Who would have thought that the entertainment sector could also benefit from crypto’s revolution since the first digital currency was developed in 2009?
Thanks to its decentralized framework, how we consume and enjoy entertainment has completely changed. As online entertainment continues to open up to this technology, Market Research Future suggested that blockchain’s value in media and entertainment would grow by about 30.40% in the next few years to reach $11.8 billion by 2030.
This rapid growth is due to the several benefits crypto offers. In gaming, for instance, you can convert in-game purchases into real-world value, thanks to NFTs. This, and many other reasons explain why entertainment companies have been welcoming this crypto technology. Let us have a look at how different sectors are reaping the benefits of cryptocurrencies.
The casino industry
Crypto Wisser approximated the value of the crypto gambling industry to be about a quarter of a billion dollars. In August 2023 alone, there were about 83.6% more crypto bets than there were almost the same time in the previous year. And good enough, you can access crypto-based products from any place at any time. For instance, you can engage in the best Bitcoin slots with just a simple touch of a button on your smartphone or laptop – something that wasn’t possible about fifty years ago.
The need for secure online interactions has become prevalent as online scams increase. A recent AAG IT Services report showed that there was a cybercrime victim every 37 seconds, translating to 97 victims per hour. Through its decentralized and transparent environment, blockchain reduces the chances of data tampering and fraud, ensuring you can play with peace of mind. Plus, you don’t need to provide personal information and financial details as it was in traditional online casinos.
Do you favor anonymity and privacy in transactions? If you do, crypto casinos may intrigue you. This technology does not allow you to know who purchased what. Plus, its transparency ensures you can get information on addresses. For those seeking to reduce the wait times involved in traditional payment methods, crypto transfers offer near-instant options at very cheap rates. A single transaction can cost you anywhere between $0.50 and $2.50.
Crypto in the music industry
One of the major challenges the music industry has faced for years is unfair profit distribution. In most cases, artists would only receive 12% of revenue after the many intermediaries involved have been compensated. Blockchain, however, streamlines royalty payments by eliminating the need for third parties. As such, World Metrics reported that the past year had seen a 55% increase in the use of blockchain technology for music royalties.
On top of getting what they deserve, this technology ensures you get accurate payments and can get paid whenever your tune is played. Several top industry players have celebrated these possibilities. During an interview with TheStreet Crypto, Bruno Guez, CEO and founder of Revelator, a digital infrastructure provider in the music industry, highlighted that blockchain now makes it possible to mint music on-chain, offer exclusive access using tokens and reward fan engagement.
If you’ve been having trouble reaching global audiences, blockchain technology ensures you can now seamlessly distribute your content to international listeners. The decentralized nature of ownership removes the need to depend on industry gatekeepers – which saves you thousands of dollars.
Jack Harlow is already taking advantage of blockchain’s advantages to foster his influence. He has a blockchain-based Private Garden fan club, where fans can find exclusive access to benefits like unlocking limited-edition merchandise and attending pre-event fan gatherings. Mith, the platform that powers the artist’s fan club, allows artists to have the final say in creating and distributing content and connecting with followers.
Crypto in esports
Esports has become one of the most popular entertainment sectors, with more followers than the television and music industries put together. Just recently, its global market value peaked at 189.3 billion dollars, according to Newzoo.
Although this industry attracts millions upon millions of fans, it has not been short of challenges, such as transparency issues, unfair profit remittance, etc. Nothing is as frustrating as honing your skills to become a pro gamer only to have tournament organizers take larger percentages of profits.
It’s amid these challenges that blockchain and other web3 concepts bring fresh hope to gamers. Do you remember an instance where players lost their hard-earned game items when Blizzard switched off World of Warcraft servers in China? If this game offered NFTs, players wouldn’t have gotten worried about their items as these tokens decentralize ownership.
In January 2023, Cloud9 partnered with Axie Infinity to provide superfans with limited insider access and merchandise during the STRATUS x Axie tournament. In another place, Joseph Turner, co-founder and Chief of Esports at Gaimin, highlighted envisioning a future without web3 games was almost impossible as they would become the future of gaming.
Blockchain-based games like Gods Unchained have been witnessing unprecedented growth, a testament to the growing passion for crypto games. According to Immutable, the game has almost half a million registered players and stands as the longest-running NFT project since its launch in 2018.
The film industry is also benefiting
Let’s take an example of Trust Machine: The Story of Blockchain, released in 2019. Besides exploring the blockchain concept, it became among the first feature films to use crypto for funding. Instead of using traditional funding, the content creators used Initial Coin Offerings from the crypto community.
Like the other industries, blockchain in film doesn’t stop with funding—filmmakers also have more control over their work. The hurdles of middlemen are eliminated, and creators can distribute content to audiences directly. As if that’s not enough, sites like KODAKOne offer creators smart contracts that allow them to automate content distribution as well as licensing.
Zero Contact is another film released using NFT technology. The film was divided into ten segments, each sold as an NFT. If, perhaps, you buy either of the segments, you become among the owners of the film and can, therefore, benefit from secondary sales.
Final remarks
Well, as you can see, crypto seems to be gaining more popularity and the online entertainment industry has not been left behind. Content creators are now using the technology to enhance how they connect with customers, distribute and license content. Intermediaries, on the other hand, have to find a way of surviving, especially now that their help is no longer needed.
As this technology continues to take shape within the industry, we expect that it will put a smile on the faces of creators who will be able to reap maximum benefits from their efforts—they will be able to receive most of their profits.