Changes In The Film Industry Using Blockchain Technology

  • Blockchain technology can be used to transform any business, as demonstrated by cryptocurrencies.
  • As this new technology revolutionizes sectors, blockchain has become a hot topic.
  • Since Bitcoin is the most well-known cryptocurrency, blockchain is frequently associated with it.

With funding for blockchain companies predicted to exceed $25.2 Billion in 2021, blockchain technology is anticipated to have a big impact on the film and television industries. Blockchain has successfully served as a digital ledger for security, safety, and transparency, and it offers boundless potential for efficiency. 

By linking it to the material to track and restrict its global usage, it might upend the financing, production, distribution, and exhibition of content. It could also potentially combat piracy. The way royalties are distributed may also be changed to facilitate more effective business. Concessions and tickets can now be purchased via AMC Entertainment using Bitcoin, Ethereum and Litecoin.

Ahmed Shabana, the founder of Parker Capital, claimed that blockchain technology and cryptocurrencies might transform corporate processes by enabling safe, transparent, and traceable transactions throughout the industry. Parker Capital has made investments in entertainment-related crypto initiatives. Additionally, the technology could help with the production phase by facilitating smooth transitions for payments, milestone attribution, and entertainment contracts between production companies.

Three Ways Blockchain Technology Is Changing The Film Industry

  • Direct-to-Consumer

By doing away with middlemen and facilitating direct interaction between viewers and producers, blockchain technology has a big benefit for the film business. Filmmakers can create, distribute and sell their content directly to customers using decentralized platforms provided by blockchain-based markets like SingularDTV, Verasity, and FilmChain. This eliminates the need for middlemen. 

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‘No Postage Necessary,’ a 2018 romantic comedy and ‘Crypto,’ a 2019 thriller that explores the connection between Bitcoin and criminals, are two examples of blockchain-distributed movies. These platforms give people a direct link to the media they appreciate and give filmmakers new ways to reach audiences by enabling users to make money by watching and sharing material. In general, blockchain-based markets provide a more effective and affordable approach for the movie business.

  • Protection of Intellectual Property

In particular, in the digital era where piracy and copyright violations are pervasive, blockchain technology offers a solution to the problem of copyright protection for filmmakers. Blockchain technology ensures that data is visible and irreversible by keeping ownership rights on a decentralized ledger, safeguarding the rights of filmmakers. Smart contracts can automate licensing and distribution, ensuring that users are paid for using their intellectual property, thanks to this technology. 

Using Kodak’s KODAKOne platform, for instance, creators can register their works, safeguard them from infringement and track down unauthorized use by creating an encrypted digital ledger of ownership rights for photographs and movies. Filmmakers are now able to take the necessary steps to safeguard their intellectual property rights, thanks to technology.

  • Movie Financing

By enabling filmmakers to use initial coin offerings (ICOs) to obtain money for their movies, blockchain technology has completely transformed the film industry. Investors can buy digital tokens or coins that signify ownership of the movie or a portion of its revenue stream through these crowdfunding initiatives. The audience can join as investors and possibly earn a share of the rights or future income when the movie is published by purchasing these tokens, which can be sold or held as investments in the project.

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Blockchain has been helping the film industry develop new business models that allow creators and artists to be fairly paid. This opens new ways for them to achieve more profit and, at the same time, gives consumers greater choice and flexibility in how they consume materials.

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