But blockchain technology has already disrupted the world of entertainment and could reshape Hollywood as we know it. We’ll take a closer look at how cryptocurrencies can transform blockbusters and beyond into a whole new scene.
Democratizing film financing with cryptocurrencies
Let’s talk about money first, honey. Movie production costs are not cheap. It costs millions, if not billions, of dollars. Traditionally, studios have had to court big-time investors and production companies to raise the money they need to shoot blockbuster movies. However, blockchain has the potential to completely upend the film financing scenario.
Enter stage left: Cryptocurrency and Crypto Movie Fund. Instead of sitting in a Warner Bros. venue, cryptocurrencies allow ordinary people like you and me to contribute to the project. Through trusted cryptocurrency platforms in Australia and abroad, creators can launch their film ventures in tokens and coins.
Investing in the next Marvel movie series could be as easy as investing in Bitcoin or Ethereum. It’s wild, right? You’re talking about massive decentralization – fewer suits directing shots from corner offices. It could become common for major companies to back independent films and ideas they deem too risky. Early pioneers like MovieCoin are bringing crypto movies to life by allowing fans to invest directly in movies and share in the profits.
For independent artists and aspiring directors who have been shut out by the studio system, cryptocurrencies could be the big break they’ve been waiting for. We may start to see a proliferation of original films that embrace new voices and take more risks. After all, blockchain is giving power back to people and activating that silver screen dream machine.
Protection of creative intellectual property rights on blockchain
But it’s not just the Benjamin family’s story. Blockchain has great potential to also lock down creators’ intellectual property rights. And in Tinseltown, protecting ideas and creative assets is a serious concern. The studio has an entire department dedicated to defending against copyright infringement lawsuits and tracking down pirated content.
For independent filmmakers and artists, such legal powers are almost non-existent. It’s important to keep strict records of who owns which creative materials. This is where blockchain comes in as an ally. Its distributed ledger acts as a persistent database that no one can manipulate or delete.
Once details such as story rights, character licenses, music permissions, etc. are registered on the blockchain, they cannot be changed or challenged. Proof of ownership is established as an immutable fact. Companies like Kodak have already developed blockchain platforms specifically for image and video rights management. No more “he said, she said” arguments in court or questionable accounting practices in Hollywood. The transparency provided by blockchain puts power back into the hands of creators when it comes to bringing their projects to life.
Eliminate distribution and access intermediaries
Now, with the guitar strumming, the set banging, and the scene over, it’s time to deliver the finished film to a hungry audience. Distribution has long been controlled by major corporations such as Disney, Warner Bros., and Universal. They decide which movies get critical releases, how many screens are allocated, and when movies can make their streaming debut from theaters.
Once again, we see the little guys, aka independent filmmakers, being effectively blocked from primetime distribution real estate. However, blockchain is cutting off the middleman in distribution and eliminating the gatekeepers of large intermediaries. Platforms like TaTaTu allow anyone to upload movies directly to consumers via blockchain architecture and cryptocurrency payments.
SingularDTV envisions a “decentralized Netflix” where users can browse and access the catalog of projects available on the blockchain. Viewership and revenue are returned directly to creators, minus traditional distribution fees. Ethereum-based tokens are still required to download and stream content on SingularDTV.
We may be rapidly moving into a world dominated by pay-per-view, where consuming entertainment means transacting on blockchain networks. Everyone from USC film graduates to aspiring Indonesian directors can share their work directly with fans. Distribution bottlenecks and regional release delays are eliminated, potentially allowing instant encrypted access everywhere.
Rethinking revenue with automatic payments
So it’s great for filmmakers large and small to be able to eliminate distribution middlemen while securing their intellectual property rights. But what happens when box office revenue starts to increase? Tracking and fairly distributing revenue has always plagued show business. With so many people involved in a production, including writers, set designers, effects teams, and musicians, accurate payments can be very complex.
Once again, blockchain has a role to play through a magical invention called smart contracts. These self-running codes built into blockchain networks allow royalty payments to be seamlessly automated. Forget waiting 90 days for your agent to cut you a check or praying the studio doesn’t fudge the numbers. The smart contract instantly identifies the revenue share and sends it directly to each creator’s encrypted wallet.
Fighting piracy in the digital age
Of course, it wouldn’t be Hollywood without the looming threat of copyright infringement lurking on stage. Bad actors in the digital age continue to scam movies left and right online, siphoning potential profits and ruining release plans. Sneaky illegal sites like Pirate’s Cove (pseudonym) cause studios no end of trouble.
While there is no single slam dunk solution yet, blockchain offers the perk of preventing piracy. The ability to track content usage through a distributed ledger can help identify illicit distribution sources. Forensic watermarking technology can be combined with blockchain to track stolen files back to the culprit.
True, studios still employ entire departments to curb piracy, but to no avail. And absolute prevention may never be possible. But blockchain constitutes another weapon in the fight against piracy. It also provides an extra layer of protection for independent filmmakers who don’t have an IT security team, far beyond what they could otherwise provide. Delaying leaks, even by a small amount, can result in cost savings.
As bits and bytes continue to grow exponentially, the fight against piracy intensifies. But blockchain seems poised to evolve as a critical line of defense for an industry built on dreams and intellectual property assets. Crypto movies seem inevitable, even if the concept sounds radically futuristic now.
Unlock global streaming and distribution
In the traditional model, movies face significant geographic restrictions for streaming and downloading. Rights are divided and sold by territory. Trying to access the latest Marvel movies and Sundance Prize winners overseas rarely works, even with a paid membership. VPN tricks only offer cumbersome workarounds.
However, blockchain offers an opportunity to bypass all local red tape. Platforms can be launched with global accessibility coded directly into smart contracts and license agreements. No matter where you travel or live, imagine never seeing the dreaded “This content is not available in your region” message ever again.
Services like TaTaTu plan to unleash borderless entertainment experiences that are filmed around the world in seconds. Unencumbered, encrypted availability no matter where your users sit geographically. It also makes it much more viable for creators to go global right away. Distribution bottlenecks are eliminated in the cloud, so content can instantly be sent across borders.
Cost reduction through decentralization
So far, this post has primarily focused on opportunities for creators around disruption. But blockchain also unlocks huge potential for consumers and studios to save money amid relentless digital acceleration. Transaction fees will plummet for both access and delivery using blockchain architecture and crypto payments.
Consider how giants like Netflix and Spotify are spending huge amounts of money on cloud computing giants like AWS for storage and streaming. Maintaining a centralized data center full of endless video files isn’t cheap. Similarly, the marketing costs for promotion teams promoting the next big release go up.
Instead, blockchain allows decentralized distribution among user nodes. Content is stored and shared peer-to-peer. Video platforms can also incorporate automated promotion smart contracts that are triggered by consumption patterns. Each trade can be made with just a few pennies of funds, with no brokerage fees. Costs will go down overall. Studios have the potential to earn higher profits while providing savings to viewers through microtransactions.
AI scriptwriting and interactive storytelling
We investigated the impact of specific business models of blockchain in entertainment. But some applications dig deeper to literally transform the creative process itself. AI scriptwriting leverages machine learning to generate storylines, character details, and entire narratives in seconds.
Although not directly dependent on blockchain, AI content creation works seamlessly with cryptocurrency creation and distribution. Imagine a customized movie written by an algorithm, funded via NFTs, and instantly released to fans around the world. Let’s talk wild future predictions! Startups like ScriptBook are already selling predictive scripts based on deep learning to studios. But not everyone welcomes the impact AI will have on Hollywood.
Similarly, blockchain brings innovations in interactive storytelling. Fans no longer have to watch passively. Blockchain allows fans to actively shape decisions and the direction of the story. Creators can launch a choose-your-own-adventure style movie with endless branching paths. The same underlying content his assets are dynamically remixed and customized.
Admittedly, these applications are currently in a highly experimental stage. Yet, once again we see how blockchain is unlocking previously unfathomable creative frontiers and taking entertainment innovation to exciting new heights.
Who would have thought this scene would unfold where popcorn, blockchain, and movie magic would come together on the silver screen? But you’re standing here on the precipice of change in the film industry. Cryptocurrencies have the power to decentralize funding, distribution, rights management, and revenue by returning control to the creator.
Blockchain movies bring new transparency, accessibility, and security to replace outdated Hollywood infrastructure. The status quo faces significant disruption as waves of technology sweep from shore to shore. And while the script remains unreleased, one thing is true across all genres. That means the show must go on.