Blockchain in Media, Advertisement and Entertainment Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 1.50 Billion |
| Market Size (2029) | USD 27.29 Billion |
| CAGR (2024 - 2029) | 78.49 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Blockchain in Media, Advertisement and Entertainment Market Analysis
The Blockchain in Media, Advertising, and Entertainment Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 27.29 billion by 2029, growing at a CAGR of 78.49% during the forecast period (2024-2029).
Blockchain is disrupting not only the existing business models but is also enabling the development of new business models, especially in the media industry. Digital technologies are substantially transforming the global media and entertainment industries, especially in content production and distribution, with blockchain being the most prominent technological disruptor.
- The need for blockchain in media and entertainment is increasing owing to the subsequent commoditization of content and widespread piracy of intellectual property (IP). The increasing need for eliminating intermediaries between content creators and end-users, the growing demand for secure and faster transactions, and the growing instances of data piracy in the media and entertainment industries are some key factors driving the market.
- Further, media users are accustomed to having free access to a wide variety of content, as the media and entertainment industry is a contract-based business that places a premium on protecting intellectual property. Also, all media segments have suffered significantly from digitization since content can be copied and distributed quickly without losing quality. This is because digital rights management systems still need to reduce copyright infringements.
- With the advent of blockchain, this industry structure could change significantly. Blockchain technology permits bypassing content aggregators, platform providers, and royalty collection associations to a large extent. Thus, market power shifts to the copyright owners. Blockchain technology can increase profits for content creators and media companies by providing real-time consumption-based pricing against assets with an immutable state and digital identity. This solution reduces transaction costs by 40-80%, thus making payment applications the leading segment amongst others.
- After the pandemic, people across the globe are interested in attending physical entertainment events such as music and movie festivals and sports, along with the significant adoption of digitalization. NFT penetration is analyzed to contribute to the market growth rate.
- For instance, in August this year, Ticketmaster, a Live Nation subsidiary, recently announced non fungible tokens (NFTs) tickets for event organizers minted on its blockchain, according to Flow, a digital engagement layer-1 blockchain established by Dapper Labs. The NFT tickets' main use will be for their archival value. But in addition to serving as souvenirs, they can be used as evidence of attendance at prominent concerts.
- Additionally, through Ticketmaster, more than 5 million NFTs have been created on the Flow blockchain. Meta revealed in August that Instagram now supports NFT in more than 100 nations. All NFT collectibles shared on Instagram are created on the Flow blockchain. Additionally, Meta introduced a new NFT connection through users' digital wallets on Facebook.
- This technology eliminates the need for intermediaries and reduces administrative costs and time for providers and payers. However, lack of standardization hinders the market's growth to a certain extent. Also, the process of implementing new technology is expensive and time-consuming, which restrains market growth.
Blockchain in Media, Advertisement and Entertainment Market Trends
This section covers the major market trends shaping the Blockchain in Media, Advertising, & Entertainment Market according to our research experts:
Payments Application is Expected to Dominate the Market
- Media users are nowadays highly accustomed to having free access to a wide variety of content. This is primarily because the media and entertainment industry is a contract-based business that places a premium on protecting intellectual property. Also, all types of media have been hurt by digitization because it makes it easy to copy and share content quickly without losing quality.
- Blockchain technology provides real-time consumption-based pricing against assets with an immutable state and digital identity. This solution reduces transaction costs by 40% to 80%, depending upon the level of adoption and extension in the industry, thus making payment applications the leading segment amongst others. Another popular application, cryptocurrency, facilitate micropayments to content providers. Companies use it to enable customers to buy and play single songs or videos, for instance, or to purchase permission to read a news article.
- Further, pay-per-use consumption has become feasible due to blockchain-powered micropayments. Blockchain's ability to record its data comprehensively could allow for more accurate tracking of when and how copyrighted content is consumed.
- Many content providers are using technology to accept payments through cryptocurrency. For instance, in November this year, the Austin, Texas-based fintech business Oveit collaborated with the Swiss start-up Utrust to provide cryptocurrency payment services. They want to introduce a new payment mechanism to the entertainment industry so that event planners may more readily accept and use cryptocurrency payments and reach a larger market. The businesses will act as an intermediary for cryptocurrency payments made by up to 1 billion visitors globally to events, theme parks, and travel packages.
- In October of this year, BlueSnap, the preferred worldwide payment orchestration platform for major B2B and B2C companies, announced a new collaboration with BitPay, the prominent provider of Bitcoin and cryptocurrency payment services. This product collaboration supports BlueSnap's objective to assist businesses all over the world in growing their revenue and decreasing their costs by enabling them to accept and be paid out in up to 15 different cryptocurrencies and seven fiat currencies globally.
North America Expected to Hold the Largest Market Share
- Media users are nowadays highly accustomed to having free access to a wide variety of content. This is primarily because the media and entertainment industry is a contract-based business that places a premium on protecting intellectual property. Also, all types of media have been hurt by digitization because it makes it easy to copy and share content quickly without losing quality.
- Blockchain technology provides real-time consumption-based pricing against assets with an immutable state and digital identity. This solution reduces transaction costs by 40% to 80%, depending upon the level of adoption and extension in the industry, thus making payment applications the leading segment amongst others. Another popular application, cryptocurrency, facilitates micropayments to content providers. Companies use it to enable customers to buy and play single songs or videos, for instance, or to purchase permission to read a news article.
- Further, pay-per-use consumption has become feasible due to blockchain-powered micropayments. Blockchain's ability to record its data comprehensively could allow for more accurate tracking of when and how copyrighted content is consumed.
- Many content providers are using technology to accept payments through cryptocurrency. For instance, in November this year, the Austin, Texas-based fintech business Oveit collaborated with the Swiss start-up Utrust to provide cryptocurrency payment services. They want to introduce a new payment mechanism to the entertainment industry so that event planners may more readily accept and use cryptocurrency payments and reach a larger market. The businesses will act as an intermediary for cryptocurrency payments made by up to 1 billion visitors globally to events, theme parks, and travel packages.
- In October of this year, BlueSnap, the preferred worldwide payment orchestration platform for major B2B and B2C companies, announced a new collaboration with BitPay, the prominent provider of Bitcoin and cryptocurrency payment services. This product partnership helps BlueSnap reach its goal of helping businesses around the world make more money and cut costs by letting them accept and be paid in up to 15 different cryptocurrencies and seven fiat currencies.
Blockchain in Media, Advertisement and Entertainment Industry Overview
The competitive landscape of the global blockchain in the media, advertising, and entertainment industries is moderately concentrated, as only a few players offer blockchain solutions, especially in the media and entertainment industries. The vendors have adopted different strategies, such as partnerships, collaborations, acquisitions, and new product launches, to expand their presence in the global market and increase their market share.
In October 2022, Binance, a major blockchain ecosystem and cryptocurrency infrastructure provider, announced signing a Memorandum of Understanding (MOU) to form a strategic cooperation with YG Entertainment Inc. (YG), one of South Korea's top global entertainment businesses. Binance and YG will work on various blockchain projects as part of their strategic cooperation, including projects in the NFT sector. Binance will provide the NFT platform and technological infrastructure, and YG will offer the NFT content and gaming assets. Additionally, the two businesses intend to create games based on the Binance Smart Chain, work together to establish the Metaverse, and actively explore other digital asset opportunities to create distinctive products and services for customers.
Blockchain in Media, Advertisement and Entertainment Market Leaders
-
IBM Corporation
-
Microsoft Corporation
-
Ernst & Young Global Limited
-
Bitfury Group Limited
-
SAP SE
*Disclaimer: Major Players sorted in no particular order
Blockchain in Media, Advertisement and Entertainment Market News
- September 2022: Chain, one of the major providers of Web3 software solutions, and Kraft Sports + Entertainment have signed a multi-year sponsorship deal with the New England Patriots, New England Revolution, Gillette Stadium, and Patriot Place, designating Chain as the team's official sponsor for Web3 and blockchain technology. As part of their new partnership, Chain and Kraft Sports + Entertainment will work together to make advanced Web3 experiences using Chain's award-winning solutions and services.
- August 2022: Shemaroo, a player in Web 3.0 projects in the media and entertainment sector, has joined the market in collaboration with Seracle, a blockchain technology startup. With this new partnership, Shemaroo hopes to build a strong foundation for the Web 3.0 market, which is becoming more important as the need for better user experiences and better connections grows.
Blockchain in Media, Advertisement and Entertainment Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
-
4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers/Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Assessment of Impact of COVID-19 on the market
5. MARKET DYNAMICS
-
5.1 Market Drivers
- 5.1.1 Subsequent Commoditization of Content and Widespread Piracy of Intellectual Property
- 5.1.2 The Increasing Need for Eliminating Intermediaries Between Content Creators and End-Users
- 5.1.3 The Growing Demand for Secure and Faster Transactions
-
5.2 Market Restraints
- 5.2.1 Lack of Standardization
- 5.2.2 Expensive and Time Consuming Deployment
6. MARKET SEGMENTATION
-
6.1 By Type of Blockchain
- 6.1.1 Public
- 6.1.2 Private
-
6.2 By Size of the Enterprise
- 6.2.1 Small and Medium Enterprises
- 6.2.2 Large Enterprises
-
6.3 By Application
- 6.3.1 Licensing and Rights Management
- 6.3.2 Digital Advertising
- 6.3.3 Smart Contracts
- 6.3.4 Payments
- 6.3.5 Online Gaming
- 6.3.6 Other Applications
-
6.4 By Geography
- 6.4.1 North America
- 6.4.2 Europe
- 6.4.3 Asia-Pacific
- 6.4.4 Latin America
- 6.4.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
-
7.1 Company Profiles
- 7.1.1 IBM Corporation
- 7.1.2 Microsoft Corporation
- 7.1.3 Ernst & Young Global Limited
- 7.1.4 Bitfury Group Limited
- 7.1.5 SAP SE
- 7.1.6 Accenture
- 7.1.7 Amazon Web Services, Inc.
- 7.1.8 Oracle Corporation
- 7.1.9 Infosys Limited
- 7.1.10 Ujo Music
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityBlockchain in Media, Advertisement and Entertainment Industry Segmentation
Blockchain technology is a digitized public ledger. Initially, it was only used for cryptocurrency transactions. Processes, such as transactions, transportation, and stock management, are noted and organized sequentially without maintaining records or files.
The blockchain in the media, advertising, and entertainment market is segmented by application (licensing and rights management, digital advertising, smart contracts, online gaming, and payments), type of blockchain (public, private), size of the enterprise (small and medium enterprises, large enterprises), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Type of Blockchain | Public |
| Private | |
| By Size of the Enterprise | Small and Medium Enterprises |
| Large Enterprises | |
| By Application | Licensing and Rights Management |
| Digital Advertising | |
| Smart Contracts | |
| Payments | |
| Online Gaming | |
| Other Applications | |
| By Geography | North America |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Blockchain in Media, Advertisement and Entertainment Market Research FAQs
How big is the Blockchain in Media, Advertising, and Entertainment Market?
The Blockchain in Media, Advertising, and Entertainment Market size is expected to reach USD 1.50 billion in 2024 and grow at a CAGR of 78.49% to reach USD 27.29 billion by 2029.
What is the current Blockchain in Media, Advertising, and Entertainment Market size?
In 2024, the Blockchain in Media, Advertising, and Entertainment Market size is expected to reach USD 1.50 billion.
Who are the key players in Blockchain in Media, Advertising, and Entertainment Market?
IBM Corporation, Microsoft Corporation, Ernst & Young Global Limited, Bitfury Group Limited and SAP SE are the major companies operating in the Blockchain in Media, Advertising, and Entertainment Market.
Which is the fastest growing region in Blockchain in Media, Advertising, and Entertainment Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Blockchain in Media, Advertising, and Entertainment Market?
In 2024, the North America accounts for the largest market share in Blockchain in Media, Advertising, and Entertainment Market.
What years does this Blockchain in Media, Advertising, and Entertainment Market cover, and what was the market size in 2023?
In 2023, the Blockchain in Media, Advertising, and Entertainment Market size was estimated at USD 0.84 billion. The report covers the Blockchain in Media, Advertising, and Entertainment Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Blockchain in Media, Advertising, and Entertainment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Blockchain in Media, Advertisement and Entertainment Industry Report
Statistics for the 2024 Blockchain in Media, Advertisement and Entertainment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Blockchain in Media, Advertisement and Entertainment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
