Full disclosure : I am at best a speculator and dreamer in the field of crypto, at worst, an uneducated buffoon speaking out of my blowhole.
That information notwithstanding, I had the pleasure of being gifted a ticket to the 33rd International Live Music Conference, a professional event for those working at the top of the concert industry. As with most live events this year and last, the event has had to move into a "virtual" space, a catchall phrase being used to describe an event that does not happen in the physical world. (MEATSPACE)
I'm not going to bore you with details about the mind-blowing 360º VR concerts, with full selectable camera angles, and ambisonic recording techniques.
I'm not going to talk about how the Billie Eilish "Where do we go now?" Livestream offered fans an immersive, 3-D concert experience, thanks to multiple cameras and extended reality (XR) technology.
What you care about is numbers.
And the numbers are massive.
According to this TechJury Blog. The live streaming market will be worth over $70 billion by 2021, Livestream has the largest market share of live streaming platforms, at 34.97%.
In this report from Grand View Research: https://www.grandviewresearch.com/industry-analysis/video-streaming-market
they surmised that:
"The global video streaming market size was valued at USD 50.11 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028. Innovations, such as blockchain technology and artificial intelligence, to improve video quality are expected to boost the market growth."
And this is where it gets interesting. Where will blockchain be deployed?
The easiest answer would be - ticket sales, merch and donations to the artists. Any exchanges that have to be done already require digital currency, with PayPal being the preferred method of payment, making currency exchange fairly simple.
Could this be replaced with Ethereum?
Facebook has aready incorporated the "Stars" reward system for streamers, where content "consumers" can gift stars to creators - the current worth of the stars is as follows:
Stars Value
- 1 Stars $0.01
- 100 Stars $1.00
- 1,000 Stars $10.00
- 10,000 Stars $100.00
- 100,000 Stars $1,000.00
- 1,000,000 Stars $10,000.00
A payment is made after the content creator has earned 10,000 stars or $100USD - this is essetially a token system that could be modified to be incorporated into blockchain technology.
this is the end of this post, in the next post I will take a look at a few different scenarios where emerging streaming platforms that use NFTs could evolve into live-concert video streaming platforms, where both the consumer and the content producer could earn cryptocurrency by engaging with the platform.
The future is really exciting.
