In Cannes, a panel discussion on cryptocurrency and its significant transformations for the independent Film was held. You’ve probably heard about Bitcoin, the cryptocurrency that’s altering the way people think regarding income unless you’re this man. On the other hand, Bitcoin is only possible because of a technology known as cryptocurrency, which many companies are undertaking to develop towards the next big trend in cinema.
Benefits of Blockchain in Media?
We can see where the independent film industry can get lost in major Hollywood-created movements at times. It could be a smart time to use cryptocurrency or other Trustless mechanisms to strengthen this market. How do we provide the independent sector direct links to audiences and activities taking place around them?
That was not the case for blockchain-based movie services, which deliver far improved financial terms. Thanks to distributed ledger technologies (DLTs), complete accountability of all transactions was conducted on the web. What you have to do now is pay for the coin, which is as simple as removing a dollar from your purse.
Study of The Film Industry:
According to the most recent Statista numbers, the global movie business has to have a future ahead of it, with global box office sales expected to reach nearly 50 billion dollars by 2020. The United States is the fourth film market in annual ticket sales, trailing only China and India. As shown in a new poll, 13% of Americans go over to the cinema once a month, 7% go many times a month, and 31% go fewer than once every year. This is a huge proportion, except for what 52 percent of adults choose to watch movies from home.
In North America, 871 films were released in 2018. Until now, its Marvel Universe has become the most profitable film series in the country, with over three billion dollars with box office sales in North America already. Horror remakes include “Iron Man,” “Marvel’s That Avengers,” “Spider-Man,” and “The Incredible Hulk,” to name a couple. With a lifetime gross of about 937 million dollars, “Film Series: The Dark Knight rises” is the highest-grossing 3D Film in North America.
Blockchain or Film Financing: What Could the Possibility Hold?
As Turing said, “Film is not the same as banking. It’s a very individual, very curatorial company. There are several middlemen, but they have a purpose.” The blockchain, on the other hand, can provide the infrastructure that allows the process even more fluid or transparent.”
It helps marketing and sales managers to focus on their jobs while technology handles the income, info, and coordination.” He put it this way: “You can see a movie anywhere in the world, but somehow it takes a year and one half to do the first article. We’re on a mission to improve it.”
Information is communicated together linearly down the line. Still, through the network, “you could compact this supply chain, but exchange information immediately, you could monitor your prices, you could watch how much revenue you’re earning from any of your purchases, adding extreme transparency into this whole method,” says the source.
Blockchain and Independent Film: What’s the Correlation?
The goal of Hyman “is to render pressure distribution clear. We want to encourage investment and innovation in the middle sector, which no longer seems to exist.
There are your ultra-low-budget films that are almost branded gifts, and then there are your incredibly tried-and-true blockbusters.” The goal is to promote this area and bitcoins-evolution or to facilitate films that cater to small fans through activities that contribute accountability and allow content creators power over their IP through the blockchain. “We aim to pursue growth and innovation in the middle sector, which does not really seem to exist.”
Adoption in The Current Market:
Is there a difference between blockchain networks and mainstream platforms like Amazon prime video, and what is the catch? To begin with, all that binds filmmakers with audiences is fully clear. Second, it’s not straightforward to get into Netflix for quality content supported by big studios.
Furthermore, in late 2018, Tom Hanks, a well-known Hollywood star, assisted in promoting a token selling for another blockchain-based film project.
The whole concept tends to revolve around a fundraising effort for a new film based on the iconic Atari gaming console of the late twentieth century. The ICO program was positive, so this attracted more competitors to the race. Institutional investors appear to be hesitant towards entering cryptographic businesses, resulting in elevated levels of participation among emerging players.