Another problem related to the media and entertainment industry is about royalty payments. It is very challenging to pay a fair amount of royalty for the creative work in the digital world, as it is very easy to share and pirate the original work. A solution to such a problem is the creation of a transparent blockchain based ledger as a foundation technology that can contain all the media assets and their right holders. A ledger can be initiated for supporting media and copyright permissions. Moreover, the owner of the media can distribute the rights of the content through the initiation of the smart contracts over the blockchain. smart contracts can also automate the royalty payments based on the consumption of the media.

For example, if a song is being consumed on a streaming service, the creative owner will get the payment As per the total consumption time of the song, instead of an average monthly amount, this will make sure that the artist is earning as per the actual consumption. The benefits of such a solution are that it will provide transparency for the content developers on the consumption and the payments received. They can see how and where their content is being consumed. Moreover, the payment can be made instantly as per the usage of the media. Now let's visualize the complete flow with the help of a diagram. As you can see in the diagram, the first step is that the entertainment publisher and distributors who create the music game television or cinema content connect to the blockchain network.

All the participants agree to the business terms and conditions established for the blockchain network. Terms and Conditions of these groups are coded, reviewed and approved by everybody inside the blockchain network. consumers buy the content online from the retail stores and generate millions of transactions related to the content. The reality transactions are also recorded over the blockchain as per the use of the content and terms specified inside the smart contract. The details about the distribution of the content and payments from the distributor and publisher are released to the content provider. The distributors and publishers also get instant access to information and payments related to their content.

The distributors and publishers can also review the information for better visibility of their financial position. This will also help the content creators such as game developers, graphic designers entertainers as they will receive instant payment on their creations. There are multiple more ways of implying blockchain with media and entertainment industry. We have discussed some of the use cases regarding the same. In the next lecture we are going to take up the use case for the real estate industry. If you have any queries, feel free to contact us at info at the rate we do blogs.com