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Bitcoin Is Driving Digital Innovation in Entertainment, Media and Communications (EMC)

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Bitcoin Is Driving Digital Innovation in Entertainment, Media and Communications (EMC) Consumer Intelligence Series www.pwc.com/us/communications www.pwc.com/us/em Digital Disruptor How Bitcoin is Driving Digital Innovation in Entertainment, Media and Communications (EMC) January 27, 2014 PwC #DigitalDisruptor DIGITAL DISRUPTOR: HOW BitCOIN IS DRIVING INNOVatiON IN EMC Three key points on Bitcoin Bitcoin is a secure, U.S.-government approved digital currency, and it is gaining momentum via new and emerging companies while a handful of larger, established companies begin to experiment with it. While it’s one of 70 digital currencies available, Bitcoin is generating the most buzz and activity. So what should executives know about Bitcoin and its potential impact? Our point of view: 1. Bitcoin can be part of an innovation strategy for products, services and payment systems. Listening closely to early Bitcoin advocates is key. The entertainment sector is experimenting with letting consumers pay for new music downloads via Bitcoin. 2. Early adopters enjoy a public relations and marketing advantage. Being noted as a Bitcoin innovator can potentially generate favorable press and social media mentions. In 2014, social gaming company Zynga added Bitcoin to its most popular games and garnered thousands of media mentions. 3. The value of Bitcoin is frequently fluid and roller coaster-like. Dynamic pricing of products is needed with daily cash-outs and a trusted payment partner. In the tourism sector, CheapAir.com has partnered with Coinbase to leverage those features. This PwC Consumer Intelligence Series report explores the emerging impact of Bitcoin on entertainment, media and communications companies. It is based on our analysis of the 3.4 million online mentions Bitcoin had in 2013 as well as a PwC-commissioned online consumer survey to gather awareness, attitudes and behaviors about Bitcoin. Overall risks and benefits associated with Bitcoin For companies For consumers Benefits • Low transaction fees • No fees to send currency globally • Daily cash outs • Pseudo-anonymous transactions • No payment reversals • Fluctuations in value • Merchant tools exist to simplify • Financial institutions don’t control currency experience Risks • Pseudo-anonymous transactions • No payment reversals • No central entity backing it • Complexity of buying Bitcoin • Not legal tender in some countries • Complexity of cashing out • Long-term deflationary bias • Niche adoption by major brands • Network security • Complexity of carrying a digital wallet • Volatile trading market • Dynamic pricing of products a must • Slow transaction processing time 1 CONSUmeR INtelligeNCE SERIES DIGITAL DISRUPTOR: HOW BitCOIN IS DRIVING INNOVatiON IN EMC Bitcoin’s evolution into a brand If it seemed like a lot of U.S. institution to initiate people were suddenly talking official analyst coverage of the about Bitcoin in 2013, that’s currency. 4 because they were. Bitcoin had Bitcoin’s growth has DATAPOINTS 3.4 million online mentions in spawned a rash of supporting 2013, according to our research, companies, including exchanges Bitcoin in social media equaling General Motors and all such as Mt. Gox, which allows of its brands during the year.1 users to exchange Bitcoin into Those conversations translated local currencies. There are 3,400,000 to media mentions, too; Bitcoin startups for buying Bitcoin, such Number of social mentions ‘Bitcoin’ was the subject of some 11,200 as CoinBase, which received generated in 2013. Mentions occurred traditional media stories in $25 million in venture capital in on social networks, microblogs, forums, mainstream news, images, videos and blogs. 2013.2 Just in November, it 2013.5 Companies are creating was featured in 14,179 online digital wallets to store and stories.3 That was when the use the currency at brick and U.S. Department of Justice mortar locations. 96% male Percentage of gender mentioning Bitcoin. declared Bitcoin “a legal means Bitcoin is not only a The majority of discussions happen in the of exchange.” brand, it’s a digital ecosystem United States and China, and participants With that governmental whose decentralized are typically ages 26-50. blessing, Bitcoin’s growth has architecture makes it ideal been swift: Two leading U.S. for entrepreneurship. History banks met to discuss Bitcoin; shows that when that happens, 21% one of them became the first disruption follows. Percentage of Bitcoin mentions about online gambling and video games. Source: Online mention data via Sysomos MAP, 2013 2013: The year of Bitcoin 70% November 800k Ashton Kutcher tweets Bitcoin Black Friday/ CyberMonday. 400 retailers join Bitcoin Black Friday website. Bitcoin nears value of ounce of gold. 700k 60% Neutral May 600k 50% Actor and investor Ashton April Volume of mentions Chinese e-commerce Kutcher endorses Bitcoin. 500k market says it will accept Treasury crackdown on money 40% Bitcoin. laundering. Presidential candidate accepting Bitcoin Positive donations. 400k Sentiment 30% March October 300k Speculation of new Silk Road controversy. Bitcoin unregulated virtual 20% ATMs in Canada. Exchange currency and value. launched in the United Kingdom. 200k 10% Negative 100k 0% 0 Dec ‘12 J F M A M J J A S O N D ‘13 Source: Online mention data via Sysomos MAP, 2013 2 CONSUmeR INtelligeNCE SERIES DIGITAL DISRUPTOR: HOW BitCOIN IS DRIVING INNOVatiON IN EMC The open-source monetary system BitCoin is quickly becoming Bitcoin has also seemingly part of the business vernacular. solved for issues around online But does this all-digital system security; each Bitcoin currency have what it takes for transaction is encrypted and DATAPOINTS enterprise-level success? all of its governing code is After all, Bitcoin is publicly accessible. Hundreds A brief history of Bitcoin another in a long line of digital of developers voluntarily currencies, such as Linden update the governing code, Dollars from Linden Labs, QQ contributing to the common 2008: coins from Chinese Telecom good of Bitcoin. Bitcoin.org is registered. Tencent or e-gold, which As a digital currency, have subsequently folded. Bitcoin is not backed by physical 2009: Since its release in 2009 as a commodities such as gold, The first transaction using Bitcoin occurs. response to the then-global or a centralized government financial crisis, Bitcoin has authority and its credit; 2010: differentiated itself by solving instead, it relies on peer-to-peer The tech news site Slashdot covers Bitcoin. for the nagging problem of distribution. Nearly frictionless double-spending, when one exchange of Bitcoins makes for a 2011: token is spent twice. The low-to-no fee payment system. One Bitcoin is valued at roughly $10. Bitcoin solution: a public ledger With more than 1,000 system, where all transactions brick-and-mortar businesses 2012: are checked for validity by all and 10,000-plus merchants The Bitcoin foundation is formed. the users in the system, which accepting Bitcoin, its early is thousands of accounts. influence is taking root.6 2012 First Bitcoin exchange licensed as a bank in EU. 2013 The value of Bitcoin vs. gold Dept of Justice says Bitcoin’s “legal means of exchange.” $1,800 December 11, 2013 2013: Gold $ / (values in USD): Canada and Slovakia introduce $1,600 Gold: $1,266.25 Bitcoin ATMs. Bitcoin: $1,237.95 $1,400 2014: Overstock.com has 840 orders $1,200 on first day of taking Bitcoin. The Avg. Gold $ / oz. company estimates $500,000 $1,000 worth of Bitcoin business since January 9. $800 2014: $600 Kings become first NBA team to announce Bitcoin acceptance. $400 2014: $200 Canada and the Bank of France Avg. Bitcoin $ Bitcoin say Bitcoin isn’t legal tender. 0% J 2013 F M A M J J A S O N D Source: PwC Research, 2014. Source: The Wall Street Journal, “Bitcoin Vs Gold: A Tale Of Two Manias,” 2013. 3 CONSUmeR INtelligeNCE SERIES DIGITAL DISRUPTOR: HOW BitCOIN IS DRIVING INNOVatiON IN EMC Bitcoin: Digital payment disruptor Bitcoin’s value proposition to skip the “middle man” of includes global, peer-to- central financial institutions peer money transfers, nearly and their fees, not unlike anonymous payments, low how peer-to-peer file sharing DATAPOINTS transfer fees and higher-level of music enabled today’s security protocols based on consumers to deal with artists Bitcoin fees vs. other fees open standards. directly. Bitcoin is a bit like Four organizations face the 1999-era of Napster in that Payment method transaction fees, from increased challenges if Bitcoin way, but this future scenario highest to lowest: continues as a brand and involves consumers sending 3.1% American Express becomes a global currency: currency directly to other users, 2.7%* Visa, MasterCard, Banks, governments, payment or companies with goods and Discover processors and payment services to sell, all with minimal 2.9% PayPal gateways. fees and no float time. 2.75% Square Coinbase is a payment Added to this proposition Free ** gateway for Bitcoin usage, and is that consumers who use a Coinbase it’s creating merchant tools that decentralized, peer-to-peer Free *** BitPay enable online businesses to currency can be shielded from accept Bitcoin on hosted check- fluctuations caused by local % of all point-of-sales transactions that are done with credit, debit, or out pages, shopping carts and government politics and their 66 gift cards. point of sale systems for brick influence on central banks. In and mortar stores. The upshot: this potential scenario, Bitcoin Bitcoin transaction fees are the has the potential to truly disrupt $6.9 trillion lowest around. Other Bitcoin fiat currency models and force VISA 2013 users’ total dollar volume. Visa merchant tools offer recurring financial institutions to adapt had the largest marketshare of all credit cards. billing and fees of 1% or less to their current technology, cash out Bitcoin on a daily basis fee structures and work (See column on right). with government officials to Bitcoin enables companies understand regulation issues. 26.2 billion Total number of credit card transactions in the U.S.
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