Blockchain set to disrupt the entertainment industry

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Blockchain technology appears set to disrupt the partially monopolized entertainment industry. Through it, independent filmmakers are able to distribute their products to viewers without necessarily passing through major studios that have hitherto served as inevitable intermediaries.

Existing limitations

A lot of filmmakers have been unable to make it into the mainstream not because of the absence of quality products, but due to their inability to meet the standards of the major studios who have taken over control of the industry.

Some of these standards may be in the form of high fees by these studios, or due to sentimental preferences by the powers in charge of such intermediaries. Hence, so many supposedly excellent productions may have existed only as prototypes in the hands of producers without seeing the light of day in the real world of entertainment.

Blockchain empowers the real owners

One of the major attributes of the blockchain that is cherished by most of its advocates is the systematic elimination of intermediaries, which enables content creators to achieve closer interaction with their primary targets and vice versa. This development fosters a more direct relationship that eliminates eventual overheads, thereby opening up opportunities for improved revenue and accessibility.

The immutable nature of data processed on the blockchain is another fundamental feature that appears extremely useful for stakeholders within the entertainment industry. This is in large part due to the fact that piracy has been a serious setback especially for the emerging markets in the industry such as the Bollywood of India and the Nollywood of Nigeria. The inalterability of data hosted on the blockchain will enable brand protection and retention by the original creators of products.

A platform for change

To achieve the above mentioned benefits, blockchain solutions company, StreamSpace claims to be developing a platform where stakeholders within the industry can find expression while maximizing the potentials of the industry.

Our goal is to become the world’s leading destination for innovative film content, with a deep catalog that will enable personalized viewing experiences and that will be rewarding for our two core customers, independent filmmakers and indie film aficionados.

Jose Tormo, StreamSpace CSO

StreamSpace has developed a proprietary and patented method for parsing large files such as digital films and storing them in a highly distributed network of servers. This leverages the core advantages offered by blockchain technologies: the anti-piracy security that comes from an immutable ledger of asset transfers, the speed inherent in combining small blocks from a vast array of storage points, and the integrity that comes with duplication of content elements across the array of servers. StreamSpace will also be designing a player that will run on all of the key operating systems and consumer viewing devices. This will enable content accessibility on cellphones, computers, tablets, TVs and other types of output devices.

Can blockchain be The “Netflix killer”?

This emerging creation could become a “Netflix killer” that would meet the crowdfunding needs of independent filmmakers, while satisfying the needs of the motivated audience. To this end, StreamSpace plans to launch an ICO in the coming weeks in order to achieve the full development of their platform.

As blockchain technology continues to grow and develop, more industries are being disrupted. With the offerings of the new technology which includes, transparency, security, authentication and cost reduction among other benefits, the drive for its adoption is increasingly motivated. Emerging trends reveal that the entertainment industry is also set for decentralization through the power of the blockchain.