7 Feb 2022 | Blockchain, Emerging Tech,Traceability
The Indian Media and Entertainment (M&E) industry is a sunrise sector for the economy and is making a significant impact, and the same also proves its resilience to the world. At present Indian M&E industry is on the cusp of an intense growth phase, backed by rising consumer demand and Internet bandwidth fueling the Streaming digital video Industry.
According to an EY report, the Indian media and entertainment (M&E) sector stood at Rs. 1.38 trillion (~US$ 19 billion) in 2020 and is estimated at Rs. 1.73 trillion (~US$ 23.7 billion) in 2021. Further, it is projected to grow to Rs. 2.23 trillion (~US$ 30.6 billion) by 2023 due to acceleration of digital adoption among users across geographies.
India Entertainment Industry is growing at a very rapid pace. The box office collection determines the success or failure of a movie. The box office collection is dependent on various factors like directors, actors, actresses, technicians, production houses, musicians, marketing, etc. But yet, it is highly influenced by the reviews and feedback given by the people, critics, media, etc. Due to the latest trends in the marketing field, digital media is used as a form of recommendation system where users read the reviews about a movie or the ratings rated before deciding to watch a movie. The existing problem identified with these reviews is that nowadays, bots are deployed to increase the reviews. Also, fake reviews negative reviews are a significant concern since most of the reviews are given by people without watching the movies. These problems create substantial financial losses to the company, its people, and the movie industry.
So to overcome the existing problems, we are considering using Blockchain technology as the future of the entertainment industry. Since blockchain is a distributed network, we can use it to store the reviews given by the user, which is non-comparable, which can help rate a movie correctly, said Kiran Meegada, Founder – of Movilti
Because of the genuine reviews stored in blockchain, movie lovers can choose the correct film and make a good movie successful, thereby increasing the box office collection of the movie.
Movilti is a Global Review Platform for Movies, Web Series, Short Films, Video Songs and Music Bands. It is a new age AI & ML based company based out of the USA and has operations in Hyderabad, Telangana; It has collaborated with Hyderabad based Blockchain startup TRST01 to enable a Blockchain review mechanism.
The pandemic has ravaged the Indian movie industry; a considerable amount of content was released on OTT platforms, including high budget films. OTT viewers were stuck with “What to Watch” and “Where to Watch”? But for Movilti, all that time at home has been a boon. “We love talking about movies,” said Kiran Meegada, Founder – Movilti. “And we’re talking even more about what we love because we’re all stuck indoors.”
is a Global Review Platform for Movies, Web Series, Short Films, Video Songs and Music Bands. It is a new age AI & ML based company based out of the USA and has operations in Hyderabad, Telangana; It has collaborated with Hyderabad based Blockchain startup
TRST01 to enable a Blockchain review mechanism. The pandemic has ravaged the Indian movie industry; a considerable amount of content was released on OTT platforms, including high budget films. OTT viewers were stuck with “What to Watch” and “Where to Watch”?
But for Movilti, all that time at home has been a boon. “We love talking about movies,” said Kiran Meegada, Founder – Movilti. “And we’re talking even more about what we love because we’re all stuck indoors.”
Movilti is a global community of movie fans that lets you rate and review movies, web series, short films, private video songs and music bands. Movilti is the only app where you can find both critic and user reviews in one place, and users can give thoughts for their favourite content.
TRST01 Enables the full blockchain functionality on the review mechanism, extended to Video review, Critic Review and user review.
TRST01 Blockchain Platform, with multichain protocols, provides a broader choice to user option on the Blockchain protocol.
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