Early adopters hope that the blockchain, a distributed digital ledger that enables the authentication and recording of transactions on a secure, encrypted platform, would provide much-needed transparency to all types of businesses. With its complicated transaction structures and frequently antiquated reporting systems, an increasing number of stakeholders in the film business are currently exploring the idea of integrating blockchain technology. For more information, you can visit Bitcoin Buyer.
Since 2012, SingularDTV, based in New York, has used decentralized apps to assist filmmakers in raising production money, creating, and distributing their work. These duties are possible utilizing blockchain technology, which keeps track of multiple transactions and offers a transparent record for all parties involved.
Oversized Couch was founded in London and New York and utilizes its proprietary Film Chain collection technology, which is built on the blockchain and enables content creators to trace transactions, split money automatically, and analyses recoupment statistics. Additionally, Big Couch provides a range of other services. Numerous blockchain-based video on demand (BVoD) systems are now in development, including those by (SEG), a newly founded corporation in the United States.
Blockchain is attracting a significant number of curious minds with the financial means to undertake large-scale projects. Mr. Christopher Woodrow, the former CEO of Worldview Entertainment, is launching the blockchain-based cryptocurrency Movie Coin and establishing an initial coin offering (ICO) to raise $100 million for a slate of films.
Hollywood’s early adopters have counselled caution in the face of the Bitcoin gold rush and the instability that has followed from the hype and lack of regulation. According to Jackson, “businesses like ours that are developing legitimate applications that demonstrate the utility of tokenomics are opposed to the initial coin offers (ICOs) that have tarnished the name of blockchain technology.” “The media appears to be focused on this, and they are missing an important story about the global significance of blockchain technology. Numerous applications are now being developed, not just in the entertainment industry.”
Accelerating the Industry’s Evolution
Binge will eventually be integrated into SEG’s blockchain-based media storage and distribution system, which will function in concert with a ticketing application called Stix. This feature-rich application will offer unique rewards and incentives. SEG’s mission is to revolutionize the entertainment industry by providing a broad range of transactional services focusing on honesty and technology.
“Blockchain is the future for anyone looking for novel approaches to funding and distribution,” Bolotin continues. Both the licensee and its investors gain from openness and transparency regarding both consumer data and revenue generated.
As part of its Ground Control production, XYZ produces Ruairi Robinson’s sci-fi anthology New Frontiers, which SingularDTV is financing via a tokenized economy. The latter is contacting cryptocurrency investors to pre-purchase tokens representing a piece of the pot. As public faith in the effort grows, the tokens’ value increases as well.
As Bolotin notes, “you’re creating an investing vehicle while also allowing customers to participate.” The filmmakers explain that they selected this path because they believe that getting money for a film like this now is exceedingly difficult without a significant commitment to theatrical distribution in the United States. This creates a new channel for circumventing distributors worldwide by selling directly to consumers.”
In the last four or five years, at the majority of film markets, we’ve heard a lot about the changing landscape of video-on-demand and the lack of resources that are becoming apparent to distributors; the power lies in the ability to control and distribute your intellectual property, which is what the blockchain provides at its most basic level.
According to a recent story in Screen International, Cinezen’s video-on-demand service has been adopted by several sales agencies, including Celsius in the United Kingdom and LevelK in Denmark. Citizen is built on the Ethereum’s blockchain architecture, enabling users to conduct secure and transparent processes such as royalty reporting and billing. Payments are made utilizing marketable cryptocurrencies to transmit revenue from the end-user to the rights holder. Citizen hopes to debut its service in the fourth quarter of this year, with thousands of movies ready by Cannes.
SEG has built a multi-tiered ecosystem on blockchain technology fueled by a token designed for universal adoption. The same feature is available through Binge, the company’s decentralized streaming platform. According to CEO Michael Moyal, this is one of several features that will enable established venues such as Netflix, Amazon Prime Video, and Hulu to compete for viewers’ attention.
Unlike other services, investors, financiers, and content producers that utilize Binge will have real-time access to behavioral analytics to monitor who is watching their content and to discover what works, when, and where on the content they generate or distribute. Using its Binge model of complete transparency, the company hopes it will establish a precedent in the entertainment industry by providing critical data to assist producers in creating better content in the future.
We will be proactive in our acquisitions in the future year,” Moyal says, noting that Binge will be in Cannes this week to negotiate purchases with strategic partner XYZ Films, whose co-founder Nate Bolotin serves on the SEG board of directors, as well as with other SEG members. The objective will be to acquire global rights with minimum upfront guarantees and provide back-end involvement, which will serve as another point of differentiation from Netflix.