For so long, we have been trained to believe that intermediaries are necessary in almost all aspects of life, such as finance and entertainment. Yes, the professional expertise they provide is indeed useful. For instance, in the entertainment industry, artists can capitalize on the intermediaries’ knowledge of the industry, established relationships and networks, and marketing, distribution, and promotion capabilities. As such, they help creators reach a broader audience. Moreover, intermediaries too can handle legal, financial, and logistical aspects of contracts and distribution, reducing risk for creators.
Nevertheless, despite the positive contribution of intermediaries in the entertainment industry, there is an increasing awareness now among artists, realizing that a large portion of revenues goes to agents and managers. There is also this lack of transparency in how intermediaries manage funds, leading to hidden costs.
With the above scenario, intermediaries or third parties instead of serving the interest of the artists have been proven time and again to be an obstacle. As such, intermediaries in entertainment are now viewed negatively by those who see the potential of blockchain technology to address the pressing problem in the space. It was believed that big companies raked the greater part of the rewards that are supposed to go to artists and content creators. Consequently, content creators struggle with their low income, which is identified as the biggest problem in the sector.
Addressing the above problem, here comes a new blockchain project. The name of the project is PitSnap. Its goal is to empower content creators by ensuring fair compensation and eliminating intermediaries. Utilizing blockchain technology and smart contracts, artists can get an additional source of revenue through NFT sales. Compared to the existing system, where the big companies receive the bigger share of the reward, by removing them, PitSnap’s vision, if realized, is a complete game-changer. The removal of these intermediaries is considered the biggest benefit that PitSnap can offer to content creators.
Intermediaries can lead to conflicts of interest and incur expenses, but they can offer invaluable networks and experience. By reducing or doing away with middlemen, blockchain technology and decentralized platforms like PitSnap hope to give entertainment sector artists and content producers more power and transparency.
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5 revolutionary use cases of blockchain technology for the media and entertainment sector