We are living in the modern and digitized world. Right? Imagine you are leaving your home and planning for a journey. You are likely to be surrounded by the people listening to music or watching videos on their smartphones screen while travelling. It is a sight we have already granted, but the video streaming apps have now revolutionized the industry with blockchain technology.
⇔ In 2019, the segment amount of video streaming revenue is up to US$24.7 billion.
⇔ By 2023, the revenue is expected to attain 3.2% than the revenue of 2019.
⇔ In 2019, the user penetration is 14.5% and it is expected to reach 16.2% in 2023.
⇔ Currently, the average revenue per user amounts to US$23.22.
⇔ In global comparison, most of the revenue is generated in the United states (US$11.4 billion in 2019)
“Integrating blockchain in video streaming apps
will ultimately enhance the market statistics of video streaming apps
double than that of the current statistics.”
Everyone is thinking that blockchain is too complicated, But it is quite simple and easy to understand. Blockchain is a distributed database which records digital data which is secure, transparent and immutable. The users are able to inspect, access the data but cannot alter and delete the stored information in the database. In short, Blockchain is a record-keeping mechanism that makes businesses working together over the Internet easier and safer.
The integration of blockchain in on demand businesses delivers an unbelievable growth towards the industry. Every business has ups and downs along with its challenges. In such a way, blockchain can overcome the challenges of the industries with its natural characteristics. The following are some of the fantabulous industries where blockchain plays a significant role in overcoming their challenges.
⇔ Blockchain in on demand multi services app
The current video streaming apps had massively increased costs to store all that content and video files on that server. This symbolizes that large margins and heavy expenses have trickled down the content creators.
However, blockchain technology has cut down these costs and made content creators to directly access their revenue. On the other hand, blockchain also promises to provide “smart contracts” technology which provides a multitude of avenues for video content in an encrypted and secure system.
A Revolution is coming - The evolution of technology is constant in deviating the entertainment and streaming industries. As a result, the blockchain technology will absolutely overthrow the challenges of video streaming and become ubiquitous.
Consumers demand “per-user” payment models for OTT/VOD subscriptions. Forcing consumers to cobble various fragmented services for watching their desired shows becomes expensive.
Blockchain-enables micro payments that facilitates flexible media distribution and monetization models. Besides, users who prefer to watch their desired shows can attain benefits with blockchain based video streaming apps.
Still, the monetization in online content depends on advertising. Whereas the ecosystem of digital advertising is complex and indulges several stakeholders that also comes with intermediaries between the content creator & advertiser.
The blockchain technology in video streaming apps establish direct customer relationships between artists and fans while selling content with usage trackability and compensation. To point out, the creation of fair advertising billing models furnish exact performance tracking of advertising efforts.
Distributing royalty payments includes multiple contracts between producers, artists and the delivering houses. As well, the complex settlement activities due to contractual complexities ends in insignificant, opaque proceeds.
Through enabling the capture of digital content consumption with blockchain, it allows for the simple analysis of consumption based playtimes and usage which also facilitates the micro-allocation of real-time royal payments.
Blockchain powered streaming app features come with the following.
⇔ Blockchain based profile
⇔ Incentivized user interactions
⇔ Search and geolocation
⇔ Video resolution conversion
⇔ Multi-access and multi-lingual
⇔ Multiple payment gateway
⇔ Reviews and ratings
Blockchain powered video streaming is a niche area for technical breakthrough in the future days. Besides, several companies have accomplished massive success in the field. Among that, the leading on demand app development company, Startupmart is one of the pioneers. With the transparency, security and its reliable features, assuredly blockchain can take the live streaming world to a whole new level.
The following are the blockchain platforms that we work on
⇔ Hedera Hashgraph
⇔ EOS Blockchain
⇔ Multichain Blockchain
Hey! Entrepreneurs, it's time to build your blockchain powered video streaming app with us and rule the future world.