Global Blockchain in Media and Entertainment Market: by Type (Public, Private, Consortium), by Platform (Bitcoin, Ripple, Ethereum, R3 Corda, Hyperledger, MultiChain and others), by Organization Size (Large Enterprises and SMEs), by Application (Content Security, License & Rights Management, Smart Contracts, Payments, Digital Advertising, Royalty Distribution, Online Gaming and others), by Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2024
Blockchain is a distributed ledger technology which makes use of contracts for conducting various transactions. The need to protect intellectual property and the possible applications for distribution, consumption, and production of content can favor the market prospects. The global blockchain in media and entertainment market report by Market Research Future (MRFR) contains insights and hurdles for content producers for the period of 2018 to 2024 (forecast period). The COVID-19 pandemic and its impact on the industry are explored in the report.
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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.
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.
By type, the Blockchain in Media & Entertainment 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.
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.
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LIST OF TABLES
Table1 Global Blockchain In Media And Entertainment Market: By Country, 2019–2024
Table2 North America: Blockchain In Media And Entertainment Market: By Country, 2019–2024
Table3 Europe Blockchain In Media And Entertainment Market: By Country, 2019–2024
Table4 Asia-Pacific Blockchain In Media And Entertainment Market: By Country, 2019–2024
Table5 Middle East & Africa Blockchain In Media And Entertainment Market: By Country, 2019–2024
LIST OF FIGURES
FIGURE 1 Global Blockchain In Media And Entertainment Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Blockchain In Media And Entertainment Market
FIGURE 4 Value Chain Of Global Blockchain In Media And Entertainment Market
FIGURE 5 Share Of The Blockchain In Media And Entertainment Market In 2018 , By Country (In %)
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