Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Blockchain In Media, Advertising, And Entertainment Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The integration of blockchain technology in the media, advertising, and entertainment sectors is experiencing exponential growth, with market size forecasts indicating a leap from USD 0.84 billion in 2023 to a staggering USD 15.29 billion by 2028. This growth trajectory, recording a Compound Annual Growth Rate (CAGR) of 78.49% through the years 2023 to 2028, exemplifies the transformative impact of blockchain across these dynamic industries.
Digital innovation has significantly altered the media and entertainment landscapes, where blockchain stands as a pivotal disruptive force. The application of blockchain technology is becoming increasingly important in the face of the challenges presented by the pervasive issue of intellectual property piracy and the need to safeguard the value chain from content creation to distribution.
Key Market Drivers and Trends:
- Escalating necessity for IP protection due to extensive content piracy, alongside rising demands for speedy and secure transactions, fuels market growth.
- Blockchain enables direct interaction between content creators and end-users, reducing intermediary reliance and flaring up market expansion.
- Technological utilization in real-time content pricing and considerable reduction in transaction costs of up to 80% marks a turning point in payment applications within the industry.
- The resurgence of physical entertainment events post-pandemic, paired with digital adoption and Non-Fungible Token (NFT) integration, contributes to market growth rates.
Payments Application: A Dominant Market Force
As the industry traverses through digitization, the ease of content reproduction has surged, necessitating robust protections for intellectual property. Blockchain's immutable ledger fosters precision in content consumption tracking for copyrighted material. Innovative implementation of cryptocurrencies in media enables micropayments, enhancing monetization and convenience for content consumption on a per-use basis.
Developments such as collaborative ventures between fintech organizations and startups aim to revolutionize payment mechanisms within the industry, endorsing a broader adoption of cryptocurrency payments, thereby magnifying market growth.
Geographic Market Insights:
- North America continues its hegemony in the global market, benefiting immensely from blockchain's promise to uphold intellectual property rights effectively.
- The region boasts an astute blend of established payment infrastructure and burgeoning entertainment and media enterprises geared to leverage blockchain innovations.
Competitive Landscape and Strategic Developments
The blockchain in media, advertising, and entertainment market possesses a competitive atmosphere with key players primarily adopting strategies like partnerships, collaborations, and product innovations to consolidate market presence. Recent collaborations between major blockchain firms and top entertainment organizations reflect the ongoing strategic efforts to explore the NFT sector and cultivate new blockchain-driven projects.
These alliances will pave the way for novel blockchain applications within the entertainment space, honing in on NFTs, gaming, and the metaverse while crafting unique digital asset experiences for consumers.
With profound industry implications and an unwavering growth trajectory, blockchain technology in media, advertising, and entertainment is positioned as a cornerstone for future developments within the digital landscape.
This comprehensive analysis illuminates the transformative progression of blockchain within the industry and its indelible mark on the technological frontier.
A selection of companies mentioned in this report includes
- IBM Corporation
- Microsoft Corporation
- Ernst & Young Global Limited
- Bitfury Group Limited
- SAP SE
- Accenture
- Amazon Web Services, Inc.
- Oracle Corporation
- Infosys Limited
- Ujo Music
For more information about this report visit https://www.researchandmarkets.com/r/eu7byw
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