{"id":169590,"date":"2021-02-03T11:21:00","date_gmt":"2021-02-03T08:21:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/"},"modified":"2021-02-03T11:21:00","modified_gmt":"2021-02-03T08:21:00","slug":"india-must-revolutionize-its-digital-media-industry-with-blockchain","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/","title":{"rendered":"# India must revolutionize its digital media industry with blockchain"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a35b23a91583\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a35b23a91583\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#A_5-billion_opportunity\" >A $5-billion opportunity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#Streaming_reimagined\" >Streaming reimagined<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#Building_a_new_foundation\" >Building a new foundation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#Digital_content_on_the_blockchain\" >Digital content on the blockchain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#New_solutions\" >New solutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#Better_incentives\" >Better incentives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/india-must-revolutionize-its-digital-media-industry-with-blockchain\/#Final_thoughts\" >Final thoughts<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># India must revolutionize its digital <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> industry with blockchain <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvYWYzYWU0YWItMzc4Yi00ODE5LWJiNjUtODA3OWVjZDc3NDFlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>India has more than 65% of ut\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theguardian.com\/commentisfree\/2018\/jan\/13\/india-600-million-young-people-world-cities-internet\">population<\/a> below the age of 35, with the average age nationwide being 29 years old. Additionally, out of India\u2019s 1.3 billion people, only half currently use mobile phones, and less than half of this number are smartphones.<\/p>\n<p>Even though India is one of the world\u2019s most populated countries, internet usage <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hindustantimes.com\/india-news\/connectivity-gets-better-but-parts-of-india-still-logged-out\/story-VSqXriMdGUudWb7eBcWzjN.html\">remains<\/a> at 41%, with 700 million Indians currently connected to the internet. This leaves incredible room for growth in India, which lags behind other emerging economies when it comes to both internet access and smartphone ownership. This large, underserved population has long been the target of global entrepreneurs and mega tech corporations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_5-billion_opportunity\"><\/span>A $5-billion opportunity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.livemint.com\/news\/india\/covid-19-to-push-india-s-monthly-active-internet-user-base-to-639-mln-kantar-11588758259831.html\">survey<\/a>, roughly 84% of Indian users access the internet for entertainment purposes. In 2019, there was a surge in over-the-top, or OTT, streaming, both audio and video, primarily driven by original content and sport. For instance, the cricket World Cup streamed on OTT platforms.<\/p>\n<p>And there\u2019s also the Bollywood effect \u2014 a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.hollywoodreporter.com\/news\/why-bollywood-stars-are-heading-netflix-amazon-hotstar-1246751\">wave<\/a> of migration of movie stars from the big screen onto streaming services. This is an effort to tap into loyal fan bases and hack adoption. It may also be good business. According to one <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bcg.com\/en-ao\/d\/news\/20november2018-unlocking-indias-5-billion-ott-market-potential-210740\">report<\/a>, India\u2019s OTT streaming market is expected to be valued at $5 billion by 2023.<\/p>\n<p>This market is currently led by the likes of Hotstar (a subsidiary of Disney), which has over 300 million users. Other big players such as YouTube, Amazon Prime and Netflix, as well as domestic services, such as Eros Now, Voot, Zee5, Arre and ALT Balaji, are building up their content libraries to win market share in India.<\/p>\n<p>On the music streaming side, there are numerous options. However, despite this variety, there\u2019s still criticism over how streaming services enable the very model that many of them originally sought to disrupt. Whether it was by design or by accident, these platforms have become the new gatekeepers of digital content and distribution.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Streaming_reimagined\"><\/span>Streaming reimagined<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Technological revolutions are always carried out on the backs of idealists who often lack political clout but are driven by a burning desire for change. Many versions of this revolution are currently underway. They\u2019re reshaping industries, washing away the foundation of legacy business and letting people build new and better systems. Yet, when it comes to digital media, there is a well-entrenched status quo that remains.<\/p>\n<p>Most streaming providers currently offer either pay-to-play sub<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">script<\/a>ions or extractive ad-based systems that aggressively monetize their users\u2019 attention. But what if there was a better way to meet digital content consumers\u2019 needs while addressing limitations in current media models? There is, and that\u2019s thanks, in part, to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, that\u2019s become more commercially viable in the last few years. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Building_a_new_foundation\"><\/span>Building a new foundation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In recent years, blockchain technology has emerged as a transformative force in multiple aspects of public and private sector operations. Its promise of decentralized ownership, immutability and cryptographic data security has turned more than a few heads.<\/p>\n<p>In India, blockchain use cases are getting explored, and the technology is experiencing demand in banking, insurance, logistics and healthcare. Although it\u2019s mostly financial players that are the first movers to capitalize on this technology, others are following. We\u2019ve moved past the stage where, in practical terms, blockchain was a little more than a buzzword. Now the hype has quieted, and more real-world implementations exist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Digital_content_on_the_blockchain\"><\/span>Digital content on the blockchain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A few blockchain-connected projects have cropped up to provide an alternative to the growing hegemony of the streaming platforms. In terms of digital content, the technology is interesting from many angles. First, it potentially lessens the power held by corporate gatekeepers. This is because, at its core, it allows for the storage and processing of data in a distributed manner without interference from a central body.<\/p>\n<p>By distributing power more equitably, blockchain technology presents the possibility of redefining the relationship between content producers, brands and viewers. And this is its most exciting promise because in doing so, it alters business models and can build systems with direct participation and benefits for all stakeholders.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"New_solutions\"><\/span>New solutions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A blockchain-powered video-on-demand platform stands to simplify interactions. For content creators, a primary benefit is the removal of intermediary services. At the same time, customers can take advantage of the pay-per-view model, a significant departure from standard subscription models. But it can also be taken a step further.<\/p>\n<p>A blockchain-backed VoD platform can be designed to enable users to derive value for contributing their attention, engagement and data to the network. This is a key upgrade where financial inclusion is concerned. Instead of being treated as a commodity, getting charged for access or being bombarded with ads, users will be able to earn for watching content and engaging with the community. These rewards could come in the form of blockchain-based rewards \u2014 a benefit to users, as well as an engine to drive loyalty and growth on the platform itself.<\/p>\n<p>Such models address issues such as revenue dilution for content creators, copyright problems and \u2014 critical in a country like India \u2014 economic access to media. Additionally, in some cases, creators have to deal with lost monetization opportunities due to distribution inefficiency, non-transparent earnings and unjustified right attributions \u2014 further issues that blockchain\u2019s introduction is poised to resolve.<\/p>\n<p>On the user side, a system with new, blockchain-based incentives removes the need to worry about data privacy in the way one might under a freemium model. Such a network is trustless and secure by design, utilizing proven encryption schemes over many years. Finally, while centralized services can be censored, controlled or even taken offline, decentralized networks remain censorship-resistant.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Better_incentives\"><\/span>Better incentives<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Piracy and illegal file-sharing is a major issue for digital content creators and distributors, and it is mainly fueled by cost barriers. The result is that producers aren\u2019t properly compensated, and advertisers searching for a target audience get ignored or skipped. In particular, this is a problem for brands that crave a more direct, insight-driven relationship with consumers.<\/p>\n<p>It\u2019s possible to solve these problems by harnessing blockchain\u2019s unique characteristics to increase transparency and disintermediate the relationship between consumers and brands. For instance, proof protocols make it possible to monitor usage accurately and watch rates, deliver real-time engagement data, and reward users for attention. This undercuts the user incentive for piracy and compensates content owners. It also creates a more direct, insight-rich relationship between advertisers and consumers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_thoughts\"><\/span>Final thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While the number of internet users and smartphone owners is trending upward, India features a unique confluence of factors: a young, tech-hungry populace and relatively low penetration rates for digital technology. Not only that, but thanks to the COVID-19 lockdown, India\u2019s monthly active internet user base is estimated to grow faster than expected through 2021. Over the next five years, the number of users is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.statista.com\/statistics\/255146\/number-of-internet-users-in-india\/#:~:text=In%202020%2C%20India%20had%20nearly,for%20the%20south%20Asian%20country.\">projected<\/a> to be close to 1 billion.<\/p>\n<p>The current provision of digital content in India is rife with problems \u2014 centralized power, poor user experience, fragmented markets, piracy and structural restrictions \u2014 that limit consumer choice. Blockchain technology provides the backbone needed to revolutionize digital media by enabling innovations to customer experience, data-driven engagement and ecosystem economics for the benefit of the community.<\/p>\n<p>The vision and the technology are there; what remains is fighting the incumbents and educating consumers that there\u2019s a better digital world.<\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Mario Casiraghi<\/strong> is the chief financial officer and chief strategy officer of Xfinite Global, a blockchain-powered global entertainment platform. Mario has been enmeshed in the blockchain sector since 2016, first as the founder of DandYlion and as a partner at Blockchain Solution Partners. He previously worked in traditional finance markets, both at Bank of America Merrill Lynch and at RBS.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"consulting_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/india-must-revolutionize-its-digital-media-industry-with-blockchain\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# India must revolutionize its digital media industry with blockchain &#8221; India has more than 65% of ut\u00a0population below the age of 35, with the average age nationwide being 29 years old. Additionally, out of India\u2019s 1.3 billion people, only half currently use mobile phones, and less than half of this number are smartphones. Even&#8230;<\/p>\n","protected":false},"author":1,"featured_media":169591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDEvYWYzYWU0YWItMzc4Yi00ODE5LWJiNjUtODA3OWVjZDc3NDFlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74983,117,1545,17318,48,40445,4965],"class_list":["post-169590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-decentralization","tag-business","tag-coronavirus","tag-india","tag-internet","tag-media","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/169590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=169590"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/169590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/169591"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=169590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=169590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=169590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}