New York, USA, Aug. 15, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain in the media and entertainment market Analysis by type, by platform, by organization size, by region – forecast to 2030” value is poised to reach USD 11.8 billion by 2024, registering a CAGR of 30.4% throughout the forecast period (2022-2030).
Blockchain in Media and Entertainment Market Overview
The increasing internet penetration and rise in the use of AI-enabled smartphones will offer robust opportunities for the market during the assessment period.
Scope of blockchain in the media and entertainment market:
| Report calculation | Details |
| Market size by 2030 | USD 11.8 billion |
| CAGR | 30.4% |
| Foundation year | 2021 |
| Forecast period | 2022-2030 |
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Drivers
Increase in data piracy to increase market growth
The increase in data piracy will increase market growth during the forecast period. Due to its transparency, blockchain enables content creators to securely and accurately track the spread of their blockchain-hosted material by verifying that users have made payments and examining usage patterns. Blockchain eliminates material piracy at the source because it is secure and data cannot be hacked for shady distribution. It is more efficient and less expensive to adopt than existing systems when a pay-per-use micropayment system built on blockchain is used in the media, entertainment and advertising industries. Automated sales of content, such as graphic art, essays or videos, on a per-use basis can help artists cut administrative and software costs.
Dynamic regulatory standards to act as market restraint
The software’s dynamic regulatory standard may act as a market restraint over the forecast period.
Lack of awareness to act as market challenge
The lack of awareness and availability of substitutes may act as market challenges during the forecast period.
Blockchain in media and entertainment market segments
The blockchain in the media and entertainment market is bifurcated based on application, organization size, platform and type.
By type, the blockchain in the media and entertainment market is segmented into consortium, private and public.
By platform, the blockchain in the media and entertainment market is segmented into multichain, hyperledger, R3 corda, ethereum, ripple, bitcoin and others.
By organization size, SMBs will lead the market over the forecast period.
If applied, payments will dominate the market over the forecast period.
Browse an in-depth market research report (111 pages) on blockchain in the media and entertainment market:
Blockchain in Media and Entertainment Market Regional Analysis
North America will lead blockchain in the media and entertainment market
The largest market share for Blockchain in the media and entertainment industry will be held by North America. The use of blockchain is expanding rapidly. In addition, this region is home to a number of Blockchain in market leading companies. The technology brings great benefits to the video streaming sector. Leading investors in the region include the US and Canada. Additionally, adoption from both of these nations is very strong. 9 out of 10 media companies are implementing Blockchain software, according to a global survey. All of these will support America’s huge income rates. The market prospects and innovation for blockchain in media and entertainment will climax. In terms of market size, the worldwide blockchain market for media, entertainment and advertising is predicted to be led by North America.
The media, advertising and entertainment industry has seen a growth in blockchain investment in the North American region. Digital advertising, smart contracts, licensing and rights management, online gaming, content security and payments are just a few of the applications for which blockchain technologies are being used successfully in the region’s media, entertainment and advertising sectors. During the forecast period, North America is expected to hold the largest market share in the global media, entertainment and advertising blockchain market. Due to the presence of large enterprises, the region has seen growing blockchain investments in the media, advertising and entertainment sectors. The expansion of blockchain in the media, advertising and entertainment markets is expected to be driven by the early adoption of cutting-edge technology and digitization.
Canada is among the nations in this region that are developing blockchain the fastest. This is mainly due to projects such as those from the BC Blockchain Forum in Vancouver, Blockhouse in Montreal and the Blockchain Research Institute in Toronto. To lay the solid foundation for the expanding ecosystem, these projects bring together start-ups, private sector companies such as IBM and Accenture, and various levels of government.
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APAC will have favorable growth in blockchain in the media and entertainment market
The media and entertainment blockchain market in Asia Pacific is expected to grow the fastest during the forecast period as a result of major players increasing their investments to provide services across the region, as well as the growing demand for online content in key nations such as China, Japan and India. Due to increasing internet penetration, advancement of blockchain technology, and expanding use of AI in the region, the market in APAC is expected to witness significant expansion during the forecast period. Nearly 44% of individuals in Asia Pacific had an internet connection in 2017, an increase of more than 48% in just two years.
In addition, the region is expected to have the largest share of the market during the assessment period, which can be attributed to the region’s increasing digitization efforts, early adoption of cutting-edge technologies and increasing investments in the media, advertising and entertainment sectors. The sheer volume of users is one of the main drivers of the blockchain market’s expansion. Due to the presence of youthful, tech-savvy, inquisitive minds, the region’s interest in cutting-edge technology is fueling industrial growth.
COVID-19 analysis
Covid-19 has caused unforeseen developments in many places. The virus outbreak is seriously damaging the Blockchain market. The epidemic slows down market operations in the media industry. During this time, fewer media items are used and sold. Investments in the entertainment sector are affected by the economic downturn. It is a time when concerns for life and health are present. However, online entertainment is growing.
The media and entertainment industry’s use of blockchain is beneficial for the electronic media services. The market’s consumer base is growing rapidly. The demand for OTT and other internet services is increasing. Customers have high expectations for blockchain-related products in the media and entertainment industry. Growth is stimulated through the availability of online services and the purchase of entertainment devices. The position of the blockchain in the media and entertainment industry is favorable after Covid 19.
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Blockchain in Media and Entertainment Market Competitive Analysis
Dominant key players on Blockchain in the media and entertainment market covered are:
- IBM Corporation
- SAP SE
- Microsoft Corporation
- Amazon Web Services
- Oracle Corporation
- Accenture
- PLC BTL Group Voise
- Infosys Limited
- Factom Inc.
- Bitfury USA Inc.
- GuardTime AS Nyiax Inc.
- MetaX Auxesis Group
- ClearCoin.
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