Streamline the production efficiency, license management, and fair revenue distribution with Taraxa.
The era of online entertainment calls for more transparency and a lower cost of ownership in the industry’s operations.
Taraxa offers a path to enhance the industry’s digital acumen resolving operational challenges in production, distribution & publishing.
As we move on to online everything, the entertainment sector is to face more overheads in internal processes and client relations. While Netflix boasts record revenues, the streaming giants (just like the movie studios and music publishing houses) are by no means immune to the COVID situation. Premiers’ delays, massive lay-offs, and ad revenue loss caused by the uncertainty, all had their toll on accounting, IP rights management, and production process. To navigate this ongoing shift, production studios, distribution companies, and streaming platforms all need a robust way to maintain transparency and mitigate increased operational risks.
Here we offer a glimpse at Taraxa’s potential to minimize the industry’s pitfalls through a reliable and transparent audit log at the same time delivering novel functionalities for streaming platforms, publishing companies, and online marketplaces.
Streamlined efficiency in creative assets management for production studios.
Blockchain’s ability to support multi-party collaboration around shared, trusted data and process automation across organizational boundaries bring benefits at many levels, starting with efficiency gains and culminating in reinventing how entire industry ecosystems operate. ‘The Total Economic Impact of IBM Blockchain’.
A recent Forrester’s report explores some broader internal efficiency improvements achieved through a blockchain solution that serves as a natural fit for the media & entertainment industry. Interviewed organizations described efficiencies as one of the key opportunities for reducing their operational expenses: streamlined billing, eliminated disputes, and consistent documentation.
Taraxa secures business processes in the entertainment sector through a reliable audit log of all operational records. The platform delivers a secure and fast digital infrastructure for creative assets management with smart contract support.
- Trustless chain of custody of facts and events to establish responsibilities, rights, and liabilities throughout the entire life cycles in accounting, authorizations, and production, allows to mitigate disputes and IP infringements.
- Transparent IP rights management.
- Secure sharing and retaining sensitive creative assets and commercial information.
- Streamlined production and auditable day-to-day operations.
Self-executing contracts to facilitate license management.
A blockchain-derived content identifier, when used in the service of creators and their works, could become one of many unique identifiers already in place, such as ISBN, ORCID, DOI, ISNI, ISRC and so forth. Techcrunch
Taraxa allows publishing companies to manage and store IP rights and license terms on a time-stamped ledger. Its immutable data access log of read/write permissions makes it easier to legally enforce license terms once an infringement occurs.
- Self-executing licensing contracts enforce the license terms and enable automatic transfer of IP rights and execute license payments.
- For copyright recordation, terminations and transfers, the platform will provide updates in the reversion of rights back to a creator, or transfer to a new agent, or other recorded rights transactions of that sort.
- IP rights are properly tracked: digital rights management companies can access the full record of transactions at any point and use the records log to prove ownership in court.
Transparency of revenues for streaming and distribution.
CitiGroup reports that although the US music industry spend is at an all-time high of $43 billion a year; the artist only takes home $5 billion, or about 12 percent.
Primarily relationship-based, the industry’s middlemen margins and stealth profits often put creators and distributors at a disadvantage. Blockchain offers a path to resolve the problem of fair revenue distribution for digital marketplaces, distributors, and streaming platforms alike. Direct micropayments to artists for every stream of their content and complete control of their creations is a strong value proposition for every platform seeking to onboard new creators or sign new licensing deals. Infused with Taraxa’s tamper-free audit log, they will have an opportunity to generate new revenue streams and a significant uptick in users.
