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Blockchain in Media and Entertainment Market Size 2018 Driving Factors, Industry Growth, Key Vendors and Forecasts to 2024 | Effects of COVID-19

Market Highlights

According to Market Research Future, the global blockchain in media and entertainment market has been segmented on the basis of type, platform, organization size, and application.

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As an emerging technology for decentralized and transactional data sharing, blockchain has enabled many media companies to store digital records, exchange digital content and implement smart contracts. Blockchain in media and entertainment industry can help worldwide media, advertising, and entertainment organizations to fairly distribute royalty payments with the help of distributed ledger. Further, blockchain technology facilitates transperency of data by providing a public ledger for all the transactions that can be validated real-time. With the help of cryptography blockchain can secure all the transactions eliminating the interference of any third party authority. In November 2018, New-York based media and entertainment company named Littlstar Media, launched Ara, a new blockchain-based platform designed to provide content creators and artists more control over their content. Ara is a suite of blockchain-based protocols that is designed to decentralize the ownership of content such as games, movies, music and images with the help of tokens for authenticating transactions among content creators, publishers and customers. Moreover, an integrated blockchain-based platform reduces the content piracy and copyright infringements and offers effective digital rights management solutions for the media and entertainment enterprises.

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Segmentation:

By type, the market is segmented into public, private and consortium. Among these, the current market is dominated by public blockchain due to being open and transparent with decentralized consensus mechanisms such as proof of work (POW) and proof of state (POS). Bitcoin and Litecoin blockchain are examples of popular public blockchain.

By platform, the market has been segmented into Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger, MultiChain, and others. Among these the Bitcoin platform accounts for a greater share owing to its wide scale adoption followed by Ethereum as it is an open blockchain platform letting users to build and use decentralized applications running on blockchain technology. Hyperledger platform is expected to grow at a higher rate during the forecast period owing to its rising applications.

By organization-size, the market has been segmented into large enterprises and SMEs. Among these, the market is dominated by large enterprises due to a large number of applications of blockchain in large media enterprises such as Sony Music Entertainment. The growing number of retail SMEs are expected to implement blockchain at a faster rate to streamline their business processes.

By application, the market has been segmented into content security, license & rights management, smart contracts, payments, digital advertising, royalty distribution, online gaming and others. Among these, the license & rights management segment accounts for larger market share owing to adoption of blockchain for digital rights management by large enterprises such as Sony Music Entertainment to build a digital rights management system. The smart contracts and royalty distribution segments are expected to register a high growth rate during the forecast period due to media and advertising enterprises adopting blockchain for smart contracts and royalty distribution.

Regional Analysis

The market for global blockchain in media and entertainment is estimated to grow at a significant rate during the forecast period from 2018 to 2024. The geographical analysis of blockchain in media and entertainment market has been studied for North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, the rest of Asia-Pacific), and the rest of the world (the Middle East and Africa and South America).

Key Players

The Prominent Players in the market of Global Blockchain in Media and Entertainment market are – Infosys Limited, Bitfury USA Inc., Factom Inc., GuardTime, AS, Auxesis Group, IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services, Accenture PLC, Oracle Corporation, Nyiax Inc., MetaX, BTL Group, Voise, and ClearCoin.

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