The blockchain technology enables seamless transactions using a decentralized and shared distributed ledger for transactions between parties. The data contained in the blocks is cryptographically hashed with a complex algorithm which makes it immutable, i.e., it cannot be altered or deleted. ‘Blockchain in media, advertising and entertainment’ refers to the application of blockchain technology in licensing and rights management, digital advertising, smart contracts, content security, online gaming, payments, and many others. The technology assists in addressing challenges associated with piracy of data and digital ad frauds during the digital distribution mechanism. The aim of blockchain in media, advertising, and entertainment vertical is to minimize the impact of ‘middleman’ in advertising, distribution, and content creation.
MarketsandMarkets forecasts the global blockchain in media, advertising and entertainment market to grow from USD 51.4 million in 2018 to USD 1,000.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 81.1% during the forecast period.
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Major vendors in the blockchain in media, advertising, and entertainment market include IBM (US), Microsoft (US), SAP (Germany), Accenture (Ireland), AWS (US), Oracle (US), Digital Currency Group (US), Bitfury Group (US), Factom (US), Guardtime (Estonia), BRAINBOY (Germany), ARK (US), Auxesis (India), Synereo (Israel), NYIAX (US), MetaX (US), BTL (Canada), Voise (Canada), UJo (US), BigchainDb (Germany), Bloq (US), Clearcoin (US), iProdoos (US), Current (US), and Decent (Switzerland). The market players have adopted the growth strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and venture deeper into regions with unmet needs.
IBM, a leading vendor in the market, has adopted both organic and inorganic growth strategies to further expand its presence in the market. The company has added strong blockchain solutions and services to its diverse product portfolio. To further strengthen its foothold in the blockchain in media, entertainment, and advertising market, the company, opened the IBM Bluemix Garage in New York in 2016 to help bring developers together for the blockchain development. Microsoft has been working toward advancing its blockchain solution portfolio by following an effective mix of organic and inorganic growth strategies. Microsoft, over the years, has formed strategic partnerships with leading market players, including Hyperledger, R3CEV, Lisk, BitShares, Syscoin, BitPay, Eris Industries, Factom, ConsenSys, Emercoin, and MultiChain. These partnerships have helped Microsoft deliver simplified development and deployment processes to its clients for building real-world blockchain solutions, applications, and pilot projects. In line with the organic growth strategies, the company launched Azure Blockchain Workbench and Enterprise Smart Contracts, which help users build blockchain-based applications for running shared business logic. These platforms can also be used as cryptographic proof systems that can integrate with multiple blockchains.
Blockchain in Media, Advertising, and Entertainment Market by Provider, Application (Licensing & Rights Management, Digital Advertising, Smart Contracts, Content Security, Online Gaming, Payments), Enterprise Size, and Region - Global Forecast to 2023
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