It's time for the entertainment industry to consider blockchain

The entertainment industry is one of the most profitable businesses worldwide with significant marketing budgets. But, with profits, there have been significant losses too, mainly due to rampant piracy and copyright infringement.As per a report by Digital TV Research, the cost of online piracy will hit $52 billion by the year 2022. Similarly, as per a 2017 global research conducted by the International Federation of the Phonographic Industry (IFPI), across 13 markets (11,776 users), music piracy is increasing worldwide.Copyright Infringement is a major issue with nearly 40% of global consumers accessing unlicensed music. In this digital age, dealing with these losses is a challenging task for any leader and marketer.What if there existed a system that could minimize both content and revenue loss? A secure platform that would not only offer significant advantages by giving people access to content but could also make sure creators are compensated.As 2019 approaches, it’s time for the entertainment industry to consider Blockchain. Though the platform was created to support cryptocurrencies, it’s already been used or evaluated by multiple industries beyond cryptocurrency to reduce inefficiencies and increase profits.Blockchain has already generated a lot of interest and the entertainment industry has not remained immune. Mainly because it can enable a digital database that is decentralized and tamper-resistant. Transactions are transparent and recorded chronologically in a distributed ledger.