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Blockchain and The Film Industry
Blockchain technology has demonstrated utility in a wide range of industries, including banking, health, and education, as well as retail and agriculture. For instance, retail behemoths like Walmart, Unilever, and Carrefour have already implemented blockchain technology to track the origins of their agricultural products. It used to take Walmart a week to track the provenance of their mangoes, but after implementing blockchain technology, that process was reduced to a mere 2 seconds. In the educational sector, on the other hand, it could make maintaining student records a lot easier, which in turn would make student transfers less demanding than they currently are. Now, with all that out of the way, what does blockchain have to offer for the film industry? Let’s take a look.
Difficult Times for the Movie Industry
The movie industry is in a tumultuous period. The landscape has changed dramatically in the previous decade. Disney films currently account for roughly 40% of domestic grosses in the United States. At the same time, Netflix is on its way to becoming a dominant force in the entertainment industry. Netflix reported 207.64 million paying members during the first quarter of 2021, but its overall audience pool is projected to be well over 300 million users globally. In 2020, Netflix generated $26.39 billion in revenue. This is a stark contrast to Paramount Pictures, a film production firm with a history dating back over a…
