- Blockchain and cryptocurrency adoption in the global media and advertising industry is expected to grow by 81 percent to over $1 billion by 2023
- Adoption is still lagging in the newswire industry, although this market segment is anticipated to expand and generate over $900 million in revenue in the U.S. by the end of the year
- As an early adopter, CryptoCurrencyWire is leading the way for other newswire services to implement cryptocurrency payment solutions for added convenience and flexibility
In today’s world, more and more services can be purchased with cryptocurrency. Decentralization and immediacy of payment are just two of the benefits that draw many individuals and even businesses to this alternative to national currencies.
According to a global study covering 38 countries, the number of unique users who currently have cryptocurrency wallets falls between 2.9 million and 5.8 million people. There are anywhere between 5.8 million and 11.5 million digital wallets that are currently active, and the number is increasing on a daily basis.
These numbers show that cryptocurrency payments are the future of just about every industry. More and more sectors are adopting cryptocurrency payments to give customers flexibility. Newswire and press release companies, however, seem to be lagging behind, although blockchain adoption in media, advertising and the global entertainment industry as a whole is anticipated to grow from $51.4 million in 2018 to slightly over $1 billion in 2023 – a massive compound annual growth rate of 81.1 percent.
The adoption of blockchain technologies in the field will be powered by the demand for eliminating intermediaries between content creators and end users, as well as a higher need for secure and fast payments for such services.
North America is forecast to have the largest market share when it comes to blockchain adoption in media and content distribution channels. The region has already witnessed increased investment in such solutions, the effective use of blockchain technologies in media and the emergence of an advertising vertical for various applications.
There are still limited options when it comes to press release services that accept cryptocurrency payments and offer reliable, innovative solutions to their clients, although the industry itself is bound to grow exponentially, according to industry forecasts. The newswire industry in the U.S. is anticipated to generate total revenue of $912 million by the end of 2019. The industry currently employs 3,297 people, with core press release distribution services, multimedia, financial and regulatory press release services making up the bulk of client demands.
CryptoCurrencyWire is one of the early adopters. A news service and content distribution company that combines traditional wire dissemination with direct reach to crypto enthusiasts, CryptoCurrencyWire delivers a new generation of social communication solutions, content aggregation and syndication, as well as enhanced news release services.
Currently, CryptoCurrencyWire accepts various types of cryptocurrency payments for the services it provides, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin and USD Coin.
CryptoCurrencyWire’s extensive distribution network enables the dissemination of news and media materials to 56 different countries. The company also offers translation services in 12 languages and a syndication network featuring more than 5,000 news outlets.
A few of the exclusive services available via the CryptoCurrencyWire network include press release enhancement, the distribution of follow-up articles, access to an expansive investor brand network, the development of ongoing communication strategies, proofreading and a use of a targeted lists to deliver news and press releases to a network of reputable journalists.
Cryptocurrency payment adoption will grow in the future. The trend will affect all sectors, including news and media distribution. For the time being, however, few reputable service providers offer such integration. CryptoCurrencyWire is one of the early adopters focusing on the delivery of a flexible, high quality service to clients in need of media distribution and newswire services.
For more information, visit the company’s website at www.CryptoCurrencyWire.com
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