The
Entertainment Industry Today
At present,
the global media and entertainment industry - including film, TV, radio, music,
news, and literature - is valued
at around $2 trillion USD. That’s a lot of green by any
measure, but the sector is currently experiencing changing dynamics that could
potentially up-end the entrenched traditional aspects of the industry:
centralization of content, control, and distribution being the main ones.
The
disruptive power of the Internet and the exponential growth in online paid
content is already a reality, and while most entertainment providers survived,
others fell (we loved Blockbuster while it was here). While online content and
improved technology have brought cinema-quality viewing into people’s homes, the
next great disruptor is shaping up to come over the blockchain network, where
decentralization and democratization of content and revenue are set to take
things a set further.
The Present Day Centralized Revenue Model
Walt Disney,
Fox, NBC, Time Warner… these are household names and have been for decades. And
for good reason too: combined, the major production houses contribute
$632 billion to the US economy annually.
Aside from receiving the lion’s share of the US domestic entertainment and media
market revenue, these producers share the largest proportion of the global market worth
as well. Other industries are growing around the world, with the second and
third largest being in China and India, but their proceeds still pale when
placed in the shadow of the American establishment.
Online Content and Shifting Trends
Improved
technology, including HD, 4K, Smartphones, and tablet devices have been fully
utilized by online streaming platforms. YouTube, NetFlix, Amazon Prime Video
and Music, Hulu, HBO Now and others have quickly become household names
everyone recognizes. The majority of the large producers have
adapted to the market change, but it
has been a struggle with
broadcast TV under considerable threat. Some have made the jump to paid
advertising as their main revenue source through using big data to monitor
consumer habits online, and deliver targeted ads. Estimates
place ad spending per company at $73 million for smart
devices alone in 2018.
Only A Part of the Trend Shift
Naturally, those
who lose out under the traditional model are the content creators and
to an extent the traffic drivers. Not to mention end-users paying increasingly
greater subscription fees to access content. The middleman has become
so second nature (creator - distributor -
end user) that it is difficult to imagine media and entertainment without one.
If online
content and improved technology have effectively made broadcast TV a redundant
service, then the application of blockchain technology removes the need for a
middleman to distribute content. This effectively connects creators directly
with end-users. Take YouTube as an illustration of the current dynamic.
Research shows that breaking
into the top 3% of views a month (1.4
million views plus) equates to a meager $17,000 a year. Considering the
phenomenal effort to first create the content, and then actively grow and
nurture the follower base, the question begs: where is the revenue from ads
mainly going? Clearly, transparency is lacking.
A Decentralized &Democratic Blockchain Solution
Enter the BUCKY
House (BUCKY) platform. It takes the core principles of blockchain technology
(transparency, trust, participation equality, and decentralized distribution),
and applies them to entertainment and media. BUCKY House provides content
viewers and creators with the freedom to view and distribute content directly
without the need of an intermediary sitting on top, scooping up revenue.
If you are
interested in creating and promoting your great content, then visit us today to learn
more about our platform. Likewise, if you love viewing great content, and love
paying less for it even more, then visit us today to see how BUCKY
House works for you.
Everyone is
welcome to participate in the BUCKY Coin (BUCKY) token sale and contribute to
the development of the platform. And when we say everyone, we really do mean everyone.
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