There’s never been a better time to be a TV viewer. Whether it’s binging on the latest series from Netflix or Amazon, or tuning into pay per view or free to air channels to catch up on your favourite show, most viewers would agree that content has developed rapidly in recent years to a point where TV shows are often cinematic experiences.
Shows have moved on, audiences are more sophisticated and platforms are multiplying by the month. But the dynamics of the television industry are floundering in the past. Each year the industry spends $240 billion on content, and this figure is rising by 10% per annum. Deals are conducted the old fashioned way: expensive middlemen earning up to 35% on commission, negotiating prices with each broadcaster over a period of five or six months. The same method is employed for negotiating sponsorship. It’s like the era of Mad Men is still with us.
This has to change if traditional television networks have any chance of survival. Costs have to be cut somewhere, and audiences will not accept cheaper content.
The solution is to use Blockchain to reinvent how the industry does business. Vuulr is delivering a Blockchain based marketplace where content producers and buyers can make deals without the need for intermediaries. Content rights and sponsorship deals, so laborious and costly to negotiate at the present time, will be transacted globally on a digital marketplace.
The Ethereum Blockchain is a ready-made ledger system, and with Vuulr implementing the MovieLabs Digital Distribution Framework (MDDF) on the Blockchain, all the costly and time consuming paperwork required presently to finalize transactions will be consigned to history.
Vuulr offers a two-pronged approach to revolutionizing how TV deals are brokered. The Vuulr Marketplace will bring content producers, networks, sponsors and any other stakeholders together in one digital space. The Vuulr Supply Chain, built on the Ethereum Blockchain, will be the single ledger-space of the ecosystem, becoming the industry standard method of transacting business deals. The Vuulr Supply Chain will operate as a not-for-profit venture and serve to underpin the transactions that occur on the Vuulr Marketplace.
Vuulr is a member of EIDR, which delivers easily identifiable cataloguing for content, just like ISBNs for the publishing industry. And with each title listing available to be viewed by all stakeholders, metadata-the plot synopsis, actors, directors-need not be reproduced from the beginning by each network or platform purchasing the product.
Instead of trade fairs and expos, deals for one territory, then another; why not bring all stakeholders together to one marketplace, develop high-end searching capabilities, allow space for content producers to show their wares and let sponsors in on the ground floor when the deals are taking place? And why not make it to the agreed industry standard by having a powerful smart contract and ledger system such as the Ethereum Blockchain underpinning each transaction? All of the time and money that is now wasted on middlemen and lawyers will be available to be ploughed back into what the viewers demand: quality content at a price that they can afford.
Read more and register your interest in the Vuulr pre-sale here
Read the Vuulr whitepaper.