The world of digital media has changed dramatically over the past decade, but the industry is still subjected to a series of issues which affect content creators, brands as well as consumers.
Media & entertainment BCDB case study
In the US it is estimated that music theft produces USD 12.5 billion in losses while advertising fraud costs companies somewhere between USD 19 billion annually. IBM blockchain presents itself as a solution that promises to unlock new levels of transparency to digital transactions through its distributed immutable ledger. With Hyperledger Fabric, media, entertainment, and advertising platforms can increase brand recognition, trust and significantly reduce costs by eliminating the need to rely on third-party intermediaries.
The team behind IBM blockchain confirmed through a media entertainment BCDB case study that blockchain technology can help companies address a series of challenges that cost media companies billions of USD and at the same time increase user experience and customer satisfaction. The Society of Authors, Composers, and Publishers of Music (SACEM), PRS for Music and the American Society for Composers, Authors and Publishers (ASCAP) have taken note of the potential of IBM blockchain and laid the foundation of a system which improves royalty matching, decreases error occurrences and costs and speeds up licensing by managing links between music recording and music work codes.
Statistics show that approximately 50% of ads fail to reach their intended audience due to outdated ratings and measurement mechanisms that don’t manage to deliver adequate statistics. Besides this aspect, intermediaries are amassing a vast amount of profits by charging 60% of ad spending. Through its immutable ledger and automation layer provided by smart contracts, blockchain emerges as an ideal ecosystem for the media industry. Unilever, a major player in the world of advertisement has partnered with IBM to develop a blockchain-based solution that streamlines the advertising supply chain and adds a new layer of transparency and trust that enables each party involved to observe and analyze every operation from the advertising process. This new dynamic enables advertisers and advertising platforms to quantify the effectiveness of their campaign, helping them devise better strategies. IBM concludes that blockchain can reshape our perspective on digital rights management. Hyperledger Fabric can build a framework that empowers content creators by unlocking new monetization opportunities while streamlining the tracking and transparency of royalties.