The film industry has changed a lot in the past couple of decades. The way consumers want to access and view movies, series and other video content have changed the landscape dramatically. Blockbuster is out, Netflix is in. The industry has adapted accordingly and has found ways to profit from online user data.
Despite following the evolution, however, the film industry still has not found a way to deal with the issue of piracy. At the same time, users whose data is being gathered by the media platforms are not being rewarded by sharing the revenue generated from their data.
Piracy is still a problem
The statistics indicate that some quite a lot of people watch movies illegally before they have arrived on Netflix and other video subscription platforms. Some even watch them while they are still showing in the movie theaters. This is despite the studios sharing free content on social media platforms.
Platforms like Netflix have had success with combating piracy to an extent, due to their on-demand model of delivering content. If what the movie fans are looking for is not to be found on Netflix, however, then they will still try to pirate it online. So how can film studios and content creators deal with the issue of people watching their content illegally online?
Data handling is also a problem
One of the recent scandals in social media has been the way user data is being handled by platforms like Facebook. As social media platforms are becoming an increasingly broader and more integral part of our everyday lives, these concerns are going to be amplified.
Online users want clarity about what part of their data is being monitored and recorded, where it is stored, which companies it is shared with, and what purpose it is being used for. The recent scandals have led the platforms to be more transparent with their use of the data, but users are still not being rewarded for providing it in the first place.
What is the solution?
Blockchain platforms like TaTaTu could be the solution both the problems of piracy and user data. The main concept behind their platform is that content providers like film studios can upload their films to the platform for users to watch. Users will then be incentivized to share their online data with the content providers, and share the content with other users.
One of the key aspects of the use of blockchain technology is that data is stored in a decentralized and encrypted manner. This way of storing data could very well be the perfect solution to address the concerns of social media users. Indeed, it has been predicted that blockchain based platforms will disrupt the existing online platforms.
How the film and TV industry will evolve in the coming years will definitely be exciting to see. To which extent blockchain will become part of that evolution will also be interesting to follow. What do you think will happen? Leave your comments in the sections below!