Content producers have relied on a centralized agency to distribute their content and link it to any marketers willing to pay for associated time slots since the dawn of broadcasting, from radio to TV, cable, and streaming. The invention of the internet and the World Wide Web opened up possibilities for self-broadcasting for content creators. But they must still rely on the big players to host their content and to link that content to marketers and consumers. Now, that could be about to change with blockchain application development for decentralized streaming solutions.
Live Streaming Challenges
The downtime needs to be zero for Live, so the first prerequisite is to develop a stable and scalable system to ensure maximum usability. This suggests that service suppliers take the same approach as conventional broadcast networks.
Furthermore, the lack of control over the entire distribution network makes Live Streaming so prone to interruption and poor experience and service quality. Typically, content providers rely on a supplier of CDN services and pay heavy fees. But not every network provider has the same behavior or availability, so it can impact your performance.
OTT is designed on top of the technology of HTTP. A technology that was originally developed to view web pages as quickly as possible, but is not a protocol in real-time to cope with live streaming constraints. For this reason, a side effect of this technology is known to be latency.
Metadata refers to all the information that follows the video. It’s what determines the material and provides its title, definition, volume, and much more. It may also provide information on ad breaks and other technical details required by a service like Hulu. Again, all of this backend data is not structured because of how modern live streaming is.
Introducing Blockchain for Live Streaming
Enhancing Data/Content security and Monetization Models
Any content creator aims to monetize their work somehow, either through direct payments, subscriptions, or ads. There are several obstacles to communicating with customers and they are mainly connected to economies of scale. This is why relying on broadcasters to distribute content and draw advertisers has always been simpler.
Content producers have relied on large broadcasters to create an audience that advertisers felt confident enough to address, without a way to securely collect information about audiences so that they feel able to share their data. Thus, broadcasters became gatekeepers, restricting and limiting the types of content that would be transmitted, which they felt would receive the most attention.
Blockchains allow the safe collection and authentication and validation of data in a decentralized manner. This has the ability in our industry to offer customers more choices in terms of the type and quantity of information they are prepared to share and with whom they share it.
This technology can help content producers and marketers directly communicate with customers and completely bypass aggregators and big media companies. Independent and fringe content creators will now have additional possibilities to monetize their innovative work and interact directly with targeted advertisers on one hand and customers on the other.
Applications for Inventive Advertising Models
Since blockchain technology can directly link content creators and advertisers with customers, without a central authority to mediate it, viewing habits and other data can be collected and exchanged. This enables marketers to offer customers more relevant content.
Equally significant, a completely new way to generate traceable revenue and to prevent pirated copying through peer-to-peer business transactions will allow content creators who would otherwise have no effective way to securely monetize their creative work and to securely pay their colleagues.
A blockchain-based crowdfunding and distribution platform aimed at film and TV content creators has been developed by the UK-based company LiveTree. Content producers can upload their content to a streaming service similar to Netflix and track their viewership.
Consumers will determine which information they want to make accessible since while blockchain-based database safeguards and optimizes user data collection. Consumers may, for instance, exchange information about what destinations they find interesting. Also, they can permit marketers to target them with advertising about those destinations.
Streamlining Licensing, Royalty Management, and Costs
However, blockchain will help content creators monetize their products, not just advertising dollars. Control of rights is another area where content creators can benefit from blockchain use.
ImageRights International uses blockchain technology to connect the photographs of a photographer to the registration number of the US Copyright Office. It enables them to easily identify and demand compensation for unauthorized use. Blokur music rights management platform uses blockchain to ensure that when a third-party wants to acquire work, recording artists get their pay promptly and equally.
Simplified and Cost-effective Models for Audience and Creators
Another exciting blockchain application in live streaming is it enables both viewers and broadcasters to monetize their data collection.
During a broadcast, for instance, viewers could be allowed to engage with the show or advertisement they are watching.
When audiences have signed up, they engage with a commercial’s targeted elements and earn points with a real-world value. That they can use to purchase the advertised products or services.