Web3 and the Creative Industries: How Blockchain Is Reshaping Business Models

A Research Agenda for the Creative Industries, Forthcoming

21 Pages Posted: 14 Nov 2018

See all articles by Jason Potts

Jason Potts

Royal Melbourne Institute of Technolog (RMIT University)

Ellie Rennie

Royal Melbourne Institute of Technolog (RMIT University)

Date Written: October 22, 2018

Abstract

Web3, underpinned by blockchain technology, is an evolution of digital infrastructure, whereby protocol facilitates the direct exchange of value between users, removing the need for trusted intermediaries. Existing blockchain experiments seek to create artist-centric business models, dismantling agency-centred business models that brokered and organised connections between artists and their fan’s or buyers. By enabling the automation of the value components, including payments, licensing and intellectual property management, contracting and governance, digital content storage and access, blockchain technology also enables new ‘value-based economics’ in which artists set the terms of their market participation. In this chapter, we outline emerging models and discuss some implications for creative industries research. Blockchain technology is currently being experimentally adopted into creative industries in order to improve transparency along supply chains, lower costs of distribution by creating more direct platforms to connect artists and fans, and to improve handling of intellectual property and licensing arrangements, metadata, royalties and payments. We discuss case studies from music (Ujo-music and dotblockchain), visual arts (dada.nyc), and story-telling (Cellarius).

Keywords: blockchain, creative industries

JEL Classification: Z1

Suggested Citation

Potts, Jason and Rennie, Ellie, Web3 and the Creative Industries: How Blockchain Is Reshaping Business Models (October 22, 2018). A Research Agenda for the Creative Industries, Forthcoming, Available at SSRN: https://ssrn.com/abstract=3270663 or http://dx.doi.org/10.2139/ssrn.3270663

Jason Potts (Contact Author)

Royal Melbourne Institute of Technolog (RMIT University) ( email )

Ellie Rennie

Royal Melbourne Institute of Technolog (RMIT University) ( email )

RMIT Blockchain Innovation Hub
Digital Ethnography Research Centre
Melbourne
Australia

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