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Cryptocurrencies and the Entertainment Industry in 2019


Cryptocurrencies and the Entertainment Industry in 2019

The entertainment industry is just as big now as it always has been, potentially even bigger. This is as a result of it being able to move with the times so to speak, it’s embraced the latest technology and used it effectively to continue to move forward. With cryptocurrencies having gained more media attention over the last few years, they and the technology behind them, are now being touted as the latest tech which could have an impact in the entertainment sector.

There are many working in this sphere who you would describe as content creators working in the entertainment industry. They could be music artists, music producers, they may create video, or even text-based content. What has often been referred to as a problem where some of these people are concerned is that the content creators, in a way, must hand out a large chunk of their earnings to different parties, with social media websites and hosting platforms said to profit as a result.

This resulted in the technologists working in the crypto sector thinking and they have come up with what they believe is the perfect solution. The experts feel that the way forward is to build and operate a decentralised economy, using the technology behind some of the world’s leading cryptos, to provide content creators with the opportunity to deliver their content directly to the customer.

The structure that would be put in place is likely operate in a peer-to-peer style, with no middle men, governors, or intermediaries involved. Content creators, whether they produce sound, video, text, or something else, would be able to deliver their content directly to the platform, with users then able to purchase the content. This would even open the opportunity for custom content to be created too, with the content creators being paid 100% of their earnings every time.

With the likes of Tron, a firm from Singapore, already invested in this approach, it’s likely that 2019 will see further developments in this area. It could revolutionise how content is bought and shared around the world today, totally transforming the entertainment industry once again. There’s no doubting that the digital entertainment sector is moving towards a decentralised approach, and 2019 could see it take another giant step in this direction.

There’s also the likelihood that the entertainment industry in its current form could embrace cryptocurrencies more in their traditional sense. Gaming platforms and brands, such as PartyCasino which feature some of the world’s leading slot machines, could embrace cryptos more as a way to pay. This will then bring these operators in line with the likes of CloudBet who has one of the most impressive bitcoin gambling platforms in the business.

The online casino sector has always been keen to embrace new and innovative concepts, especially with this market being so competitive as well as extremely customer focused. Therefore, we should expect the online casino and gaming sectors in general, leading the way in showing how cryptocurrencies can be highly advantageous to any business that aspires to be the best.

With the crypto community still growing at an impressive rate, it makes sense for some of the more reputable cryptos to be accepted as valid payment methods by companies in the entertainment industry. While some have been reluctant to do so, companies are investigating both the pros and the cons, so 2019 could be the year cryptos make the breakthrough in this area.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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