(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Blockchain in Media and Entertainment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Blockchain in Media and Entertainment Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market Synopsis
The global market for blockchain in media and entertainment is estimated to reach USD 1.54 Billion by 2024, registering a 32.94% CAGR during the forecast period 2018–2024. The growing adoption of blockchain technology by media, advertising, and entertainment enterprises to streamline business processes such as royalty distribution, payment management, digital advertising and content license and rights management are driving the market growth. Rising demand for eliminating data and content piracy and providing secure and faster transactions also promote the adoption of blockchain across media and entertainment companies.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Blockchain is a digital immutable, secure, encrypted, and distributed ledger for recording real-time transactions. The first blockchain transaction ledger was introduced in 2009, to serve as a public transaction ledger for cryptocurrency Bitcoin, which is now poised to revolutionize the media and entertainment industry. Digitalization across the media and entertainment industry has caused a massive expansion in the way media and entertainment services are accessed by the consumers. Blockchain technology has the potential to transform several processes within the media and entertainment industry for content security, license & rights management, digital advertising, and royalty distribution. Blockchain allows secure and resilient data transactions and consists of a peer-to-peer network, a distributed ledger for recording the transactions, and a consensus mechanism to validate the transactions.
This distributed ledger of blockchain offers visibility, traceability, and transparency to the media and entertainment companies and the supply chain trade partners. The technology has immense potential to reinvent business functions and facilitate secured transactions across the media industry. The media and entertainment industry has mostly been a contract-based business. Smart contracts built on blockchain enables counterparties to automate transactions, resulting in fast, accurate, and cost-effective contract management across the media and entertainment industry. With the help of blockchain technology, media and advertising enterprises are able to eliminate fraud, reduce costs, and increase transparency within critical and time-consuming business processes. Further, blockchain technology helps the media and entertainment companies to effectively protect Intellectual Property (IP) rights of content such as music records.
Blockchain technology unveils various potentials for media and entertainment organizations to address business challenges. One of the major challenge faced by the media, advertising, and entertainment companies is the rising number of cyber-attacks. Major enterprises such as Sony Corporation and HBO were victims of cybercrime. With the help of decentralized structure, cryptography, and sequential hashing through blockchain-based contracts, media companies are able to secure these transactions and make them virtually inaccessible for hackers. Media companies are also adopting blockchain technology to enhance secure rights payments.
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For instance, in June 2016, the Berklee's Institute for Creative Entrepreneurship (BerkleeICE), launched the Open Music Initiative that includes around 200 members, including Sony Music Entertainment, Times Warner Group, YouTube, Netflix, and Spotify to enhance the royalty payment transactions, music rights compensation for artists and entrepreneurs in the industry based on blockchain technology. Another advantage provided by blockchain technology is monetization or micro-contents in the entertainment industry. Customers can divide the payments into smaller sizes according to the size of the content, for instance, buying a single track out of the album of songs through iTunes. Television broadcasting and advertising firms can leverage blockchain technology to make content housing, content acquisition, and distribution rights through a distributed ledger.
However, procuring talent and expertise that better understand blockchain technology, interoperability among various blockchains, lack of regulatory standards, and time required for the integration of legacy systems with blockchain technology are some restraints that may restrain the market growth in the coming years.
Segmentation
By type, the market has been segmented into public, private, and consortium.By platform, the market has been segmented into Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger, MultiChain, and others.By organization size, the market has been segmented into large enterprises and SMEs.By application, the market has been segmented into content security, license & rights management, smart contracts, payments, digital advertising, royalty distribution, online gaming, and others.
Key Players
MRFR recognizes the key players in the global blockchain in media and entertainment market as IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services, Accenture PLC, Oracle Corporation, Infosys Limited, Bitfury USA Inc., Factom Inc., GuardTime,AS, Auxesis Group, Nyiax Inc., MetaX, BTL Group, Voise, and ClearCoin.
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The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to expand their reach to the customers.
Global Blockchain in Media and Entertainment Market, 2018–2024 (USD Million)
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).
At present, North America holds the largest market share due to the growing adoption of blockchain in media and entertainment among enterprises for better employee engagement and workforce collaboration. Among the North American countries, the US accounts for the largest market share due to rising implementation of collaboration tools within large enterprises as well as SMEs in the advertising industry. Europe accounted for the second-largest market share due to rising adoption of blockchain in media and entertainment solutions in countries such as the UK, Germany, France, Spain, Italy, and Sweden.
Asia-Pacific accounted for the third-largest market share and is expected to attain the highest growth due to the adoption of blockchain in media and entertainment solutions in China, Japan, India, Australia, Singapore, South Korea, and other Asian countries. South America and the Middle East & Africa region is expected to achieve a substantial market growth with key players focused on investing in this region to offer blockchain in media and entertainment services to small- and medium-sized enterprises.
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Intended Audience
Blockchain in media and entertainment software vendors
Blockchain in media and entertainment service providers
Managed service providers
System Integrators
Blockchain in media and entertainment system investors
Government enterprises
Technology consultants and advisory firms
Value added resellers
Blockchain security providers
Independent software vendors
About Kenneth Research
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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