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Market Research Future claims that the kind, platform, organisation size, and use of blockchain technology have been used to segment the global market for media and entertainment. The blockchain in media and entertainment market is estimated to reach USD 11.8 Billion by 2030, registering a 30.40% CAGR during the forecast period 2021-2030.
Blockchain in media and entertainment market has made it possible for many media companies to maintain digital records, share digital information, and use smart contracts as it is an emerging technology for decentralised and transactional data sharing. With the aid of a distributed ledger, blockchain in the media and entertainment sector can assist international media, advertising, and entertainment businesses in distributing royalties in a fair manner. Blockchain technology also makes data more transparent by offering a public record for all transactions that can be verified in real-time.
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Blockchain can safeguard all transactions by using cryptography, doing away with the involvement of any third party authority. A new blockchain-based platform called Ara was introduced in November 2018 by the media and entertainment company Littlstar Media, based in New York, to provide content producers and artists more control over their content. With the aid of tokens for verifying transactions between content creators, publishers, and consumers, the Ara suite of blockchain in media and entertainment market -based protocols aims to decentralise the ownership of material including games, movies, music, and photographs. Additionally, an integrated blockchain-based platform eliminates copyright violations and content piracy while providing efficient digital rights management solutions for media and entertainment businesses.
Blockchain In Media And Entertainment Market Report Scope:
|Revenue Forecast in 2030:||USD 11.8 Billion|
|Growth Rate:||CAGR of 30.40% from 2021 to 2030|
|Forecast Period:||2021 -2030|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
The blockchain in media and entertainment market is divided into three types: public, private, and consortium. Because it is open and transparent and uses decentralised consensus mechanisms like proof of work (POW) and proof of state, public blockchain now dominates the industry (POS). Popular public blockchains include those of Bitcoin and Litecoin.
The market has been divided into Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger, MultiChain, and other platforms based on platform. Due to its widespread adoption, the Bitcoin platform has a larger market share among them, followed by Ethereum, an open blockchain platform that enables users to create and deploy decentralised apps based on blockchain technology. Due to its expanding popularity, the growth of the Hyperledger platform is anticipated to accelerate during the projection period.
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The market has been divided into large companies and SMEs according to organisation size. Due of the numerous blockchain applications made by significant media companies like Sony Music Entertainment, huge businesses dominate this sector. Blockchain implementation is anticipated to accelerate among the expanding number of retail SMEs in order to streamline their operational procedures.
The market has been divided into applications for payments, digital advertising, licence & rights management, smart contracts, content security, online gaming, and others. Due to the use of blockchain for digital rights management by major corporations like Sony Music Entertainment to create a digital rights management system, the licencing & rights management category, among these, holds a greater market share. Due to media and advertising companies using blockchain for smart contracts and royalty distribution, the smart contracts and royalty distribution segments are anticipated to increase rapidly throughout the projection period.
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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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