Can Blockchain Technology Change The Entertainment Industry?

Cryptocurrency is certainly making big waves online. It has been for quite a while, and it’s not just thanks to the fact that it’s digital, it’s quick, and it’s straightforward to use. Currency such as Bitcoin is emerging as a leading alternative to currency the world over for its instant transfer, its privacy, and for its innate security. Therefore, it’s understandable that many people in the entertainment industry want to take full advantage of the new form of currency.

But what are some of the immediate benefits that blockchain technology could bring to singers and performers in general? Could it help them to reach more people, or wider audiences? Could it help them to process payments quicker, or could it even help to make things more secure moving forward?  A lot of this talk is up in the air, but the speculation comes from very strong statistics, and those are certainly pointing towards more and more people taking up the tech. 

Fast and flexible

One of the main benefits of trading in cryptocurrency is, of course, the fact that transfers are almost instantaneous. Think about how this could help to break down barriers in online sales for entertainment professionals. Often, performers need to wait for payments to process and to complete at all sides of a transaction before they even think of getting their hands on any cash. Therefore, the appeal of an instant cash flow system is very strong indeed.

Cryptocurrency payments are not only quick as a flash but are very easy to handle. All it takes is a digital wallet for you to start handling digital money. You can download such a wallet for free and you can start trading in online currency through a variety of different exchanges simply by heading to the right sites. It’s never been easier for people to generate profits autonomously, either. Performers and professionals can set up their own programs and bots to take care of risky investments on their behalf.

Even if you just set up a digital wallet, you can start taking instant payments. It’s an appealing scenario for entertainers who have previously had problems getting payments and transfers up and moving.

Secure by design

One of the best reasons for investing in cryptocurrency is the security it provides. The entertainment industry is very likely to sway further towards crypto for the reason that payments and transfers are almost impenetrable. Bitcoin, for example, while based online, withstands fraud in its design. In an industry where payments and transfers can be erratic, it makes sense for performers to look for a banking system where they are immediately protected from the word go.

Appealing to modern audiences

While there will obviously always be entertainment markets for older generations, much of the current pop charts and performers angle towards current generations of listeners. Therefore, with the industry always moving with new technology standards, it makes sense that it will also be moving with currency standards, too. Generation Z looks set to be fully immersed in cryptocurrency, which means it is very likely that tomorrow’s listeners and festivalgoers will be likely to look for Bitcoin and Ethereum opportunities when buying music and tickets.

Modern audiences seamlessly change from year to year. Any entertainment platforms or performers that fail to adapt get left behind very quickly. Therefore, don’t be surprised if you see more streaming services and individual performers fully adopt crypto in the years to come.

Easy integration

The entertainment industry depends on the technology it operates through. Therefore, it won’t be too surprising to see crypto move over to the platforms that people are already using. For example, video and music streaming could accept instant payments through crypto. This means listeners can get instant access to the content they crave, and creators get paid within seconds. It will also be a good way to distribute royalties.

Easy integration of crypto is also possible thanks to a lack of fees involved. For the most part, cryptocurrency and digital money are free from admin and service costs. Therefore, again, entertainment specialists can set up instant payments and transactions worldwide. There’s no waiting around for days for the money to process.

The future of entertainment payments

Cryptocurrency is helping to break down boundaries. Entertainers and their services need to be more flexible than ever before. Their fans demand it! Therefore, it makes sense that they’d take up crypto at one time or another. If you’ve not yet become involved, be sure to do your homework and prepare for the crypto revolution.

By FM