5 revolutionary use cases of blockchain technology for the media and entertainment sector

PitSnap leverages blockchain to empower content creators, ensuring fair compensation and eliminating intermediaries in the booming entertainment industry.

The music and entertainment industry has been skyrocketing during the past years. Particularly, the digital sector has seen a significant rise in content and creators. Current studies show that digital content and streaming services such as Netflix and Amazon Prime make up over 90% of the market, while classic sales, for example of CDs, only reaches about 8%, an all-time low.  Today, the number of content creators in the USA is higher than those of doctors, lawyers and police officers. However, there are also several issues the industry is facing.

The current problems of the music and entertainment industry

The biggest problem the music and entertainment industry is facing is the low rewards that content creators receive. A YouTuber for example needs about 300.000 views per video, just to make about 800$ with their content. 

This means that despite the huge increase in the revenues of the digital media and entertainment sector over the last years, artists and creators are finding it more and more difficult to make a living. This is one of the biggest issues and challenges creators and artists face and it is the main issue PitSnap wants to solve. 

The music and entertainment sector and blockchain: The benefits

One potential solution of the above issues is blockchain technology. NFTs for example have become popular in the monetization of art, allowing creators to get an additional source of revenue. Smart contracts make business on the blockchain easier than ever. But the biggest benefit of the blockchain technology is the possibility of P2P business without any third parties or intermediaries. 

This means that artists and creators can sell their content directly to their fans and receive their rewards in a transparent manner, with only minor fees deducted. Compared to the traditional sector where the big companies in the back receive most of the money this is a complete gamechanger. The entertainment market becomes more interesting and also more transparent, as it can take advantage of the benefits coming from blockchain technology, such as high transparency, security and decentralization. Artists and content creators can finally take their business into their own hands. 

PitSnap: Combining media and entertainment with blockchain technology

PitSnap is a project dedicated to revolutionizing the media and entertainment industry. The project is run by a dedicated team with a huge amount of experience in both the crypto field, as well as the media and entertainment sector. As such, the team is aware of the most pressing issues the industry faces, as well as of the potential of cryptocurrency and blockchain technology for the sector.

PitSnap aims to connect artists and content creators via blockchain, removing the need for a third party or intermediary. This helps to maximize profit and solves one of the biggest issues the media and entertainment branch is currently facing. Blockchain with its smart contracts and possibilities to use NFTs offers a perfect infrastructure for digital goods and arts, such as music and other content. 

5 use cases of blockchain technology in media and entertainment

The use of blockchain technology in media and entertainment allows for plenty of opportunities for artists and content creators. It is possible for example to sell albums or arts directly without an intermediary party.

Artists and creators can easily offer their work to the masses and benefit from the ease of use and the security of crypto currencies and blockchain technology. The biggest advantage however will be the fact that artists and content creators can receive their hard earned money without any third party involved. 

PitSnap’s solution for media and entertainment: Summary and final thoughts

The media and entertainment sector is known for its popularity, but also for being the land of greed where the big companies take away most of the earnings from artists and creators. PitSnap wants to change this by introducing blockchain technology to the industry. This means no more intermediaries, more flexibility and higher revenues to the artists. 

It comes as no surprise that the project has caught the eyes of both content creators and cryptocurrency enthusiasts. If successful, PitSnap could revolutionize the whole industry. With the token sale starting in 2024, it remains to be seen what the future holds for the project and how PitSnap will penetrate one of the most competitive sectors today. One thing is certain – the project strongly believes that blockchain technology holds the key towards the future of the sector where artists and creators can be compensated fairly for their efforts and focus on what matters most – the quality of their art.

To learn more about the PitSnap project, make sure to visit the website and read the white paper, which describes it’s vision in-depth: www.pitsnap.io