Markets and Markets research company forecasts the global blockchain in media, advertising, and entertainment market to grow from USD 51.4 million in 2018 to USD 1,000.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 81.1% during the forecast period.
The rising demand for eliminating intermediaries between content creators and end-users, increasing instances of data piracy in the media, entertainment, and advertising vertical, and the growing need for secure and faster transactions are expected to drive the market.
By providers, the blockchain in media, advertising, and entertainment market has been segmented into application providers, middleware providers, and infrastructure providers. The application providers segment is expected to grow at the highest CAGR during the forecast period. Application providers help media vendors to reduce the costs associated with contractual agreements and distribution of profits, eliminate intermediaries, and decrease manual processes.
Based on applications, the market is segmented into licensing and rights management, digital advertising, smart contracts, content security, online gaming, payments, and others (content distribution and dynamic pricing). The payments application is expected to have the largest market size during the forecast period. The blockchain technology provides real-time payments against assets with an immutable state and digital identity, thereby resulting in 40-80% reduction in transaction costs. The technology helps in automating the payment processing activities, eliminating the need for intermediaries, and reducing the administrative costs and time for the providers and payers.
Among enterprises, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The increasing demand for the integration of the blockchain technology-powered solutions in the media, entertainment, and advertising vertical is expected to drive the SMEs segment in the market.
North America is expected to have the largest market size in the global blockchain in media, entertainment, and advertising market, while APAC is expected to grow at the highest CAGR during the forecast period. The North American region has witnessed increased investments in the blockchain in media, advertising, and entertainment market. In the region, the blockchain technologies are effectively used in media, entertainment, and advertising vertical for various applications, such as licensing and rights management, digital advertising, smart contracts, content security, online gaming, and payments.
Source: PR Newswire. For additional information or to order the report, contact Research and Markets – https://www.researchandmarkets.com/research/sv6dck/global_blockchain