The entertainment sector has been a highly growing industry for the past half-century. The entertainment industry is composed of broadcasting, music, art, TV shows, movies, etc, and is valued to be the most important industry in our society. With the support of private industries such as IT and manufacturing, the industry and its market size are showing significant leaps of growth compared to other industries.
In 2016, the global digital content (music streaming, art, webtoon, animation, movie, etc.) market grew by 11.7% compared to the previous year, reaching a market size of $1.449 trillion. Such growth is due to the expansion of IT infrastructure in developing countries and the widespread use of smartphones and tablet PCs. As the smart devices increase the use of wireless internet, SNS communication, revitalize the AR/VR market, and activate platform services so do the global companies that provide related services. With this analysis, the market is expected to maintain a growth rate of 10% over the next five years and reach $2.405 trillion in 2021.
However, the entertainment industry is composed of various participants such as creators, consumers, producers, and investors in various fields such as music, webtoons, movies, and games. As the entertainment industry grows, the role of intermediaries increases, along with their costs. Yet the creator’s share of revenue remains unfair. In recent years, publishers’ profit shared in each distribution structure is gradually increasing, eating into the startups’ profit margin. Since digital assets such as digital content (music, webtoon, movies, game items) are in centralized transactions, sales data provided by business providers (such as distributors) cannot be trusted.
The XPOP project introduces a new system of sharing profit to the entertainment ecosystem using blockchain. It aims to create a more transparent and fairer structure and provides each participant with fair opportunities and profits.
The entertainment industry requires various stakeholders such as creators, publishers, producers, investors, planners, etc. to work with one another. Alongside fair profit distribution, each player will have the freedom to configure token economy and governance within the blockchain system of their creations within the XPOP ecosystem.
The services of XPOP will include ownership of content, protected transactions such as copyright compensation, and transaction transparency. XPOP will also provide smooth communication between creators and consumers of all digital content around the world, providing the entertainment industry with a safe and efficient ecosystem.
The technology composition of XPOP blockchain is composed of 3 layers: Blockchain layer, Interface layer, and Service layer. The blockchain layer is the Polkadot Parachain technology based on Substrate-EVM. The service layer includes NFT ownership, copyright, neighboring rights verification method, secondary copyright management, payment settlement, fee, compensation, and Digital Contents DeFi Service.
The project plans to launch its own music streaming service as the first DApp on the XPOP platform, scheduled to be released in the first half of 2021.
One of many programs included in XPOP’s music service is the ‘Artist Support Program’. The goal is to discover new artists and increase their fan base to provide upcoming artists opportunities to reach a global audience. The program is a part of XPOP's music service. XPOP Token Economy allows Korean artists to release albums free from pre-existing limits such as the political diplomacy of a specific country. The XPOP sound source service has more than 200 domestic and foreign artists, and is joined by Rockin Korea Co., Ltd., and PK Entertainment, which operates the Korean Busking Cooperative, and is preparing a business with Singapore entertainment company to advance Korean artists overseas
XPOP is also preparing to enter the blockchain game market. Since 2018, the games industry has been increasingly adopting blockchain technology. Consequently, the development of cryptocurrencies such as EOS and Tron has increased rapidly. One of XPOP's services will include blockchain-based digital game distribution services. Utilizing the strength of competitive IP, XPOP will develop the business further via applying blockchain technology to games.
The XPOP project is a new growth project for the distribution of digital content and the decentralization of the entertainment industry. It is the first project where excellent technology and business fields meet and will develop into a project that provides a global space of entertainment.