Blockchain in the media, advertising and entertainment market grows by 81.1%
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Market overview
By 2032 have global blockchain in the media, advertising and entertainment market size expected to reach USD 208.71 billion from USD 0.55 billion in 2022 – growing at a compound annual growth rate (CAGR) of 81.1% from 2023-2032.
Blockchain in Media, Advertising and Entertainment market refers to the use of blockchain technology in media industries such as content management, digital rights management, online advertising and more.
The global blockchain market is expected to experience rapid growth in the coming years due to its increasing adoption across various industries. Factors such as increased use of blockchain technology, a growing need for secure and transparent systems and growing interest in decentralized platforms are driving demand in this area.
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Important takeaways
- The Blockchain in Media, Advertising and Entertainment market is expected to experience tremendous growth in the coming years.
- This technology is used for various purposes such as content management, digital rights management and online advertising.
- The market is driven by factors such as increasing use of blockchain technology, the need for secure and transparent systems and growing interest in decentralized platforms.
- Unfortunately, there are challenges such as regulatory uncertainty and a lack of awareness among industry players.
Regional snapshot
The Blockchain in Media, Advertising and Entertainment market is expected to expand across all regions such as North America, Europe, Asia-Pacific and beyond. North America is expected to lead this area due to major players and increased investment in blockchain technology. Europe will follow North America in terms of market share, while Asia-Pacific will experience faster growth due to greater adoption of this technology in the region.
Drivers
- Transparency and accountability: Blockchain technology offers a secure, immutable ledger that allows advertisers and media companies to monitor every transaction and verify its legitimacy. This reduces the risk of fraud, and creates a more trustworthy environment for all stakeholders involved.
- Decentralization: Blockchain promotes decentralization, eliminating the need for intermediaries in media and advertising supply chains. This can reduce costs and increase efficiency.
- Income Generation: Blockchain technology gives content creators the ability to monetize their work directly, without the need for intermediaries. Smart contracts can automate payments and revenue sharing, guaranteeing that they are fairly compensated for their efforts.
- Protection of intellectual property: Blockchain technology can be used to secure intellectual property rights, allowing creators to prove ownership and prevent unauthorized use of their work.
- Blockchain technology for increased audience engagement: Blockchain technology enables personalized and targeted content delivery, leading to greater audience loyalty and engagement.
- Improved data management: Blockchain technology can help media companies and advertisers better manage and protect their data. Through the use of a decentralized ledger, they can guarantee that sensitive information remains private and secure.
Limitations
- Regulation is one of the primary obstacles to blockchain adoption in this market. The media, advertising and entertainment industries are highly regulated, so there may be legal or regulatory hurdles to clear before blockchain adoption spreads widely in these sectors. For example, data privacy, intellectual property rights and anti-money laundering rules can create problems for investors.
- Scalability: Blockchain technology currently has limited scalability, making it impractical to support large-scale applications in media, advertising and entertainment markets. This can result in slow transaction times and high fees that will significantly limit its usefulness.
- Adoption: Adoption is another major hurdle for blockchain in this market. Many companies may not be familiar with blockchain technology and may hesitate to invest in it. Furthermore, existing intermediaries may express resistance if blockchain disrupts their business models.
- Interoperability: Currently, there are multiple blockchain platforms and protocols, making interoperability between systems difficult. This may limit the benefits of blockchain in the media, advertising and entertainment industries since sharing data and assets between different systems can prove challenging.
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Possibilities
- Digital Rights Management (DRM): Blockchain can be used to create a secure and transparent system for managing digital rights. This gives content creators the security they need while guaranteeing they are fairly compensated for their work.
- Advertising: Blockchain can be used to create a more transparent and efficient advertising ecosystem. Tracking ad impressions and clicks with blockchain ensures that advertisers get what they paid for, while publishers can be assured of receiving fair compensation.
- Content distribution: Blockchain can be used to build a decentralized content distribution network, allowing creators to distribute their work directly to consumers without the need for intermediaries. This helps reduce distribution costs and gives authors more control over their work.
Challenges
- Adoption is one of the primary obstacles to blockchain in this market. Many companies are still unfamiliar with it and may be hesitant to invest in it. Furthermore, existing intermediaries may experience resistance if blockchain disrupts their business models.
- Scalability: Blockchain technology currently has limited scalability, making it unsuitable for supporting large-scale applications in the media, advertising and entertainment markets. This can result in slow transaction times and high fees that will limit usefulness.
- Regulation: The media, advertising and entertainment market is highly regulated; therefore, legal and regulatory hurdles that need to be cleared before blockchain adoption becomes widespread in this area. For example, privacy, intellectual property rights and anti-money laundering regulations can all be issues to consider.
Recent developments
Recently, there have been several notable advances in the use of blockchain technology in the media, advertising and entertainment industries. Here are some of the most notable:
- NFTs (Non-Fungible Tokens): NFTs have become increasingly popular in the art and music worlds, enabling creators to sell unique digital assets on a blockchain-based platform. This has given creators new revenue streams, as well as giving fans more ways to engage with their favorite artists.
- Blockchain-based streaming platforms: Recently, several blockchain-based streaming platforms such as Audius and Opulous have launched that allow musicians to upload their music and earn money directly from fans without the need for intermediaries.
- Ad confirmation: Companies like AdLedger and MadNetwork are using blockchain technology to create a more transparent and efficient advertising ecosystem. By tracking ad impressions and clicks with blockchain, advertisers can guarantee that they are getting what they paid for, while publishers can be confident that they are being fairly compensated.
Important market segments
Type
- Media
- Advertising
- Entertainment
application
- Small and medium-sized enterprises
- Large companies
Important market players
- IBM
- Microsoft
- SAP
- Accenture
- AWS
- Oracle
- Infosys
- Bit fury
- Fact
- Duty time
- SHEET
- Auxesis group
- Nyiax
- Metax
- BTL
- Voice
- Block
- Clearcoin
- Decent
- Synereo
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Scope of the report
| Report attribute | Details |
| The market size value in 2022 | USD 0.55 billion |
| Revenue forecast by 2032 | USD 208.71 billion |
| Growth rate | CAGR of 81.1% |
| Regions covered | North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa and the rest of the world |
| Historic years | 2017-2022 |
| Foundation year | 2022 |
| Estimated year | 2023 |
| Short-term assessment year | 2028 |
| Long-term projected year | 2032 |
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What is Blockchain in the Media, Advertising and Entertainment market?
The blockchain in media, advertising and entertainment refers to applications of blockchain technology in these industries.
What are the key growth drivers in the Blockchain in Media, Advertising and Entertainment market?
The main factors driving growth include the increasing use of blockchain technology, an urgent need for secure and transparent systems, as well as increasing interest in decentralized platforms.
What are the key challenges facing the Blockchain market for media, advertising and entertainment services?
The primary difficulties experienced by this sector include regulatory uncertainty, lack of awareness among industry participants and limited scalability.
What recent developments have taken place in the Blockchain space across media, advertising and entertainment?
Recent innovations include the launch of the blockchain-based social media platform Voice, the emergence of NFTs in the media and entertainment industry, as well as Theta Network’s first blockchain streaming platform.
What opportunities exist within the Blockchain area within media, advertising and entertainment?
Potential applications for blockchain technology include integration with artificial intelligence and machine learning, increasing use in emerging economies, as well as the creation of new applications and platforms.
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