This study investigates how new digital technologies, such as blockchain, are transforming the economics of the creative industries today, generating innovative business models of producing, delivering, and consuming creative products. The internal structure and development patterns of the creative industries system were analyzed to understand what positive outcomes may be induced by blockchain technology. As momentum builds to prioritize its application within the creative sector, this research maps out the benefits and opportunities for sector’s members, including protection of intellectual property rights, overcoming piracy and counterfeit, and attraction of investors. The adoption of blockchain technology influences not only the behavior of creators and artists but also decisions made by investors. With this purpose, coins, cryptocurrencies, and tokens, created and stored electronically on the blockchain, with the highest market cap across seven sub-sectors of the creative industries—advertising, art, communication, content creation, entertainment, gambling, and media—were compared and analyzed. The larger is market cap of cryptocurrency in the sub-sector, the less risky this cryptocurrency is. Using comparison analysis, cryptocurrencies which are in the top ten largest cryptos by capitalization in several sub-sectors simultaneously were identified that indicates the stability and reliability of the project in the long term, reducing risks for investors and increasing more opportunities for creators and artists in these sub-sectors.

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Blockchain in the Creative Industries: Opportunities and Benefits for Creators and Artists

  • Iryna Skavronska

摘要

This study investigates how new digital technologies, such as blockchain, are transforming the economics of the creative industries today, generating innovative business models of producing, delivering, and consuming creative products. The internal structure and development patterns of the creative industries system were analyzed to understand what positive outcomes may be induced by blockchain technology. As momentum builds to prioritize its application within the creative sector, this research maps out the benefits and opportunities for sector’s members, including protection of intellectual property rights, overcoming piracy and counterfeit, and attraction of investors. The adoption of blockchain technology influences not only the behavior of creators and artists but also decisions made by investors. With this purpose, coins, cryptocurrencies, and tokens, created and stored electronically on the blockchain, with the highest market cap across seven sub-sectors of the creative industries—advertising, art, communication, content creation, entertainment, gambling, and media—were compared and analyzed. The larger is market cap of cryptocurrency in the sub-sector, the less risky this cryptocurrency is. Using comparison analysis, cryptocurrencies which are in the top ten largest cryptos by capitalization in several sub-sectors simultaneously were identified that indicates the stability and reliability of the project in the long term, reducing risks for investors and increasing more opportunities for creators and artists in these sub-sectors.