BY RIAZ MEHTA
In the past 10 years, we have seen the media and entertainment industry transform dramatically with the emergence of high-speed Internet and smartphone technology. New media platforms have disrupted consumer behaviours and are now the market leaders with new entrants like Netflix becoming more valuable than Disney.
Digital technology is the sole enabler of such disruption in this US$2 trillion per annum industry.
The next wave in technology is decentralised computing, more commonly referred to as “Blockchain” technology. Being old enough to have witnessed the birth of the Internet, I envision that Blockchain will be as disruptive to the media industry as the Internet, allowing new players to transform every aspect of the industry — from the creation to the consumption and monetisation of content.
Imagine a world where every piece of content is uniquely identified, where its ownership and authenticity can be independently verified (which has not been possible to date). A world where consumers can not only decide what they want to watch, but also have ownership in what they consume, thereby gaining commercial benefit from their favourite films and TV shows.
In this new world order, content piracy could become a thing of the past because everyone can see who the rightful owner of the content is, and moreover, many people will have a vested interest in the content — this is the power of Blockchain technology.
There are many innovative companies leveraging Blockchain today; one such company is AllRites. Providing an online platform to discover, negotiate and purchase film, TV and sports broadcast content, the AllRites Marketplace is currently the largest Asia-based online trading platform for Asian broadcast content.
In the next few months, this marketplace will be transitioned to blockchain technology and developed into a full ecosystem consisting of a B2B marketplace (AllRites Marketplace), a B2C streaming service (RiteStream) and a B2B2C content funding platform (RiteFund).
All content listed on the AllRites Marketplace will have a unique media identifier, which will allow buyers and consumers of content to independently verify the authenticity and ownership of the content. The unique identifier is placed on a distributed ledger — Blockchain —which is open to anyone to search free of charge.
The AllRites Marketplace allows broadcast platforms to search for content by a range of filters (for example, genre, language and territory), determine the available information and acquire the rights within minutes.
The transaction is conducted via a smart contract on the Blockchain, creating a trust mechanism for buyers and sellers who may have never transacted with each other before.
Content owners can also opt-in to monetise their content via RiteStream on a revenue sharing basis, thus optimising and unlocking the true potential of their content.
Smart contracts ensure that their share of revenue is automatically calculated and credited to their accounts.
The final piece of the AllRites ecosystem, RiteFund, allows broadcasters, brands and consumers to back great content ideas and receive economic benefit — all monitored via smart contracts on the blockchain.
This is a truly exciting time in our industry and as a content creator myself, I am looking forward to riding the next wave in technology — Blockchain.