Hyperledger Foundation Hyperledger Global Forum 2021, 11 Jun 2021

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From YouTube: How Blockchain will Reengineer the Media Value Chain in the Covid & Post-Covid World? -Rajesh Dhuddu

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How Blockchain will Reengineer the Media Value Chain in the Covid and Post-Covid World? - Rajesh Dhuddu, Tech Mahindra

Since 2018-19, the Media & Entertainment industry has been undergoing a shift with increasing number of viewers migrating from the ‘linear’ broadcast services to Over-The-Top (OTT) services. Further, the demand and consumption of content had been on an exponential rise. Viewers are demanding more content and to address this requirement, the media companies have started producing more titles on a regular basis making them prone to piracy, content infringement, IPR violations and royalty related disputes. The onset of the pandemic in 2020 further accentuated the trend towards OTT platforms as there was a global lockdown on theatrical distribution. In his talk, Rajesh will delve on the prevailing challenges in the media and entertainment industry and how blockchain can be the savior by protecting the media companies from reputational and monetary losses in today’s world.

Session Details & Slides (if available)- https://sched.co/j3fD
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I I'll just share my uh presentation, uh hello, everyone. My name is rajesh to do I'll.

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Set tech mahindra today I will be talking about the media value in the post uh kovic world, uh so terms the ongoing pandemic. There are no theatrical releases that are happening and many many releases movie releases in different parts of the world have moved over to internet and they have moved over to you know various other.

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uh It doesn't come as a surprise that the industry lost 30 billion dollars in the year 2020 alone, primarily owing to the log, and it is a staggering 70 percent uh plus loss com- yes previous year. So given this kind of uh scenario, major disruptions that are being observed in the global media and entertainment industry, uh one is in terms of even before the pandemic, there has been a significant shift in the way people consume media. They have been.

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You know, on rise of binge watching and there has been shift to the medium like netflix, like hulu, prime video, so on and so forth. So.

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The otg providers have been gaining significantly compared to the theaters or compared to the television broadcasters, and with this there is also.

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Growing threat of intellectual property rights, violation and privacy, advent of ott platforms make things a lot more difficult, there's mushrooming of many channels, and sometimes the content also moves from one particular channel or one particular ott platform to another.

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Movement prevented or preempted, but what needs to be taken care of are the underlying ipr rules and also the ipr protection, and we also know that there is a concept of jio blocking and the contractual provisions with the various broadcasters ask for geo-blocking to be enforced. That means once the content is licensed to a particular broadcaster or it is licensed to a particular ott platform in a particular geography.

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It cannot appear on any other ott platform in the same geography.

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uh If there are infringement of those provisions, the the impact is significantly high and the damages are very, very, very, very high, so the jio blocking emerged as a new challenge for a lot of media and entertainment companies and added to that there has been a significant decline in the revenues.

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So uh while these major disruptions were observed, uh what still remains important and what still remains paramount- is a content tracking of production and payments, which are very, very important for business continuity, as a result of which we need to look for next generation solutions which which will help the media and entertainment companies to overcome the challenges so can blockchain help in our understanding.

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Yes, the blockchain can help the media industry primarily to write the new normal, especially in the covid, as well as the post-covet world, because of the inherent uh benefits that blockchain brings to the media and entertainment companies. Apart from enhanced security, it provides immutability and provenance a real time view of data, and most important is the improved transparency.

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So let's see how it is going to how this is going to going to help.

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uh With regards to the mushrooming of the ott platforms, and with regards to the shift in the media consumption, I mentioned that digital rights management system becomes very, very important as a result, and it is not just having a digital rights management system, but it also having a system that is equipped with features like geo, fencing with features like ipr management, which kind of prevents cross pollination of content, and also the sneaking of the content into various geographies and into various various channels.

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And we know that blockchain brings in an inherent capability, which is the one-way hash function using secured hash, algorithm or any other or algorithms of that particular nature. And when you do the forensic water marking and when you enable the forensic water marking with the hash functions, it will result in a very good track and trace capability and which will also help to identify the original content from the fake content. It will also help to differentiate the original content from the from the fake content.

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In addition to that, given the innate nature of blockchain to facilitate micro transactions and micro payments, that particular init feature of blockchain can be leveraged where micro payments can be enabled for digital artists. So in essence, uh we believe that media companies leveraging the blockchain adequately will be in a better situation to grow 10x in the next three to five years.

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So uh is there any other technology that can provide uh benefits that a blockchain can provide to the media and uh to media and entertainment companies? The answer is no because in terms of given the wide nature of the benefits, there is no other technology that comes closer to closer to blockchain.

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You know, media and entertainment companies have multitude of systems.

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If I talk about the systems, they have a content management system, they have an affiliate management system, they have a conditional access system and various other systems, but the problem with these systems is, they are very, very siloed, and the data from one system does not move to the other system in a seamless fashion, as a result of which there is there is no exchange of information and that lack of exchange of information in a seamless fashion brings in many many challenges for media and entertainment companies, so that presents an opportunity for blockchain implementation, where blockchain can be implemented as a trusted middleware that links all these operating systems in a media and entertainment company aggregates the information from these systems and presents it as a single source of truth, as a result of which, because of the lack of information there is uh people, do not end up violating on their contractual obligations.

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So the benefits are multitude, whether it is automating the contracts facilitating transparency in royalty payments, lowering the transaction cost addressing the fake news, reducing the copyright in infringement and so on and so forth. There are many many benefits that blockchain can provide or can endo to the players in the media and entertainment industry.

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So, let's see in terms of how does it cut across the value chain within the within within the media industry, uh primarily from a content value chain perspective, so the opportunities are there in royalties, where blockchain based platform can enable near real-time micro payments. The opportunities are in contract management, whether it pertains to digital media resale or whether it pertains to automating contract creation.

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Opportunities are in digital advertising, with respect to audience, data sharing, ad campaign, reconciliation reporting and more important, most important from a rights management perspective where it facilitates record keeping from uh from a on a universal basis and most important in a trusted and immutable fashion. So what is it going to lead to? It is going to lead to a provenance with respect to the ownership of digital assets. It will lead to enhanced licensing and monetization.

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It will lead to increased efficiency in audience. Data sharing, reducing the time spent in reconciling the campaign data. So there are many many many benefits that are that are there from.

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The many many benefits that are there from integrating or from localizing or from internalizing uh blockchain in the uh day-to-day operations for a media and entertainment company. So, let's see in terms of uh what the players are doing in the industry. I I've been able to collate some examples here. There are both large players, as well as small players who have started this particular journey with blockchain, and then they only intend to enhance their adoption, whether whether it is in the ongoing pandemic or the postcovid world.

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So if we have good examples from comcast disney in 20 as early as 2018 comcast has announced a blockchain insights platform with nbc, uh covering channels like disney channel 4 and the others, primarily from an uh from a perspective of sharing the sharing. I mean primarily from a perspective of establishing the authenticity of the viewership establishing the authenticity of audience without sharing data. So and what has it resulted in? It has resulted in focused advertising, a better planning and an ability to reach the target audience the intended target audience.

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We've seen this with respect to spotify, which has come up with a media chain uh primarily to work on developing uh next generation technology, which, with the name of connecting artists and the other right holders of you, know who are who who own a particular music track or who are the rightful holders of the music music track and it'll help to identify. It will help to establish the ownership which, which becomes very, very easy on the service that is hosted on uh on the spotify's media chain.

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And there are examples from people like prs, sakam and ascap. These are the royalty collection agencies which have built a blockchain network primarily to manage music copyright or the information pertaining to the music copyrights.

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So uh there are leading industry platforms like blockchain based contracts and rights management system. It is consider it as a platform which, which is a single I mean one source or which provides a single window kind of uh an approach and which caters to all the aspects that are important from a day-to-day operation in media and entertainment industry, whether it pertains to contracts, the rights management track and trace and royalty payments. Based on my experience, there's not much of digitization that has happened in media and entertainment industry.

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You will have many many production houses which still maintain their contracts either in the word documents or the pdf documents, and they are contained in the in boxes or in the folders of some key people in that particular entity and the rest of the people in the organization do not have access to these contracts and important provisions pertaining to geo-blocking or important provisions pertaining to royalty, royalties or payments are contained in this particular contract.

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So there is no mechanism to harness the information that is contained in this contract and facilitate easy access to that particular information to different user groups within the organization and I've also seen uh with respect to royalty payments there. No there's not much of automation. Many many royalty payments are still managed on excel and there is no exchange of information between the various parties who provide inputs into those royalty payments and same is the case with the rights management or with track entries.

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So the bc rms platform is a one platform which addresses all these aspects. It starts with digitization of the contracts and it not only facilitates the digitization of the contracts but but extraction of the key contractual provisions and conversion of those keep contractual provisions into smart contracts which can be used across the organization, and they provide very good inputs to the royalty calculations on an automated fashion and also tracking the uh tracking the digital rights management in an easy fashion.

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That's what the platform platform does and with the advent of nfts the non-fungible tokens uh and for some of those who are not initiated into the exciting world of non-fungible tokens they're. Basically, uh tokens which establish the provenance of ownership of a digital file. It could be a music file or it could be a picture.

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It could be a you know, it could be a video file and what nft does is it helps people to have the ownership on digital collectible or crypto collectible in an undisputed fashion and what we are doing with respect to, or or rather what we are seeing as a trend in the industry is to have these nfps integrated into the platforms like uh blockchain powered contracts and rights management system.

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The platform that I presented to you so that it not only tracks the rightful owner, but it also establishes the provenance of that particular ownership along with an associated non-fungible token, and this is being integrated into the blockchain uh blockchain platform. So what what do we gain to accomplish? Or what does the industry gain to accomplish by integrating the functionality of a non-fungible token into a blockchain uh blockchain platform it is to.

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It is from a perspective of two aspects: one is: it is helping people to tokenize the ip, not only helping people to tokenize ip, but also to facilitate the what we call as the fractional ownership of digital assets.

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So it is going to bring in the monetization capabilities with an underlying non-fungible token, for example, if there is uh if, if there is a turning moment in in a particular uh episode or or in a drama series- and you could take that particular turning moment and then you can mint underlying non-fungible tokens and you can possibly put it up for sale in a nft marketplace, it could be audio visual clips of popular movies or it could be grammy clips oscar clips as uh as the underlying non-fungible tokens, and obviously it also helps people manage the incentives, uh primarily from a perspective of the subscribers or the bias of the movie clips or the music labels, and will also help to drive royalties, especially in the context of fractional uh ownership.

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So in essence, uh to sum it up, there will be multitude of opportunities in the post-covered world. uh The the key is to spot those particular opportunities based on the problems or the burning problems that are there or the problems that that have been around and which couldn't be solved through non-blockchain implementations.

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There's an opportunity to solve those by uh by incorporating or by internalizing, blockchain and various other blockchain powered platforms in media and entertainment industry. With that, I will bring my presentation to an end. I am happy to take any questions that the audience may.

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If there are any questions, uh please go ahead and put those questions for me in the chat screen I'll, be I'll, be happy to pick them up. I'm seeing some comments thanks, satish thanks for your kind.

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Okay, I'll take this, uh take it as no questions. uh It's a pleasure uh interacting with all of you on this virtual platform. uh If you need any further information, please feel free to reach out to me at my coordinates, rajesh.do at techmahindra.com.

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Thanks for watching my presentation, please stay safe and wish you all a great day ahead. Thank you, bye for now.