Here’s how blockchain tech will contribute to the music and entertainment industries
Written by Paul Cartwright on September 16, 2018
The global effects of the illegal downloading of music are unimaginable; Blockchain might just be the answer
The VR (Virtual Reality) industry has undergone an incredible amount of growth over the last decade. The technology has moved from being stuff of fantasy to being one of the most sought after pieces of technology. This is evident through the number of tech companies that have taken interest in VR technology. Companies such as Facebook and Samsung are some of the many tech giants that have made investments in the VR sector.
Technological advancements have brought about varying benefits to a number of industries. When new technology is introduced to unexplored industries, growth is achieved. The entertainment industry — music especially — is one of those industries in which the introduction of new technology would influence tremendous growth and open up new avenues within the industry itself. The entertainment industry would benefit from being merged with VR technology. There are, however, a few obstacles that need to be overcome in order for VR technology to be merged with the music industry.
The Music Industry’s Challenges
One of the major challenges faced in the entertainment industry is the illegal downloading of music and music videos. According to NME, rate of music piracy increased by over 14% in 2017, with well over 73 billion visits made to illegal music sites globally.
The music industry has gone to great lengths to try and curb this issue. The effects of illegal distribution of music are not only financial but people in the industry also end up losing jobs. According to RIAA, the American economy loses $12.5 billion annually due to the illegal distribution of music.
The global effects of the illegal downloading of music are unimaginable. While solutions such as streaming were implemented as a way to combat the piracy issue with report by Statista revealed that music piracy has not diminished. Some users of streaming services end up ripping music and the problem still remains.
Musical artists around the world make a huge part of their money from concerts and live performances. Top selling artists sell out their shows and many fans who will be willing to pay to watch those shows are left out due to limitations of space. Venues and arenas are able to accommodate a certain number of people and when the space is sold out, a lot of potential earnings are lost.
Usually, merchandise is sold at this live concerts and having limited space means the number of merchandise sold is capped. The fans who aren’t able to attend also do not have access to the merchandise and the sale of the merchandise does not reach its full potential. The constraints of physical space affect all the parties in the equation from promoters, the artists themselves and the fans who can’t watch their favourite artists live.
Is VR technology flawless?
VR technology itself isn’t without its own problems. For the technology to work, it must port different vendor APIs (Application Programming Interface). This means that a headset can only make use of an application that is already linked to the developers. For example, a PlayStation VR headset can only run applications that are available on PlayStation devices and cannot be used to access applications on HTC while the reverse is also true.
This absence of a standardised system is highly costly for both developers of VR headsets and the consumers of the technology. Consumers have to buy multiple headsets so they can access different applications from different developers. The other drawback is that VR headsets currently on the market need to be tethered to other hardware devices which are bulky. This reduces the portability of the headsets and makes them less appealing.
The Blockchain Solution
The solution to the industry’s woes can be found in blockchain technology through CEEK, a company that has developed a VR system that is powered by blockchain technology. The system developed by CEEK will counter the challenge of piracy while giving musical entertainment a place in the world of Virtual Reality.
Using the immutable nature of a blockchain, a record is entered on the blockchain and this means it cannot be altered. The record will also be distributed to a number of nodes within the blockchain system. Blockchain technology is decentralized, meaning that it has no central point of failure that can be targeted or manipulated. To successfully hack the system, a hacker would need to attack 51% of the nodes, an endeavour which is costly for the hacker.
Artists who promote their music on the CEEK platform will not have to worry about having any files leaked before scheduled release. Registered users will pay for access to music using CEEK tokens.
On CEEK’s platform, artists will be able to expand their reach through virtual concerts. Top selling music artists often sell out venues and arenas. Many fans are unable to attend the show because they are unable to purchase tickets. Using CEEK’s system, artists will be able to sell unlimited virtual tickets as well as real and virtual merchandise, transactions for which are done on the blockchain.
CEEK tokens will be used as payment method for the transactions and fans will also be able to vote for preferred performance venues and the channels on which they can watch such performances virtually. The ability to sell an unlimited number of tickets for live concerts will maximise profits for artists and promoters while giving all fans the chance to watch their favourite acts live.
Also read: VR and AR content are about to become more exciting
By making use of the OpenXR application, CEEK will solve the problem of fragmented APIs and porting. VR headsets will not need to establish a new connection every time they run an application. VR applications will be written once and the devices can run them without needing to access a new API.
OpenXR becomes a standardised system through which all VR devices can access different applications. The system bridges the gap between VR hardware and various softwares. This will allow developers and consumers alike to access all of VR’s potential. CEEK will also replace the need for tethering to bulky hardware with headsets that connect to a user’s phone. This will increase the portability of VR devices and in turn, increase its appeal to everyday users.
The demographic of end users will be widened due to the increased ease of use and the availability of more applications for VR.
The platform proposed by CEEK will go a long way in providing security for musical artists while providing fans all over the globe with the ultimate experience through Virtual Reality technology.