McKinsey: How can Creative Industries Benefit from the Blockchain?

This article from August 2017 collects key points how the blockchain could be used for creative industries. From this view five aspects are most important:

Below are key excerpts, a link to the full article can be found at the end of this entry:

  1. Enabling smart contracts: “…to help artists manage digital rights and allocate revenue shares to contributors to the creative process. Such smart contracts have the potential to replace conventional contracts, which can be esoteric and leave some artists with little power over the terms for the content they generate”
  2. Establishing transparent peer-to-peer transactions: “All of the transactions for a creative work could be seen and validated, including who accessed the work and how much revenue the work is generating at any point in time. … Furthermore, blockchain will make it transparent who the owner of the creative material is.”
  3. Promoting efficient, dynamic pricing: “Creative content can be mispriced. By tracking the demand for creative content, pricing could be more dynamic. Prices for creative content could fluctuate according to supply and demand. Moreover, artists could control prices and have the ability to set prices themselves without having to go through a complex web of intermediaries.”
  4. Allowing ‘micrometering’ or ‘micromonetizing’: “…Using blockchain, snippets of creative works could be made available for a price, for example, a few seconds of a song for use in a movie trailer. This kind of “micro metering” works by having the blockchain record the precise components of the creative work that were used, defining the smallest consumable unit of creative content.”
  5. Establishing a reputation system: Blockchain can help link reputations to specific “addresses” on the blockchain, thus allowing both producers and consumers of creative content to verify one another. This could encourage stronger collaboration and better behaviour, by promoting cooperative terms for content creators and consumers alike. Participants who repeatedly don’t fulfil terms of a contract or try to game the system would have their actions recorded, acting as a deterrent against bad behaviour.”

Link to source:

Takahashi, Ryo: “How can creative industries benefit from blockchain?”, McKinsey, August 2017. Retrieved: 12.01.2018. URL: