How blockchain is being utilized in the media is a question that intrigues me, your thoughts are welcome!
To continue a bit more with what Marlon mentioned, ownership is probably the most important function of Blockchain. For example, if there was a music streaming platform on Blockchain, every time an a song is streamed the smart contract could auto distribute funds to the artist, completely removing the need for publishers (who are usually more problematic than helpful).
It also enables individuals to take more ownership of their information and data. As Web 3 becomes widely adopted, we’re going to see a massive shift in advertising business models and strategies, where users now control how their information is being leveraged by brands and AdTech. It’ll severely limit corporations ability to package and sell user data without getting more granular permissions and potentially even having to incentivize users.
Blockchain has the ability to (hopefully) reinstate integrity and trust in journalism and news media. The challenge unfortunately, is that even though publishing on the chain enables the community to identify the origins of an article, it doesn’t solve for validating the publisher’s source of that information… If someone can develop a way to validate sources, then we’ll finally have an inception to distribution solution. The hard part to answer though, is how do we technically enable news source verification and validation?
A lot of the initial focus has been around rights management, but I think the applications are quite diverse beyond that. There are quite a few projects on the blockchain around the distribution and monetization of music and videos with Blockhain providing accurate data on streams and purchases. Blockchain’s ability to establish the origin and history, a few projects trying to combat the ‘fake news’ problem have sprouted up. Additionally, with DAO’s, new avenues of funding and revenue open up for media productions. Then there is the DeSo blockchain protocol that is looking to reinvent social media for Web 3.