Blockchain in Media and Entertainment Market


Posted November 30, 2020 by Ehtesham

Blockchain in Media and Entertainment Market Grow Pricing, Features, Reviews & Comparison of Alternatives
 
The global market for blockchain in media and entertainment is estimated to reach USD 1.54 billion by 2024. It can score a 32.94% CAGR during the forecast period. The adoption of the blockchain technology by media and entertainment companies for streamlining of various business processes is likely to drive market growth. Rise of content privacy, royalty payments, and intellectual property disputes can influence its integration in the media and entertainment industry as well.

The various features of blockchain technology which promote smart contracts, transparency in financial transactions, reputation system, and a platform for pricing are predicted to favor the market. The ability to assist creative artists monetarily and aid in distribution of income fairly can bode well for the market. The large potential in protection of intellectual property rights, automation of transactions, and creation of contracts can influence the global blockchain in media and entertainment industry to a great extent.

However, hesitation by media companies, risks in blockchain, and interoperability issues can hamper the market growth.

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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 smart contracts, payments, royalty distribution, content security, license & rights management, digital advertising, online gaming, and others.

Regional Analysis

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. Within the region, the U.S. accounts for the largest market share due to rising implementation of collaboration tools within large enterprises as well as SMEs in the advertising industry. The large number of digital agencies and advertising companies in the country as well as huge number of media houses can influence the market propagation to a great extent.

Europe accounted for the second-largest market share due to rising adoption of blockchain in media and entertainment solutions in countries such as Spain, the U.K., Germany, Italy, France, and Sweden.

Asia Pacific (APAC) 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 South Korea, China, India, Australia, Singapore, Japan, and other Asian countries. Recently, Tech Mahindra, a reputed stalwart in information technology, had built a blockchain based contract rights and management system for content creators and media houses.

South America and the Middle East & Africa (MEA) are 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.

Competitive Outlook

Accenture PLC, Factom Inc., Nyiax Inc., Amazon Web Services, ClearCoin, GuardTime, Voise, Infosys Limited, Bitfury USA Inc., Auxesis Group, SAP SE, MetaX, Oracle Corporation, BTL Group, IBM Corporation, and Microsoft Corporation are key players in the global blockchain in media and entertainment market.

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Issued By Ehtesham
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Categories Blockchain
Last Updated November 30, 2020