The streaming wars are heating up from Netflix to YouTube, Spotify and Amazon; today everyone is streaming digital content.
This year alone, it is estimated that the streaming industry generates revenues of US $ 12.4 billion. Perhaps one of the biggest problems facing the industry is CONFIDENCE. There is still a lot of distrust from content creators who believe that these companies are not paying content creators fairly. The system that accounts for royalty payments is fully managed by the company, in a proprietary system that can be manipulated in favor of the streaming platform, leaving content creators wary of distributing content based on revenue sharing.
The problem with online streaming
Digital streaming has many advantages for content consumers, but for music artists, for example, many face the inability to monetize their work on third-party platforms and are unable to verify royalty payments.
The way it usually works with music streaming platforms is Artists who grant YouTube permission, for example, to stream their music in exchange for royalties paid based on advertising sales and, in some cases, content viewing. The artists, however, are not equally compensated by the music streaming giants, even if they have the same number of streams. Some artists are more rewarded than others, depending on the musical genre, geographic location and other undisclosed factors. The lack of transparency in determining how artists are rewarded is an important issue that the music industry is trying to resolve.
The disparity in payments has led to much criticism from artists claiming that they were not being fairly compensated for their work.
CEEK VR has partnered with Microsoft to offer content sales and usage tracking on the blockchain, as well as automatic payments from rights owners through smart contracts, so there is no human interference and discrimination over who gets paid for what they broadcast the content.
This innovative company tracks the sale and use of content on the distributed ledger blockchain created on Microsoft's Azure Blockchain Service. Thanks to this partnership, CEEK VR allows the tokenization of smart tickets for content creators, who can easily track content viewing on the blockchain. This mechanism ensures that royalty payments to artists are based on reliable data, easily verifiable in an unchanged book.
In addition, content creators will also be able to tokenize merchandise and track sales in real time through the use of blockchain technology. The artists could finally be well compensated for their work, increasing their revenue by offering access to authenticated merchandise, live performances and unique experiences for audiences worldwide.
Microsoft is also playing a key role in the adoption of blockchain technology at various scales. As part of its future blockchain as a service offering, the company will also provide customers with a blockchain data manager designed for enterprise-scale data integration, simplifying large-scale blockchain data management.
For more information about the platform, visit www.ceek.com and for more information about blockchain, visit Ceek.io.