Just recently, Mordor Intelligence released a report claiming that the size of blockchain in media, advertising and entertainment markets could reach $2.68 billion in 2025. As if that’s not enough, the institution expects it to continue growing by a CAGR of about 78% within the next few years. This is a clear indication that crypto continues to make waves in the entertainment sector even in 2025.
Of course, there are various reasons behind this growing relationship. For instance, as of today, the latest Bitcoin price hovers around a remarkable milestone, solidifying its position as a mainstream asset class. This continuous momentum in the crypto market has inspired numerous entertainment platforms to double down on their blockchain strategies. And if you want to learn why ignoring digital currencies is becoming almost impossible for entertainment companies, read on.
Improving relevance
We have already hinted at how Bitcoin has been making strides because of its increased adoption. In fact, looking at the statistics, Exploding Topics approximates the overall number of people who own crypto to be about 1 billion. As an entertainment company that seeks to appeal to multiple audiences, this is not a statistic to ignore.
Plus, the cost of acquiring and retaining customers is increasing daily, and you want to take advantage of every available opportunity to stay ahead of these costs. One way you can achieve that is by providing experiences that align with shifting customer behaviors. This is actually one of the reasons entertainment companies have been welcoming crypto.
Let’s take the gaming sector, for instance. According to Swapin, 81% of gamers are ready to pay for game-related purchases using digital tokens. Looking at things from a broader perspective, the institution claims that around 36% of individuals are willing to use these assets for dining and entertainment tickets. Therefore, to appeal to this audience and improve relevance, brands have been implementing digital currencies in their operations.
Improving customer experience (CX)
Modern consumers have become more discerning, so the need for better CX can’t be overstated. You, of course, do not want to lose customers just because you appear to be insensitive. Do you actually know that about 13% of users could end up sharing frustrating experiences with at least 15 of their friends?
Similarly, offering great customer experiences can also work wonders for a business. In fact, according to Help Scout, about 72% can share such encounters with others, leading to the organic growth of your company. And at a time when immediacy has become a crucial part of CX, crypto proves to be a convenient solution.
Its magical transaction speeds ensure funds can be transferred within seconds. Plus, it eliminates the need for intermediaries, who often delay traditional payment methods and make them more expensive. But as simple as it may sound, delaying payments in our modern world can really be frustrating. A Testlio report notes that such experiences can reduce conversions by up to 20%.
On the flip side, crypto’s fast transactions can be very handy. Especially now that 70% of users expect payment processes to take not more than two seconds, digital assets can really be helpful. Plus, PYMNTs.com suggests that 78% of customers rank instant payments as a crucial part of their experience, further explaining the growing appeal of crypto in the entertainment sector.
Securely reaching wider audiences
A considerable percentage of the world’s population remains unbanked. And if a company must reach this group, it has to think about ways of engaging them without necessarily requiring them to acquire bank accounts. That is where technologies like crypto come in. They allow users to comfortably process their transactions by simply possessing digital wallets.
Plus, crypto is not usually affected by geographical restrictions like other traditional payment methods. This makes it a great alternative for regions where financial institutions like banks are non-existent. But you don’t just want to reach multiple audiences without ensuring your infrastructure is safe.
Cyberattacks are on the rise, and sectors like entertainment, which have a lot of customer data, have become prime targets. Just a simple mistake of ignoring online safety could cost you up to $4.88 million, a figure that’s expected to grow in the coming years. What’s more, a good number of customers rarely trust brands after security breaches. These are consequences no one would want to endure.
Through its decentralized infrastructure, crypto reduces the chances of single-point failure, ensuring the network remains stable even if one of the entities is attacked. To decrypt data, suspicious persons may need a lot of computational resources that may not just be available. This feature, added to crypto’s immutability, makes it very appealing to entertainment companies, which are always working hard to improve their online safety.
Well, surprisingly, crypto, which was seriously criticized at its launch, is now making waves in the entertainment sector. Since more than one billion people in the world already own these tokens, there could have been more pressure on brands to adopt them. Of course, you don’t want to run a business that’s insensitive to customer changing patterns.
On top of that, crypto payments can help improve customer experience. They are quite fast, catering to the prevalent need for instant payments. Their security also appeals to many brands. Through decentralization and advanced encryption, crypto transfers funds more securely than traditional methods.