The entertainment industry goes beyond the joy and excitement that is provided by the finished product. Several aspects within the supply chain and content creation are suffering significantly as a result of various limitations that exist in the current systems.
This industry is comprised of three major departments that work together in getting a finished product to the required audience. These departments include the content creators, the influencers and the consumers.
Each of these groups play specific roles that are crucial to delivering the jobs at hand. However, there are existing challenges that have denied participants in these groups the opportunity to perform effectively, and also to receive adequate rewards for their efforts.
What Are The Challenges In The Entertainment Industry?
Content creators are the primary initiators in the entertainment industry. Participants in this group are the main idea incubators, and are also responsible for the development of products, at least at the initial levels.
As important as this group is for the industry, the existing structure has imposed significant limitations to participants, especially the beginners and small indie content creators who may not be highly capitalized. Since the ultimate target of any content creator is to get the material into the hands of the right audience, existing intermediaries in the form of producers, record labels and others are using their monopolistic influence to stifle expression for new and small artists.
The fees of these intermediaries are usually so high that the artists and content owners are forced to sell-off their works for cheap, or accept lopsided contracts that are inadequate. In most cases, failure to play along has led to such works not seeing the light of day.
Smaller influencers in the present structure cannot compete with the big marketers and distributors who have large pools of funds available to them. These ones usually flood the markets with only their preferred products using expensive advertising systems that the smaller players can barely afford.
Then for consumers, the current structure positions them primarily as revenue sources. Their only function or usefulness is to pay and consume whatever is thrown at them, without having the privilege of contributing to content development or getting rewards of any kind.
How Do We Resolve The Challenges In Entertainment?
The innovation by Blue Baikal is using blockchain to provide a robust solution for all these groups, making it possible for everyone to play key roles in the entertainment industry while getting adequately rewarded.
The P2P blockchain platform gives content generators direct access to their audience without the need for any intermediaries. It also provides them the opportunity to raise capital through decentralized crowdfunding systems. Hence, indie content creators can find their voice after all, and the much deserved recognition in the industry.
The marketing and distribution protocol on this network is decentralized, giving every participant an equal opportunity to perform and be rewarded appropriately. The digital market monopoly by a few big names is hereby nullified and an equitable marketplace is enabled.
Consumers of digital products in the industry are provided the opportunity to invest and support their preferred products through crowdfunding exercises. They also stand to earn rewards for reviews and curation that they may be involved with, while earning values from the platform tokens that they hold.
Indeed, by introducing blockchain in entertainment, we expect to witness a revolutionized industry where service and reward are carried out in an equitable system that is fair to all participants.
※ Our project introduction : https://www.bluebaikal.io
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