Blockchain @ Media A new Game Changer for the Media Industry? · 2020-05-14 · Blockchain @ Media...

Blockchain @ MediaA new Game Changer for the Media Industry?

Introduction 04

What is a Blockchain? 05

Time to change? How blockchain can impact media 08

How it could be done 10

Use Case 1: New pricing options for paid content 12

Use Case 2: Content bypassing aggregators 14

Use Case 3: Distribution of royalty payments 16

Use Case 4: Secure and transparent C2C sales 18

Use Case 5: Consumption of paid content

without boundaries 20

Takeaways for Media Players 21

Content

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Blockchain @ Media | A new Game Changer for the Media Industry?Blockchain @ Media | A new Game Changer for the Media Industry?

IntroductionBlockchain is currently one of the most widely discussed and hyped technologies. There are only a few industries that are not either excited or worried about the concept, as use cases, proof-of-concepts, and fully- fledged businesses based on blockchain principles are emerging at an increasing pace. This much is certain: blockchain has the potential to disrupt existing but also to enable new business models.

• Paid content can receive a boost fromnew, micropayment-based pricing models

• Monetization options emerge for anincreasingly fragmented content inven- tory (e.g. blogs, news bites, photos)

• Allocation of advertising budgets be-comes more accurate and targeted asmedia usage can be directly linked tothe respective content items

• Copyright infringements and piracywould be nearly impossible

However, the technology and the mech-anisms are still young and evolving, and industry-wide adoption of standards is most probably still a few years off.

What is a blockchain?Before going into the industry specifics,let’s clarify what a blockchain is:

The first blockchain transaction was crea-ted by Satoshi Nakamoto in 2009. Originallyconceived to serve as the underlying tech-nology for the cryptocurrency Bitcoin, thetechnology offers innumerable further ap-plication areas. Blockchain enables thesettlement of transactions in a network

without a central authority, thereby increa-sing the speed and reducing the costs oftransactions.

To better understand the underlying pro-cesses it is useful to memorize the fivekey characteristics of a blockchain:

“A blockchain is a digital, immutable, distributed ledgerthat chronologically records transactions in near realtime. The prerequisite for each subsequent transactionto be added to the ledger is the respective consensusof the network participants (called nodes), therebycreating a continuous mechanism of control regardingmanipulation, errors, and data quality.”

This is particularly true for the media industries, which have been heavily affected by the ubiquitous availability and the subsequent “commoditisation” of content and undermined by widespread piracy of intellectual property (IP). Today, media users are largely accus-tomed to having free access to a wide variety of content, and most of them are still reluctant to pay subscription fees for “premium” content behind paywalls. In addition, all media segments have suffered

significantly from digitization, since content can be copied and distributed easily and without loss of quality. So far, the introduction of Digital Rights Manage-ment systems has not substantially re- duced copyright infringements. The ensuing revenue “leakage” has been only partially recovered through new consumption models such as all-you- can-consumer streaming subscriptions and micro-payments for articles.

Blockchain-based technologies have the potential to resolve some of the current challenges:

Central Decentral

Figure 1: Central transactions versus decentral transactions

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IntroductionBlockchain is currently one of the most widely dis-cussed and hyped technologies. There are only a fewindustries that are not either excited or worried aboutthe concept, as use cases, proof-of-concepts, and fully-fledged businesses based on blockchain principles areemerging at an increasing pace. This much is certain:blockchain has the potential to disrupt existing butalso to enable new business models.

• Paid content can receive a boost fromnew, micropayment-based pricing models

• Monetization options emerge for anincreasingly fragmented content inven-tory (e.g. blogs, news bites, photos)

• Allocation of advertising budgets be-comes more accurate and targeted asmedia usage can be directly linked tothe respective content items

• Copyright infringements and piracywould be nearly impossible

However, the technology and the mech-anisms are still young and evolving, andindustry-wide adoption of standards ismost probably still a few years off.

What is a blockchain?Before going into the industry specifics, let’s clarify what a blockchain is:

The first blockchain transaction was crea-ted by Satoshi Nakamoto in 2009. Originally conceived to serve as the underlying tech-nology for the cryptocurrency Bitcoin, the technology offers innumerable further application areas. Blockchain enables the settlement of transactions in a network

without a central authority, thereby increasing the speed and reducing the costs of transactions.

To better understand the underlying pro-cesses it is useful to memorise the five key characteristics of a blockchain:

“A blockchain is a digital, immutable, distributed ledger that chronologically records transactions in near real time. The prerequisite for each subsequent transaction to be added to the ledger is the respective consensus of the network participants (called nodes), thereby creating a continuous mechanism of control regarding manipulation, errors, and data quality.”

This is particularly true for the mediaindustries, which have been heavilyaffected by the ubiquitous availabilityand the subsequent “commoditization”of content and been undermined bywidespread piracy of intellectual property(IP). Today, media users are largely accus-tomed to having free access to a widevariety of content, and most of them arestill reluctant to pay subscription fees for“premium” content behind paywalls. In addition, all media segments have suffered

significantly from digitization, sincecontent can be copied and distributedeasily and without loss of quality. So far,the introduction of Digital Rights Manage-ment systems has not substantially re-duced copyright infringements. Theensuing revenue “leakage” has beenonly partially recovered through newconsumption models such as all-you-can-consumer streaming subscriptionsand micro-payments for articles.

Blockchain-based technologies have the potentialto resolve some of the current challenges:

Central Decentral

Figure 1: Central transactions versus decentral transactions

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Consensus-basedParticipants in the network collectively au-thenticate and approve transactions to the blockchain. There are different methods of reaching the consensus. Generally spea-king, a majority of network participants has to agree to the transaction’s correctness, and rules can be tailored to circumstances.

Chronologically updatedThe blockchain is permanently timestamped, each block points to and refers to the data stored in the previous block in the chain, so all blocks are linked to each other.

Distributed ledger

Digital

Updated near real time

Chronological and timestamped

Cryptographically sealedIrreversible and

auditable

Operates ‘trustless’

Fewer thirdparties

2

3

4

56

7

8

1

Figure 2: Key characteristics of blockchain

DistributedIdentical copies of all records are shared in the blockchain. Participants can inde-pendently verify information. Verification processes are not dependent on a centra- lised authority. If one node fails, the remaining ones can continue to operate ensuring availability and reliability.

DigitisedAlmost any type of information can be ex-pressed in digital format and subsequently be referenced through a ledger entry.

Cryptographically sealedSealed in the chain, blocks can no longerbe changed: the prevention of deletion,editing, or copying creates true digitalassets.

These multiplied and decentralizedblockchain processes lead to a high levelof robustness and trust. Every participantin the network has the ability to verify thecorrectness of transactions. Network con-sensus methods and cryptographic tech-nology are used to validate transactions.Thus trust is not established externallyby a central authority or an auditor butcontinuously in the network. Furthermore,the decentralized storage in a blockchain isknown to be very failure-resistant. Even inthe event of the failure of a large numberof network participants, the blockchainremains available, eliminating the singlepoint of failure. New information storedin a blockchain is immutable. Its methodof recordkeeping prevents deletion orreversal of transactions once added to theblockchain, once further blocks have beenadded.

A relatively recent but potentially keyconcept especially for media companiesis the concept of “smart contracts”, whichare essentially computer code stored in ablockchain that can perform actions underspecific circumstances.

Ethereum, the second-largest blockchainnetwork by market capitalization, was thefirst platform to introduce the concept ofa smart contract that could be deployedand executed in a distributed blockchainnetwork. The Ethereum protocol is publicso the terms of each contract can beviewed by anyone accessing the Ethereumblockchain network.

Smart contracts enable counterpartiesto automate transaction tasks that aretypically performed manually and thatrequire the involvement of third-partyintermediaries. Smart contract technologycan result in processes that are faster andmore accurate and cost-efficient.

Smart contracts cover a large number ofcontractual application areas that can prof-it from increased reliability, faster trans-action processing, lower costs, and fewermanual process steps via intermediaries.Smart Property for the Internet of Things,copyright law, or financial derivatives willbenefit from more efficient processing oflegal content, to name a few.

The use cases for the media and musicindustries discussed below are all builtaround these unique blockchain cha-racteristics as enablers for more reliable,tamper-proof, and failure-resistant appli-cations.

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DistributedIdentical copies of all records are sharedin the blockchain. Participants can inde-pendently verify information. Verificationprocesses are not dependent on a centra-lized authority. If one node fails, theremaining ones can continue to operateensuring availability and reliability.

DigitizedAlmost any type of information can be ex-pressed in digital format and subsequentlybe referenced through a ledger entry.

Consensus-basedParticipants in the network collectively au-thenticate and approve transactions to theblockchain. There are different methods ofreaching the consensus. Generally spea-king, a majority of network participants hasto agree to the transaction’s correctness,and rules can be tailored to circumstances.

Chronologically updatedThe blockchain is permanently timestamped,each block points to and refers to the datastored in the previous block in the chain, soall blocks are linked to each other.

Distributed ledger

Digital

Updated near real time

Chronological and timestamped

Cryptographically sealedIrreversible and

auditable

Operates ‘trustless’

Fewer thirdparties

2

3

4

56

7

8

1

Figure 2: Key characteristics of blockchain

Cryptographically sealedSealed in the chain, blocks can no longer be changed: the prevention of deletion, editing, or copying creates true digital assets.

These multiplied and decentralised blockchain processes lead to a high level of robustness and trust. Every participant in the network has the ability to verify the correctness of transactions. Network con-sensus methods and cryptographic tech-nology are used to validate transactions. Thus trust is not established externally by a central authority or an auditor but continuously in the network. Furthermore, the decentralised storage in a blockchain is known to be very failure-resistant. Even in the event of the failure of a large number of network participants, the blockchain remains available, eliminating the single point of failure. New information stored in a blockchain is immutable. Its method of recordkeeping prevents deletion or reversal of transactions once added to the blockchain, once further blocks have been added.

A relatively recent but potentially key concept especially for media companies is the concept of “smart contracts”, which are essentially computer code stored in a blockchain that can perform actions under specific circumstances.

Ethereum, the second-largest blockchain network by market capitalisation, was the first platform to introduce the concept of a smart contract that could be deployed and executed in a distributed blockchain network. The Ethereum protocol is public so the terms of each contract can be viewed by anyone accessing the Ethereum blockchain network.

Smart contracts enable counterparties to automate transaction tasks that are typically performed manually and that require the involvement of third-party intermediaries. Smart contract technology can result in processes that are faster and more accurate and cost-efficient.

Smart contracts cover a large number of contractual application areas that can profit from increased reliability, faster transaction processing, lower costs, and fewer manual process steps via intermediaries. Smart Property for the Internet of Things, copyright law, or financial derivatives will benefit from more efficient processing of legal content, to name a few.

The use cases for the media and music industries discussed below are all built around these unique blockchain characteristics as enablers for more reliable, tamper-proof, and failure-resistant applications.

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Time to change?

In recent years, a set of heterogeneous players has become established along the media value chain: artists as the primary creators of content, aggregators, and platform providers plus (depending on the country and type of media) a collecting body handling royalty payments.

With the advent of blockchain this industry structure could change signi icantly. Block- chain technology permits bypassing content aggregators, platform providers, and royalty collection associations to a large extent. Thus market power shifts to the copyright owners.

While some applications of blockchain technology may still seem farfetched and require further technological advance-

ments, payment-focused use cases have already been proved to work. Parts of the media value chain are therefore already endangered by new blockchain-based payment and contract options. These can fundamentally reset pricing, advertising, revenue sharing, and royalty payment processes.

Payments or advertising revenues no longer need to be centrally collected. Pay-ment transactions become less costly and the distribution of revenues is automated, based on predefined smart contracts.

The five illustrative use cases below are intended to trigger thinking on how power- ful the blockchain concept can be in and for media.

Figure 3: Blockchain’s primary relevance in the media value chain

Media Value Chain

ProductionContent

DistributionContent

Aggregation Consumption

Disruption through Blockchain

Bloc

kcha

inIm

pact

Com

pani

es

Royalty Payments (Identity)

New pricing options for paid content

Content bypassing aggregators/distributors

Collecting Society/Performance rights org.

Aggregators/Platform Providers

Content Creators

Content Brokers

Monetization of C2C/P2P content sharing

Consumption of paid content without boundaries

Figure 4: Blockchain-based Opportunities

How blockchain can impact media

Upcoming Media Opportunities from Blockchain



Distribution of Royalty Payments

As micro-payments become economically efficient and digital content is harder to copy illegally, new pricing opportunities arise

• Low-price content (<1€) can efficiently be settled between seller and buyer

Blockchain allows everybody to become a marketer as reach of lead generation becomes trackable and can be compensated

• Liberalization of advertising market• More precise performance

tracking of advertising efforts

Content consumption / usage is captured in Blockchain and a precise consumption-based analysis of playtimes is possible

• Near real-time allocation of royalty payments

• Alternative to imprecise estimates

Benefits

Description

Focus area

Monetization of C2C / P2P content sharing

C2C / P2P content sharing and usage becomes transparent and monetizable through the Blockchain

• Transparent and “controllable” P2P trans-actions Automated “real-time” billing

• Automated “real-time” billing

• Decreased complexity of rights managment

• Direct linkage of consumption to individual / user through Blockchain

authentication


National / regional limitations of paid content subscriptions and DRM complexibilities will be decreased by the Blockchain

0908


Time to change?

In recent years, a set of heterogeneous players has become established along the media value chain: artists as the primary creators of content, aggregators, and plat-form providers plus (depending on the country and type of media) a collecting body handling royalty payments.

With the advent of blockchain this industry structure could change significantly. Block-chain technology permits bypassing con-tent aggregators, platform providers, and royalty collection associations to a large extent.Thus market power shifts to the copyright owners.

While some applications of blockchaintechnology may still seem farfetched and require further technological advance-

ments, payment-focused use cases have already been proved to work. Parts of the media value chain are therefore already endangered by new blockchain-based payment and contract options. These canfundamentally reset pricing, advertising, revenue sharing, and royalty payment processes.

Payments or advertising revenues no longer need to be centrally collected. Pay-ment transactions become less costly andthe distribution of revenues is automated, based on predefined smart contracts.

The five illustrative use cases below are intended to trigger thinking on how power-ful the blockchain concept can be in and for media.

Figure 3: Blockchain’s primary relevance in the media value chain

Media Value Chain

ProductionContent

DistributionContent

Aggregation Consumption

Disruption through Blockchain

Bloc

kcha

inIm

pact

Com

pani

es

Royalty Payments (Identity)


Content bypassing aggregators / distributors

Collecting Society / Performance rights org.

Aggregators / Platform Providers

Content Creators

Content Brokers

Monetization of C2C / P2P content sharing


Figure 4: Blockchain-based Opportunities

How blockchain can impact media

Upcoming Media Opportunities from Blockchain



Distribution of Royalty Payments

As micro-payments become economically efficient and digital content is harder to copy illegally, new pricing opportunities arise

• Low-price content (<1€)can efficiently be settledbetween seller and buyer

Blockchain allows everybody to become a marketer as reach of lead generation becomes trackable and can be compensated

• Liberalisation of advertising market

• More precise performance tracking of advertising efforts

Content consumption/usage is captured in Blockchain and a precise consumption-based analysis of playtimes is possible

• Near real-time allocation of royalty payments

• Alternative to imprecise estimates

Benefits

Description

Focus area

Monetization of C2C/ P2P content sharing

C2C/P2P content sharing and usage becomes transparent and monetisable through the Blockchain

• Transparent and“controllable” P2P trans-

actions Automated“real-time” billing

• Automated “real-time”billing


National/regional limitations of paid content subscriptions and DRM complexibilities will be decreased by the Blockchain

Decreased complexity of rights managmentDirect linkage of consumption to individual/user through Blockchain authentication

•

•


How it could be doneHaving learned about blockchain technology in general and its particular relevance for the media industry, our five blockchain-based use cases will show how changes could soon become reality.

„We are at an amazing point inhistory for artists. A revolution isgoing to happen, and the next yearit’s going to take over. It’s the abilityof artists to have the control andthe say of what they do with theirmusic at large. The answer to thisis in the blockchain.”-Imogen Heap, British singer and songwriter


How it couldbe doneHaving learned about blockchain technology in generaland its particular relevance for the media industry, ourfive blockchain-based use cases will show how changescould soon become reality.

„We are at an amazing point in history for artists. A revolution is going to happen, and the next year it’s going to take over. It’s the ability of artists to have the control and the say of what they do with their music at large. The answer to this is in the blockchain.” -Imogen Heap, British singer and songwriter

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Consumers demand an individual content experience – they want to consume (video) blogs, pictures, single articles, news bites or short form videos from their preferred sources to complement the established content portfolio (TV, Newspapers, Radio etc.), and the success of music and video streaming services has even intensified this trend.

Becoming more and more accustomed to “digital” business models, consumers expect “per-use” payment models, instead of paying a monthly/yearly fee for an online subscription to one particular newspaper/ (Pay-)TV channel.

The subsequent increase in the number of transactions for each usage will also directly affect the transaction costs in current billing systems and models. Transaction costs made it difficult to market low-priced content items or small bundles competitively and with a profit.

Blockchain-enabled micro-payments can help publishers to monetise this flexibility-seeking group of customers. With the help of a blockchain, individual articles or other pieces of content could be sold forcent- prices without disproportionate trans-action costs.

Micro-payments boost paid content The blockchain makes even micro-cent payments cost-efficient. Current crypto-currencies, such as Bitcoin or Ethereum permit transactions as small as fractions of cents. It is thus an enabler for penny-price content purchases, such as paying for reading a single news article or strea-ming a single song. Also, traditionally ad-sponsored content such as YouTube videos can be monetised with an “ad-free” alternative for a small fee. Moreover, the combination of clearly-defined ownership rights and the ability to track sales permits the launch of totally new pricing models.

Thanks to blockchain, the distribution and monetisation of bite-sized content becomes much more fluid and prevalent. Blockchains enable copyright owners to track the usage of their material. It also ensures they receive their fair share of proceeds calculated and collected accurately and cost-efficiently.

Use Case #1 –

Impact on digital contentThe blockchain significantly affects theway in which media companies organizetheir workforce and payment schemes,e.g. articles posted on a news websitecould be directly linked to their respectiveauthors. This way, profit-sharing couldpermit the featuring of articles not just bywell-known columnists, but equally onesby freelancers. Micro-payments permitnew print media pricing models that can

attract new customer segments who arereluctant to purchase relatively expensivesubscriptions for access to a broad rangeof content. Instead, a blockchain-enabledonline news website could charge readersfor its articles by the article – for a smallprice of only a few cents per read. This way,ad-free content can be offered to userswho are sensitive about advertising andprefer to pay a small amount of moneyinstead.

As Is

To BeSingle Articles (data off Blockchain, payment in Blockchain)

UserPublisher

User

Subscription One Month

Online News

Publisheror Author

Figure 5: Micro-payments for digital content

Benefits

• Increased willingness to pay especially younger digital natives are more willing to pay a few cents for a music track they favour than to be charged a flat monthly subscription

• Copyright tracking becomes more accurate, as does allocation to media copyright holders and the subsequent distribution of royalty payments

• Efficiency increases, sincecostly monitoring of contractual agreements and complex distribution of profits are not necessary.

Challenges

• Transaction quantity is massivebecause a large quantity ofhistorical data needs to beretained at the blockchainnodes, due to the numberof transactions.

• Common blockchain standardsstill need to be agreed on.

• Initial user registration is in-evitable. Users have to registerand provide payment detailsto activate pay-per-click.

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New pricing options forpaid content

Consumers demand an individual contentexperience – they want to consume (video)blogs, pictures, single articles, news bitesor short form videos from their preferredsources to complement the establishedcontent portfolio (TV, Newspapers, Radioetc.), and the success of music and videostreaming services has even intensifiedthis trend.

Becoming more and more accustomedto “digital” business models, consumersexpect “per-use” payment models, insteadof paying a monthly / yearly fee for anonline subscription to one particularnewspaper / (Pay-)TV channel.

The subsequent increase in the numberof transactions for each usage will alsodirectly affect the transaction costs incurrent billing systems and models.Transaction costs made it difficult tomarket low-priced content items or smallbundles competitively and with a profit.

Blockchain-enabled micro-payments canhelp publishers to monetize this flexibility-seeking group of customers. With the helpof a blockchain, individual articles or otherpieces of content could be sold forcent-prices without disproportionate trans-action costs.

Micro-payments boost paid contentThe blockchain makes even micro-centpayments cost-efficient. Current crypto-currencies, such as Bitcoin or Ethereumpermit transactions as small as fractions of cents. It is thus an enabler for penny-price content purchases, such as payingfor reading a single news article or strea-ming a single song. Also, traditionallyad-sponsored content such as YouTube videos can be monetized with an “ad-free”alternative for a small fee. Moreover, thecombination of clearly-defined ownershiprights and the ability to track sales permitsthe launch of totally new pricing models.

Thanks to blockchain, the distributionand monetization of bite-sized contentbecomes much more fluid and prevalent.Blockchains enable copyright ownersto track the usage of their material. Italso ensures they receive their fair shareof proceeds calculated and collectedaccurately and cost-efficiently.

Use Case #1 –

attract new customer segments who are reluctant to purchase relatively expensive subscriptions for access to a broad range of content. Instead, a blockchain-enabled online news website could charge readers for its articles by the article – for a small price of only a few cents per read. This way, ad-free content can be offered to users who are sensitive about advertising and prefer to pay a small amount of money instead.

Impact on digital contentThe blockchain significantly affects the way in which media companies organise their workforce and payment schemes, e.g. articles posted on a news website could be directly linked to their respective authors. This way, profit-sharing could permit the featuring of articles not just by well-known columnists, but equally ones by freelancers. Micro-payments permit new print media pricing models that can

As Is

To BeSingle Articles (data off Blockchain, payment in Blockchain)

UserPublisher

User

Subscription One Month

Online News

Publisheror Author

Figure 5: Micro-payments for digital content

Benefits

• Increased willingness to pay especially younger digital natives are more willing to pay a few centsfor a music track they favor thanto be charged a flat monthlysubscription.

• Copyright tracking becomes moreaccurate, as does allocation tomedia copyright holders and thesubsequent distribution of royalty payments.

• Efficiency increases, sincecostly monitoring of contrac-tual agreements and complexdistribution of profits are notnecessary.

Challenges

• Transaction quantity is massive because a large quantity of historical data needs to be retained at the blockchain nodes, due to the numberof transactions

• Common blockchain standards still need to be agreed on

• Initial user registration is in- evitable. Users have to register and provide payment details to activate pay-per-click.

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Shifts of powerWill aggregators soon become obsolete?Probably not, because media consumersstill need to discover new content. Furtheron, the collection and aggregation ofcontent will remain an important stage ofthe media value chain. However, powerin the media industry will probably shiftback to the artists, and the dominating roleof huge platform providers will decline.The business model of large advertisingnetworks is also endangered. In a block-chain age, the allocation of advertisingbudgets can be directly measured andbilled. The flat marketing of advertisingspace will come to an end.

Aggregators need to repositionOverall, blockchain is a serious gamechanger for the media and digital adver-tising industry. CEOs might need to re-position their companies for the newera. Media business models have to beadjusted to new balances of power. Withfair billing models, aggregators can meetthe requirements of content producersin good time. In this manner they will beseen as a fair partner in the blockchain agetoo. Smart search and recommendationfunctionalities will secure the significanceof platform providers in the medium term.

Content bypassing aggregators

Paid content is increasingly gaining traction, but the monetisation of online media still heavily depends on advertising. As there is no overall willingness to pay for digital content, ad-based distribution models will remain important in the next decade. So far, the digital adverting ecosystem is complex and involves numerous stake-holders. There are several intermediaries between the content creator and the potential advertiser. The slice of the

monetisation cake for the initial creator of digital content becomes smaller with every additional party involved. For emerging media assets such as blogs or user-generated content, the complexity of es-tablished advertising processes can even generally impede ad-based monetisation.

Blockchain facilitates customer relationshipsBased on the blockchain, everyone from leading media houses to small bloggers can easily generate advertising revenues. As blockchains permit an exact tracking of content usage, it also enables a di-rect allocation of advertising budgets. Together with new, blockchain-enabled micro-payments, content creators are able to establish direct relationships with their customers. In an extreme scenario, aggregators could even become obsolete in the future.

As soon as artists tie up digital copies of their songs or videos in a blockchain they will be able to sell them directly to their fans without any intermediaries such as record labels. Moreover, a fair allocation of revenues from music streaming becomes possible, whether advertising- or paid con-tent-based. Artists can market their songs independently of big platform providers wherever they want, since a blockchain per-mits easy tracking of usage and deduction of the associated payments.

Use Case #2 –

To Be

UserProduceror Author

As IsAggregator / Distributor User

Adve

rtis

ing

Adve

rtisi

ng

Produceror Author

Benefits

• Blockchain permits direct custo-mer relationships between fansand artists.

• Marketing performance andimpact become more accuratelymeasurable.

• Existing complex media and ad-vertising ecosystems becomesimple and transparent.

Challenges

• Content aggregators and adver-tising networks are likely to losetheir dominant market position in the media world.

• Monetization of content becomes more democratic and entry hur-dles could vanish.

Figure 6: Direct media customer interaction

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Shifts of powerWill aggregators soon become obsolete? Probably not, because media consumers still need to discover new content. Further on, the collection and aggregation of content will remain an important stage of the media value chain. However, power in the media industry will probably shift back to the artists, and the dominating role of huge platform providers will decline. The business model of large advertising networks is also endangered. In a block-chain age, the allocation of advertising budgets can be directly measured and billed. The flat marketing of advertising space will come to an end.

Aggregators need to repositionOverall, blockchain is a serious game changer for the media and digital adver-tising industry. CEOs might need to re- position their companies for the new era. Media business models have to be adjusted to new balances of power. With fair billing models, aggregators can meet the requirements of content producers in good time. In this manner they will be seen as a fair partner in the blockchain age too. Smart search and recommendation functionalities will secure the significance of platform providers in the medium term.

Content bypassingaggregators

Paid content is increasingly gaining traction, but the monetization of online media stillheavily depends on advertising. As thereis no overall willingness to pay for digitalcontent, ad-based distribution modelswill remain important in the next decade.So far, the digital adverting ecosystem iscomplex and involves numerous stake-holders. There are several intermediariesbetween the content creator and thepotential advertiser. The slice of the

monetization cake for the initial creatorof digital content becomes smaller withevery additional party involved. For emer-ging media assets such as blogs or user-generated content, the complexity of es-tablished advertising processes can evengenerally impede ad-based monetization.

Blockchain facilitates customerrelationshipsBased on the blockchain, everyone fromleading media houses to small bloggerscan easily generate advertising revenues.As blockchains permit an exact trackingof content usage, it also enables a di-rect allocation of advertising budgets.Together with new, blockchain-enabledmicro-payments, content creators areable to establish direct relationships withtheir customers. In an extreme scenario,aggregators could even become obsoletein the future.

As soon as artists tie up digital copies oftheir songs or videos in a blockchain theywill be able to sell them directly to theirfans without any intermediaries such asrecord labels. Moreover, a fair allocation ofrevenues from music streaming becomespossible, whether advertising- or paid con-tent-based. Artists can market their songsindependently of big platform providerswherever they want, since a blockchain per-mits easy tracking of usage and deductionof the associated payments.

Use Case #2 –

To Be


As IsAggregator/ Distributor User

Adve

rtis

ing

Adve

rtisi

ng

Produceror Author

Benefits

• Blockchain permits direct customer relationships between fans and artists.

• Marketing performance and impact become more accurately measurable.

• Existing complex media and advertising ecosystems become simple and transparent.

Challenges

• Content aggregators and adver-tising networks are likely to lose their dominant market position in the media world.

• Monetisation of content becomes more democratic and entry hurdles could vanish.

Figure 6: Direct media customer interaction

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Distribution of royalty payments

Today, the distribution of royalty payments builds on multiple contracts between artists, producers, and music publishing houses. For instance whenever a song is played on TV, radio, at events or is strea- med online, the rights holders should receive a royalty payment in a contractually defined split. In order to ensure that this is happening, the national copyright col-lection bodies act as a collection platform for copyright holders and compensate the eligible parties.

However, contractual complexities can complicate the settlement activities, leading to opaque proceeds (“black box”). The share of royalty payments distributed in this manner relates to music consump-tion that cannot (yet) be linked to the rights holder. That can be a playlist at a wedding, music played in a store, or music in a YouTube video. At the moment, the collecting body gathers airplay statistics and uses that same relative distribution factor for the royalties that are not directly associated with a rights holder. As a result, the payments distributed are mere proxies, and e.g. lesser-known artists with only a few dedicated statistics are potentially not being compensated with a fair share of royalties overall.

Blockchain permits for trans-parent royalty distributionWith the help of a blockchain, the distribu-tion of royalties could become more efficient and transparent. This would include a music directory with the original digital music file – associated with all relevant identities of people involved in the content creation. It is also possible to store instructions in

form of smart contracts that specify how the artists are to be compensated and how sales proceeds are to be divided among all eligible parties. Preferably, an embedded blockchain-based mechanism tracks usage on streaming services, radio stations, tele-vision etc. and automatically accumulates credits or disburses actual payments to the respective copyright owners.

Use Case #3 –

Benefits

• Near real-time and exact allocation and distribution of royalty payments according to usage, based on smart contracts- no more black boxes

• Cost efficiency – no costly tracking and monitoring systems for music usage required, as every consumption/usage will be tracked in the blockchain

• New role of collection asso-ciations – blockchain platform provider and verification of smart contract details through collection associations as trusted third parties

Challenges

• Large amounts of historical datato be retained at the blockchainnodes due to the number of“transactions” (airplays, streams,club-rotations etc.) across allmusic consumption channels

• Common blockchain platformand interoperable blockchainstandards need to be agreedupon by the many relevantparticipants

• The position of a trusted thirdparty might not be granted tocollection associations by marketparticipants

Opportunities and threats forcollection associationsCollection associations could use a block-chain to create a permissioned blockchainecosystem for musical rights. Based ona broad consensus amongst the partiesinvolved, the industry bodies would actas “gatekeepers” to grant and/or with-draw access to the closed ecosystem. Inaddition, collection associations, typicallyacting domestically for one or a handfulof countries, could use a blockchain as anenabler to enter new markets, since estab-lished measurement and disbursementmechanisms in use with radio stations,broadcasters, and other parties which, forinstance, play music commercially, couldbecome obsolete through the introductionof smart con-tracts. In a different scenario,blockchain could also become a threat totraditional collecting bodies. Up to nowthey have been ‘chasing’ certain commer-cial users who “do not pay their bills”, asexemplified by YouTubers illegally usingcopyrighted music in their videos, or roy-alty dues incurred by an event DJ. With thehelp of blockchain, every play of a song isrecognized, counted, with royalties trackedand allocated to specific users. The roleof the collecting body, collecting and dis-tributing royalty payments, could soon be-

Artist

As Is

To Be

Artist AggregatorMusic Publisher Distributor

Distributor

User

Shared Blockchain User

Figure 7: Potential change in distributionof royalty payments

come obsolete, as blockchain-based smartcontracts take over the work instead.

To sum up, collection associations mustimmediately start thinking about how toadapt their business model and how to es-tablish attractive permissioned blockchainecosystems on a global scale.

1716


Distribution of royaltypayments

Today, the distribution of royalty paymentsbuilds on multiple contracts betweenartists, producers, and music publishinghouses. For instance whenever a song isplayed on TV, radio, at events or is strea-med online, the rights holders should re-ceive a royalty payment in a contractuallydefined split. In order to ensure that thisis happening, the national copyright col-lection bodies act as a collection platformfor copyright holders and compensate theeligible parties.

However, contractual complexities cancomplicate the settlement activities,leading to opaque proceeds (“black box”).The share of royalty payments distributedin this manner relates to music consump-tion that cannot (yet) be linked to therights holder. That can be a playlist at awedding, music played in a store, or musicin a YouTube video. At the moment, thecollecting body gathers airplay statisticsand uses that same relative distributionfactor for the royalties that are not directlyassociated with a rights holder. As a result,the payments distributed are mere proxies,and e.g. lesser-known artists with only afew dedicated statistics are potentially notbeing compensated with a fair share ofroyalties overall.

Blockchain permits for trans-parent royalty distributionWith the help of a blockchain, the distribu-tion of royalties could become more efficientand transparent. This would include a musicdirectory with the original digital music file –associated with all relevant identities ofpeople involved in the content creation.It is also possible to store instructions in

form of smart contracts that specify howthe artists are to be compensated and howsales proceeds are to be divided among alleligible parties. Preferably, an embeddedblockchain-based mechanism tracks usageon streaming services, radio stations, tele-vision etc. and automatically accumulatescredits or disburses actual payments to the respective copyright owners.

Use Case #3 –

Benefits

• Near real-time and exact allocation and distribution ofroyalty payments according to usage, based on smart contracts- no more black boxes

• Cost efficiency – no costly tracking and monitoring systemsfor music usage required, asevery consumption / usage will be tracked in the blockchain

• New role of collection asso-ciations – blockchain platform provider and verification of smart contract details throughcollection asso-ciations astrusted third parties

Challenges

• Large amounts of historical data to be retained at the blockchain nodes due to the number of “transactions” (airplays, streams,club-rotations etc.) across all music consumption channels

• Common blockchain platformand interoperable blockchainstandards need to be agreed upon by the many relevant participants

• The position of a trusted third party might not be granted to collection associations by marketparticipants

Opportunities and threats for collection associations Collection associations could use a block-chain to create a permissioned blockchain ecosystem for musical rights. Based ona broad consensus amongst the parties involved, the industry bodies would act as “gatekeepers” to grant and/or with-draw access to the closed ecosystem. In addition, collection associations, typically acting domestically for one or a handful of countries, could use a blockchain as an enabler to enter new markets, since estab-lished measurement and disbursement mechanisms in use with radio stations, broadcasters, and other parties which, for instance, play music commercially, could become obsolete through the introduction of smart contracts. In a different scenario, blockchain could also become a threat to traditional collecting bodies. Up to now they have been ‘chasing’ certain commer-cial users who “do not pay their bills”, as exemplified by YouTubers illegally using copyrighted music in their videos, or roy-alty dues incurred by an event DJ. With the help of blockchain, every play of a song is recognised, counted, with royalties tracked and allocated to specific users. The role of the collecting body, collecting and dis-tributing royalty payments, could soon be-

Artist

As Is

To Be

Artist AggregatorMusic Publisher Distributor

Distributor

User

Shared Blockchain User

Figure 7: Potential change in distribution of royalty payments

come obsolete, as blockchain-based smart contracts take over the work instead.

To sum up, collection associations must immediately start thinking about how to adapt their business model and how to es-tablish attractive permissioned blockchain ecosystems on a global scale.

1918


Use Case #4 –

Benefits forcontent ownersContent owners can fully leverage,control, and monetize all copy-right assets that are recorded inthe blockchain. In addition, illegal file sharing and other copyrightinfringements will be impossible, due to the transparency of theblockchain details through collec-tion associations as trusted third parties.

Challenges foraggregatorsIn order to participate in C2Ctransactions, media aggregators (such as (Pay-) TV players andmusic streaming providers) willstill play a role in the marketingof contents. Nevertheless, weexpect the dynamics of the marketto change in the long run dueto the “democratizing” effect ofblockchain. The aggregator rolewill shift towards curated discoveryplatforms to find new content andwill lose their “gate-keeper” role, asmonetization and real-time billing will be available to content ownersvia blockchain.

Secure and transparent C2C sales

Blockchain has the potential for content rights owners to enable additional reve-nue streams by leveraging consumer-to- consumer sales.

Thus while the idea of peer-to-peer con-tent sharing is not new, it is and has been a serious threat to music creatives and movie/TV producers in the past. Peer-to-peer networks and the respective ex-change of (media) files is almost impossible to control due to the sheer number of exchanges and of users exchanging files.

For example, a subscriber records a show on DVD which a friend without a subscrip-tion is interested in. Giving or selling this DVD to someone without a subscription is theoretically illegal but an established practice.

Attempts to legalise file exchanges and to monetise the transactions and contents have failed, owing to lack of customer interest and acceptance. Also due to the success of streaming media, platforms like Napster have changed their business mod-el towards flat fee and all-you-can-eat con-sumption models for streaming services.

Nevertheless, illegal file sharing still remains a major problem for media com-panies, while the blockchain has the potential to solve that problem. With a blockchain, content owners have full con-trol and visibility of the consumption and number of uses of individual songs and/ or movies. Therefore piracy and copyright

infringements are nearly impossible. In addition, the transparency of blockchain enables content owners to “control” peer-to-peer content distribution and thus to create new business models such as con-sumer-to-consumer marketing of content. For example, now a subscriber can access their blockchain content and share it with a friend. The subscription holder will then be

charged directly with the fee for the specific content they shared. This permits easy and legal sharing of paid content among users, and forms an additional source of revenue for aggregators and copyright holders. The same logic applies to physical copies that are shared among consumers, if the physi-cal asset is authorised on a blockchain.

Benefits forconsumers

As Is

To Be

Distributor User Friend of User

Illegal copy

Direct purchase

Distributor User User’s Blockchain Friend of User

Figure 8: Secure and traceable C2C / P2P content sharing

• The blockchain records everyusage of a specified contentand enables real-time andfully transparent consump-tion-based pricing mecha-nisms. Consumers do not haveto pay a monthly up-front fee,instead, only the actual usagewill be billed to consumers.

• Due to the very low transac-tion costs in the blockchain,consumption-based business-models are also applicable tomicropayments.

1918


Use Case #4 –

Benefits for content ownersContent owners can fully leverage, control, and monetise all copy-right assets that are recorded in the blockchain. In addition, illegal file sharing and other copyright infringements will be impossible, due to the transparency of the blockchain details through collection associations as trusted third parties.

Challenges for aggregatorsIn order to participate in C2C transactions, media aggregators (such as (Pay-) TV players and music streaming providers) will still play a role in the marketing of contents. Nevertheless, we expect the dynamics of the market to change in the long run due to the “democratising” effect of blockchain. The aggregator role will shift towards curated discovery platforms to find new content and will lose their “gate-keeper” role, as monetisation and real-time billing will be available to content owners via blockchain.

Secure and transparentC2C sales

Blockchain has the potential for contentrights owners to enable additional reve-nue streams by leveraging consumer-to-consumer sales.

Thus while the idea of peer-to-peer con-tent sharing is not new, it is and has beena serious threat to music creatives andmovie / TV producers in the past. Peer-to-peer networks and the respective ex-change of(media) files is almost impossibleto control due to the sheer number of ex-changes and of users exchanging files.

For example, a subscriber records a showon DVD which a friend without a subscrip-tion is interested in. Giving or selling thisDVD to someone without a subscriptionis theoretically illegal but an establishedpractice.

Attempts to legalize file exchanges and tomonetize the transactions and contentshave failed, owing to lack of customerinterest and acceptance. Also due to thesuccess of streaming media, platforms likeNapster have changed their business mod-el towards flat fee and all-you-can-eat con-sumption models for streaming services.

Nevertheless, illegal file sharing still re-mains a major problem for media com-panies, while the blockchain has thepotential to solve that problem. With ablockchain, content owners have full con-trol and visibility of the consumption andnumber of uses of individual songs and /or movies. Therefore piracy and copyright

infringements are nearly impossible. Inaddition, the transparency of blockchainenables content owners to “control” peer-to-peer content distribution and thus tocreate new business models such as con-sumer-to-consumer marketing of content. For example, now a subscriber can accesstheir blockchain content and share it with afriend. The subscription holder will then be

charged directly with the fee for the specificcontent they shared. This permits easy andlegal sharing of paid content among users,and forms an additional source of revenuefor aggregators and copyright holders. Thesame logic applies to physical copies thatare shared among consumers, if the physi-cal asset is authorized on a blockchain.

Benefits for consumers

As Is

To Be

Distributor User Friend of User

Illegal copy

Direct purchase

Distributor User User’s Blockchain Friend of User

Figure 8: Secure and traceable C2C / P2P content sharing

• The blockchain records everyusage of a specified contentand enables real-time andfully transparent consump-tion-based pricing mecha-nisms. Consumers do not haveto pay a monthly up-front fee,instead, only the actual usagewill be billed to consumers.

• Due to the very low transac-tion costs in the blockchain,consumption-based business-models are also applicable tomicropayments.

2120


Use Case #5 –

Benefits

• Improved customer experience through “seamless” subscription models across difffferent geographic areas

• Less complex and real-time billing

• Transparent and “self-executing” rights management due to underlying smart contracts.

Challenges

• Transformation from currently-installed DRM and billing systems towards multi-country access and integration of blockchain functionalities is fraught with complexities

• Players could become obsolete as aggregators since content owners will have the ability to market and sell their intellectual property directly to consumers.

Consumption of paid con-tent without boundaries

The last use case deals with a situation that many subscribers of paid content subscrip-tions (e.g. for pay TV, VoD, streaming ser-vices) have witnessed in the past. They can-not access the contents they subscribed to once they are in another country/region, for example during business travel or on vacation.

The reasons:

• Licenses for content are usually sold country by country and therefore access from another country/territory is prohibited by the licensor

• In addition, DRM systems are notseamlessly integrated between differ-ent countries. Therefore the respectivesubscription rights and packages are notaccessible in other countries.

Nevertheless players are currently rolling out models whereby subscriptions and access to content are not limited to specific countries/regions. But that can only be attained if the aggregator has acquired the rights for all geographic areas and the DRM systems are integrated. The blockchain is not a technical prerequisite

for this endeavor since more sophisticated Digital Rights Management systems are also capable of dealing with complexities like multi-country access.

Nevertheless the blockchain has the potential to make DRM systems obsolete or at least to reduce the complexity of these systems, because every transaction/ consumption is tracked in the blockchain and directly linked to a user. The payment will be automatically initiated according to the underlying smart contract terms for the content.

To Be


As IsAggregator / Distributor User

Coun

try

plat

form

Cura

ted

int.

plat

form

Produceror Author

Figure 9: International access to paid content


In a nutshell, blockchain’s potentialbenefits for the media industry prima-rily relate to payment transactions andcopyright tracking. Possible applicationsand technical innovations will have a far-reaching impact: content creators maybe able to keep a close track of their play-times, royalties and advertising revenuescould be shared in an exact and timelymanner based on consumption, and low-cost content could be purchased efficiently,even if priced at mere fractions of cents.

However, there are several fundamentalissues and technical obstacles which mayundermine the realization of our use cases:

• Trust in blockchain technologies andplatforms

• Opaqueness of blockchain platformsand standards due to quickly-changingmarket participants

• Usability and reach of blockchain tech-nologies in everyday environments

• Interoperability of platforms and variousstandards needs to be secured

In addition, the amount of historical datastored by blockchain nodes could quicklybecome unwieldy and challenging due toa large number of “transactions”.

To conclude, media players need to con-sider blockchain-based applications andtheir potential impact on the whole industry:micropayment-based pricing options for paidcontent, a shift of market power caused bycontent bypassing aggregators, and an im-proved distribution of royalty payments, toname just a few.

To ensure timely and appropriate meas-ures,we recommend an immediate review of theindividual consequences for the existing busi-ness. In addition, companies should lose notime in identifying applicable blockchain-based opportunities as a fundamental com-ponent of their future business strategy.

Micro payment for content creators

Enabling a bypassof aggregators Smart contracts

Key Takeaways to be Considered by Media Players

If artists market them-selves, they charge consumers directly

Monetization of low price content is getting feasible due to very low transaction costs

Reengineer contractual relationships in a smarter and more transparent way

Distributors considerpaying artist in smaller tranches

Allow consumers to choose “ad free” content at small prices

Enable immediate trans-actions and automated royalty / revenue share distribution

Decrease DRM and billing complexities

Increase customer experi-ence through multi-country access of paid content

Decrease DRM complexity

Enable real-time billing for all transactions

Takeaways forMedia Players

Figure 10: Takeaways for Media Players

2120


Use Case #5 –

Benefits

• Improved customer experiencethrough “seamless” subscription models across different geo-graphic areas

• Less complex and real-time billing

• Transparent and “self-executing”rights management due tounderlying smart contracts

Challenges

• Transformation from currently-installed DRM and billing systems towards multi-country accessand integration of blockchain functionalities is fraught with complexities

• Players could become obsolete asaggregators since content ownerswill have the ability to market andsell their intellectual property directly to consumers

Consumption of paid con-tent without boundaries

The last use case deals with a situation thatmany subscribers of paid content subscrip-tions (e.g. for pay TV, VoD, streaming ser-vices) have witnessed in the past. They can-not access the contents they subscribedto once they are in another country / re-gion, for example during business travelor on vacation.

The reasons:

• Licenses for content are usually soldcountry by country and therefore ac-cess from another country / territoryis prohibited by the licensor.

• In addition, DRM systems are notseamlessly integrated between differ-ent countries. Therefore the respectivesubscription rights and packages are notaccessible in other countries.

Nevertheless players are currently rollingout models whereby sub-scriptions andaccess to content are not limited to specificcountries / regions. But that can only beattained if the aggregator has acquiredthe rights for all geographic areas andthe DRM systems are integrated.The blockchain is not a technical prerequisite

for this endeavor since more sophisticatedDigital Rights Management systems are alsocapable of dealing with complexities likemulti-country access.

Nevertheless the blockchain has thepotential to make DRM systems obsoleteor at least to reduce the complexity ofthese systems, because every transaction/consumption is tracked in the blockchainand directly linked to a user. The paymentwill be automatically initiated according tothe underlying smart contract terms forthe content.

To Be


As IsAggregator/ Distributor User

Coun

try

plat

form

Cura

ted

int.

plat

form

Produceror Author

Figure 9: International access to paid content

Consumption of paidcontent without boundaries

In a nutshell, blockchain’s potential benefits for the media industry prima-rily relate to payment transactions and copyright tracking. Possible applications and technical innovations will have a far-reaching impact: content creators may be able to keep close track of their play-times, royalties and advertising revenues could be shared in an exact and timely manner based on consumption, and low-cost content could be purchased efficiently, even if priced at mere fractions of cents.

However, there are several fundamental issues and technical obstacles which may undermine the realisation of our use cases:

• Trust in blockchain technologies and platforms

• Opaqueness of blockchain platforms and standards due to quickly-changing market participants

• Usability and reach of blockchain technologies in everyday environments

• Interoperability of platforms and various standards needs to be secured

In addition, the amount of historical data stored by blockchain nodes could quickly become unwieldy and challenging due to a large number of “transactions”.

To conclude, media players need to con-sider blockchain-based applications and their potential impact on the whole industry: micropayment-based pricing options for paid content, a shift of market power caused by content bypassing aggregators, and an im-proved distribution of royalty payments, to name just a few.

To ensure timely and appropriate measures, we recommend an immediate review of the individual consequences for the existing busi-ness. In addition, companies should lose no time in identifying applicable blockchain-based opportunities as a fundamental com-ponent of their future business strategy.

Micro payment for content creators

Enabling a bypass of aggregators Smart contracts

Key Takeaways to be Considered by Media Players

Distributors consider paying artists in smaller tranches

If artists market them-selves, they charge consumers directly

Monetisation of low price content is getting feasible due to very low transaction costs

Allow consumers to choose “ad free” content at small prices

Reengineer contractual relationships in a smarter and more transparent way

Enable immediate trans-actions and automated royalty/revenue share distribution

Decrease DRM and billing complexities

Increase customer experi-ence through multi-country access of paid content

Decrease DRM complexity

Enable real-time billing for all transactions

Takeaways for Media Players

Figure 10: Takeaways for Media Players

22

Blockchain @ Media | A new Game Changer for the Media Industry?

Contacts

Milan Sallaba | Partner Technology Sector Head Germany Monitor Deloitte Tel.: +49 (0)89 29036 7770 [email protected]

Ralf Esser | Leiter TMT Research Deloitte ConsultingTel.: +49 (0)211 8772 4132 [email protected]

Jens Herrmann Paulsen |Senior ConsultantDeloitte ConsultingTel.: +49 (0)69 9713 7294 [email protected]

Thanks to further contributing authors:

Alexander Mogg | Partner Industry Lead TMT Monitor Deloitte Tel.: +49 (0)89 29036 7939 [email protected]

Wanja Giessen | Consultant Monitor DeloitteTel.: + 49 (0)89 29036 7508 [email protected]

Sven Heinzelmann | Consultant Monitor DeloitteTel.: +49 (0)40 32080 4480 [email protected]

Mirko René Gramatke | Director Monitor Deloitte Tel.: +49 (0)89 29036 7811 [email protected]

Mark CaseyGlobal Media & Entertainment and TMT Africa LeaderTel.: +27 (0)11 806 5000 [email protected]

Neville Hounsom| Director TMT - Strategy and OperationsTel.: +27 (0)21 427 5542 [email protected]

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Blockchain @ Media A new Game Changer for the Media Industry? · 2020-05-14 · Blockchain @ Media...

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