Market Size of Blockchain in Media, Advertising, and Entertainment Industry
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 |
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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 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, Advertising, and Entertainment Market Size Summary
The blockchain technology is significantly transforming the media and entertainment industry by disrupting existing business models and facilitating the creation of new ones. This transformation is driven by the need to combat content commoditization and intellectual property piracy, as well as the demand for more secure and efficient transactions. Blockchain enables direct interactions between content creators and consumers, reducing the reliance on intermediaries and potentially increasing profits for copyright owners. The technology's ability to provide real-time consumption-based pricing and its immutable state and digital identity features are particularly beneficial in reducing transaction costs and enhancing payment applications. The rise of NFTs and cryptocurrency payments further illustrates blockchain's growing influence, offering new avenues for monetization and engagement in the industry.
The competitive landscape of blockchain in media, advertising, and entertainment is moderately concentrated, with a few key players leading the charge through strategic partnerships, collaborations, and product innovations. Companies like Binance and YG Entertainment, as well as Chain and Kraft Sports + Entertainment, are examples of collaborations aimed at leveraging blockchain for NFTs, gaming, and Web3 experiences. These partnerships highlight the industry's shift towards integrating advanced digital solutions to enhance user experiences and streamline operations. Despite challenges such as lack of standardization and the high costs of implementing new technologies, the market is poised for substantial growth, driven by the increasing adoption of blockchain solutions across various media segments.
Blockchain in Media, Advertising, and Entertainment Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Assessment of Impact of COVID-19 on the market
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2. MARKET SEGMENTATION
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2.1 By Type of Blockchain
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2.1.1 Public
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2.1.2 Private
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2.2 By Size of the Enterprise
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2.2.1 Small and Medium Enterprises
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2.2.2 Large Enterprises
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2.3 By Application
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2.3.1 Licensing and Rights Management
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2.3.2 Digital Advertising
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2.3.3 Smart Contracts
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2.3.4 Payments
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2.3.5 Online Gaming
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2.3.6 Other Applications
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2.4 By Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Blockchain in Media, Advertising, and Entertainment Market Size 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.