The time is now for India to utilize the total potential of blockchain tech in the digital media industry.
India has more than 65 percent of people aged under 35, with an average age of 29 years across the country. In addition, of India’s 1.3b population, just 50 percent of them utilize phones, and not even 50 percent of them are smartphones.
Although India boasts one of the largest numbers of populace globally, internet use stayed at 41 percent, with 700 million people in India at the moment linked to the web. This gives way for enormous growth over there, especially since the nation is falling behind other new economies in terms of both Internet connection and smartphone numbers. This big population has been the focus of worldwide-reaching businessmen and businesswomen and large technology firms for quite some time.
A $5b dollar chance
A research has shown that approximately 84 percent of Indian users get on the web in order to find something entertaining. In 2019, there was a leap in over-the-top (OTT) streaming, both audio and video, fueled more or less by original content and sport. For instance, the Cricket world championship could be found on the over-the-top platforms.
Lest we forget the Bollywood effect — movie star migration from cinemas to streaming platforms. They’re trying to win over their fans again and hijack adoption. This is also lucrative. According to a report, the Indian over-the-top streaming marketplace will probably be worth around $5 billion by 2023.
This marketplace is at the moment spearheaded by Hotstar (Disney’s subsidiary), which sees more than 300 million users. Some major participants, like YouTube, Netflix, and Amazon Prime, as well as Indian services, like Eros Now, and ALT Balaji, are working on their content archives to get marketplace shares in India.
There are a number of choices for streaming music. But, even with this landscape of opportunities, there is still disapproval as to how streaming services make possible the same model that the majority of them initially wanted to fail. Be it accidentally or with intention, these platforms are now gatekeepers of virtual content and allocation.
Streaming for the new age
Tech innovations are always done on the foundation of idealists who frequently lack political influence but are fueled by a red-hot need for change. There are lots of versions of this revolution happening as we speak. They reshape industries, wash away the foundation of legacy business, and let people build new and more optimal systems. Yet, digital media, still sees a sturdy status quo.
The majority of streaming providers at the moment provide either pay-to-play subscriptions or ad-founded systems that robustly monetize the attention of their audience. But what if there was a more optimal method for fulfilling the requirements of virtual content audiences while dealing with the restrictions of the media models of the moment? There is such a way, thanks to tech that became more commercially visible in the previous few years.
Construction of a new basis
Recently, blockchain tech became a transformative force in many parts of public and private sector operations. The idea of non-centralized ownership, immutability and cryptographic data safety seems enticing to many.
In India, blockchain usage instance are getting looked at and tech is seeing more demand in banking, insurance, logistics and healthcare. Though most financial participants are the first to gain money on this tech, others aren’t lagging behind. We aren’t at the stage anymore where, in practical ways, distributed ledger was just a buzzword. The storm has now died down a bit, and there are additional real-world usages.
Virtual content in the dsitributed ledger
A couple of blockchain-connected ventures have come together to offer another option for the expanding monopoly of streaming platforms. The tech is enticing for lots of reasons in terms of virtual content. First, it possibly lowers the power exercised by corporate gatekeepers. This is since, at its foundation, it lets for the storage and processing of data in a distributed way with no interference from the centralized entity.
By allocating power in a more equal way, blockchain tech provides the possibility of redefining the relationship between those making the content, the brands and audiences. And this is its most enticing prospect, as it changes business models and can create systems with direct participation and benefits for stakeholders.
The blockchain-fueled VOD platform is designed to make interactions easier. The first advantage for content makers is the removal of third-party services. Also, audiences can utilize the pay-per-view model, which is a hefty departure from standard subscription strategies. But a step further can also be taken.
A blockchain-founded video-on-demand platform can be made to allow audiences to derive value by giving their attention, engagement and data to the network. This is an important update in the area of financial inclusion. Rather than being treated as a commodity, needing to pay for access or being flooded with advertisements, users will be able to earn cash to watch content and engage with the community. These rewards could come in the shape of blockchain-founded rewards — an advantage for users, and a way to fuel loyalty and expansion on the platform.
Those models deal with problems like the dilution of revenue for content makers, copyright issues and — very important in a nation like India — economic access to media. In addition, in certain instances, makers need to handle lost monetization chances because of ineffective distribution, non-transparent earnings and baseless allocations — other issues that blockchain’s introduction needs to resolve.
On the user side, a system with new, blockchain-founded methods gets rid of the drive to fret about information privacy in the way that a freemium model could would spark. A network like that is trustless and safe, utilizing tried and tested encryption schemes over lots of years. At the end of the day, while centralized services may be censored, monitored or taken offline, non-centralized networks stay censor-resistant.
Piracy and illegal file sharing are a big problem for virtual content makers and distributors, and are driven mostly by expense limitations. Due to this, producers are not paid as they should bec, and advertisers looking for the target audience are ignored or looked over. Particularily, this is an issuefor brands that want a more straight, insight-fueled relationship with consumers.
It is not impossible to deal with such issues – one needs to take advantage of the specific features of the blockchain to bring up transparency and remove the third party from the consumer-brand path. Testing protocols, for example, render it reality to follow usage accurately and monitor rates, offer real-time engagement data, and reward users for attention. This undermines the user incentive for piracy and deals with content owners. It also makes a more straightforward and insightful relationship between advertisers and users.
India has lots of specific characteristics in this modern age: a younger population that’s tech-savvy, growing number of people using the internet and obtaining smartphones, low penetration levels for digital tech, et cetera. And thanks to the coronavirus lockdown, the Indian monthly number of users is anticipated to jump up during 2021. The number of internet users is actually expected to reach one billion on the following 5 years.
The supply of virtual content at the moment is filled with problems – centralized power, poor GUI, fragmented marketplaces, piracy and structural limitations – this all restricts consumer choices. Blockchain tech offers the spine required to innovate virtual media by letting for innovations in user experience, data-fueled engagement and ecosystem economics for the prosperity of the population.
Vision and tech are here; now we must tackle the incumbents and educate users that there is a more fair virtual world out there.