When talking about the key players in the entertainment industry, it is not common to find consumers being recognized. Most of the time, they are simply considered as primary revenue targets, whose role is to pay for the finished work.
The above described narrative is beginning to change by simply implementing blockchain technology in the creation and distribution of content. Unlike before when all you do as a consumer is to checkout “Box Office” and follow “record labels”, roles have changed and become more interesting.
In considering how consumers are the new stars in the entertainment industry, let us first of all understand what roles are involved in entertainment development.
Videos, music, text and any other media in existence today begins from the very first level of content creation. Interestingly, as simple as this stage appears, most content creators, especially raw talent, never make it past here.
Success they say comes when opportunity meets preparation. But there are so many prepared products out there that haven’t seen the light of day simply due to lack of opportunity.
The current structure of the entertainment industry is too narrow and competitive. This situation limits the chances of content creators to succeed. With blockchain introduction that we are seeing with Blue Baikal, there is already a systematic change in the narrative.
This particular implementation by Blue Baikal classically defines how consumers got the leading role in the entertainment industry. The new system has changed the position of consumers in the supply chain of content in the entertainment industry. This group that used to only be at the receiving end, now have the opportunity to be EVERYWHERE in the supply chain.
Fundraising is a major factor in the development of entertainment products. Many independent content creators do not make it past this point because of the fundraising models that are in current existence. Access to Venture Capitalists and big investors are often through intermediaries. Unfortunately for most content creators, the current standards are too high. Sometimes, simple sentiments and lack of favour is a hindrance.
Through the Blue Baikal blockchain network, crowdfunding functionalities are made available for content creators at all levels. This option brings the consumers to the front, who make up the larger population on the platform.
Rather than just remaining as the primary revenue sources, consumers in the entertainment industry can now invest in projects of their preference by buying the tokens to support such projects. This gives them the power to influence the content that they consume, and also leaves them with the opportunity of making money when such product makes it into the market.
The actual value of any media content is determined by the extent of its distribution that it experiences. That is why marketing is usually taken very seriously in the entertainment industry.
Traditionally, most of the marketing and content promotion is seen as the duty of record labels and publishers. Sometimes, designated marketers are thrown into the fray to ensure that a particular content sells significantly. Over the years, the system has become stereotyped and predictable.
Marketers now simply recycle their audiences over and over again, giving rise to a boring ecosystem with tired consumers. Things are becoming different now with consumers stepping forward to join in promoting content and earning rewards in the process.
Even though the Blue Baikal platform empowers influencers to play the role of distributors and marketers, every other participant, especially the consumers are free to promote content and make referrals as well. And they make money in the process. These days, consumers are everywhere, playing different roles at the same time.
Actual Content Consumption
The revolution that is ongoing in media and entertainment seems to have the consumer as the ultimate beneficiary. Looking at the above scenarios, even areas where they have had no business prior to this time, consumers are now playing key roles.
The changes that have happened so far in digital technology have also changed the ways of consuming content. Instead of the old stereo and cassette format, or even the CD and DVD systems, technology has moved much further.
Smartphones and how they have been adapted makes it possible to consume content on the go. Therefore every content distributor is finding ways to go live with streaming. This again seems to make the consumer a priority. Rather than compiling several hardwares, or even exhausting memory space on their gadgets, simple streaming is now enough.
This system reduces cost and makes the content more manageable. Yes, there’s still a loophole in this area, where content owners do not get appropriate value due to the extent of sharing and unaccounted streaming especially across social networks. Blue Baikal addresses all that.
On the blockchain, content management is automatic and auditable. Consumers can directly acquire unadulterated content from the source, and are not made to pay more than required. Content creators can also now find satisfaction and adequate compensation for their work.
Blockchain is indeed revolutionary. It has turned a once quiet and neglected segment of the media and entertainment value chain into the most visible and ever-present sector.
Content consumers can now celebrate an era of multiple value extraction, based on the tangible and intangible rewards that they are offered. Imagine making money by just liking, or sharing media content. Something that you have been doing for free for several years now. That is the essence of blockchain technology.
The novel technology is redefining how value is communicated on the internet, and Blue Baikal is making this philosophy real and tangible. Obviously, the adjustments have redefined a lot of roles, influencing how consumers are the new stars in the entertainment industry.