Role or Bitcoin and Blockchain in Film Industry

Bitcoin has become the only cryptocurrency that has been widely used in all industries. In 2017, when bitcoin’s value rocketed, institutional investors were amazed to see its growth. After bitcoin’s bubble in 2017, investors and organizations started stocking their funds in bitcoin. Since then, bitcoin entered the mainstream, but there are only a few merchants that were early adopters of bitcoin. Not everyone started accepting bitcoin, but the finance and tech industry were the industries that started accepting bitcoin at first. No one expected that bitcoin could have the potential to enter the film industry as well. Shocked? Yes, bitcoin is used widely in the film industry. If you want to get rich and make money, you must use Bitcoin Superstar. If you are excited to know more about it, let’s move forward and learn more in forthcoming paragraphs.

If you are a content distributor or a producer, many ideas would have come into your mind, like raising more finance and executing it, eliminating middlemen to carry out financial transactions, and ways to prevent your original content from getting stolen. If these thoughts or ideas strike your mind, you should definitely read this article till the end.

The reality of film industry

 After the end of 2016, producers failed to produce new movies independently, and this became a challenging task for producers. Today, time and demands have changed, and we live in a world where content like documentaries, series, short films, and movies are being produced regularly. It is obvious to estimate that cost of producing movies and everything has skyrocketed. Through studies, it has been observed that there is a decline in economies of producing films independently. Friction has been developed between art and business in the entire process of time management, discovery, payments, convenience, and rights management. All this has continued to make investments in the film industry a daunting task and risky proposition.

The main trouble is caused in the entire process of making payments. Not every producer gets ready to pay or risk their money for content where there is only a specific understanding of the storyline. Here bitcoin makes the entry as it is around 12 years old cryptocurrency that was introduced by a mysterious developer that also developed bitcoin’s underlying technology known as the blockchain. People who are still unaware of bitcoin need to know that bitcoin offers some significant advantages and features for the success of the economy and businesses in the future. The whole film industry can gain the maximum benefits of bitcoin and blockchain.

The boring and traditional world has now become a streaming world where people stream movies, short films, documentaries, and much more. Now the producers are free to make payments with bitcoin without worrying about middlemen, i.e., banks and government. The producers are now introducing opportunities for revolutionized business models. Producers can also choose to reward serendipity, that is, the real content owners with bitcoin for sharing their content. Earlier, you must have heard about the technology Digital Rights Management that prevents users from sharing and downloading content from OTT platforms; users can now choose to use blockchain technology. The blockchain serves as a great alternative to DRM, and today the streaming companies are shifting on the blockchain.

Blockchain and Bitcoin

Today these incredible innovations have consequences for the entire film industry as now the producers don’t require distribution platforms to launch or release movies. The traditional gatekeepers might face difficulty, but using blockchain and bitcoin as a whole will open the door for multiple opportunities. Adopting bitcoin is subject to push-pull economics of requirement. This is becoming bitcoin is profitable but risky at the same time. Its market is highly unstable and unpredictable, but the only strategy that can be used to secure yourself from this unpredictability is to convert your bitcoins into fiat currencies as soon as you receive them.

Accepting bitcoin comes with multiple challenges and opportunities, and you should focus highly on challenges as well. Still, bitcoin is growing as people are loving the way its value is increasing and how it is highly used in producing movies. It’s fascinating to see how bitcoin and blockchain have emerged and how they are changing the economies and helping people by providing freedom or making payments. Producers can learn the process of starting with bitcoin by checking the entire process online.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.