Blockchain Technology Through the Lenses of the Entertainment Industry

Blockchain technology is on a mission to revolutionize everything, and the entertainment sector is not exempt from this movement, with the industry now adopting cryptocurrencies, digital money, and digital collectibles more than any point in its history. A transformation in how the technology affects and influences Hollywood and the entertainment industry as a whole is about to unfold, thanks to the increasing adoption of blockchain technology. From famous Hollywood stars accepting promotional sponsorships for major cryptocurrency corporations to MGM introducing non-fungible tokens (NFTs) to promote the new James Bond film, it is clear that Hollywood is eager to join in on the action and profit from the rapid-growing cryptocurrency sector. Film Studios and Media Companies Adopting Crypto The American film industry generates billions of dollars in revenue every year from box office receipts and online streaming services such as Netflix and Amazon Prime Video. However, the film and entertainment industry is ready to revamp its business structure as a result of the rise of cryptocurrency and blockchain technology. Film studios are turning to the blockchain sector to help revolutionize everything from connecting with viewers, movie funding, hiring film crews, licensing and rights, and even dealing with online piracy and counterfeiting. Crypto-based partnerships that assist filmmakers and studios on a large scale, as well as the bl...