for more interesting content than ever. Needless to say, this high demand for intriguing content has created worries about unlawful distribution, infringement, and piracy of original content, costing media production companies and other content providers millions of dollars in revenue.
Blockchain-based Contracts and Rights Management systems (bCRMS) are able to make businesses track and trace content usage and access in response to the growing requirement for enterprises to protect and supply digital material.
bCRMS is a media and entertainment (M&E) end-to-end platform that assists production houses and content owners in automating contracts, managing rights and royalty payments with talent, fulfillment partners, and multi-level distributors, as well as preventing unauthorized redistribution of content and piracy. It uses techniques like content hashing and blockchain-based forensic watermarking to keep data safe as it passes through the media content value chain.
Built on The Linux Foundation’s Hyperledger Fabric protocol and hosted on the Blockchain Platform, bCRMS also allows organizations to build their own chains (do-it-yourself) in their micro and macro ecosystems to collaborate and enhance revenues, avoid contracts or IPR infringement, and focus on redefining end customers’ content consumption experiences.
The following are some of the most significant problems in M&E when it comes to controlling digital rights:
- There is no visibility or transparency in the media flow.
- Contracts that are written by hand
- Validations against contract terms and conditions are time-consuming.
- Contract breach and unauthorized content distribution resulted in a significant revenue loss.
- Insufficient evidence of material theft/leakage to pursue legal action against the violators
- Disputes over royalty payments
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What that all implies for your next binge-watching session
Piracy and thefts of digital content are impeding the market and creating financial losses for digital content owners and providers, thanks to the growing popularity of social media platforms. The protection of artists’ intellectual property rights and the rights of all individuals and businesses involved in content creation has become a critical challenge.
The issues of finding, tracking, and monetizing content can be solved with blockchain technology. Blockchain technology, with its monitoring and usage visibility, has the potential to assist address today’s problems in managing diverse datasets in the hands of various clients and organizations. Existing DRM systems in media houses are possible. They may want to pursue a consortium-led strategy in which blockchain can aid with security and data sharing amongst multiple entities. Data security, scalability, and privacy are three essential features that blockchain can assure.
Even as we progress toward a post-pandemic world, the face and pace of media material have changed, necessitating a new approach to protecting content producers and everyone else involved in the media value chain so they may continue to make the amazing (and not-so-great) shows we enjoy.