Blockchain Offers Revenue Opportunity for Everyone in the Filmmaking Industry
January 23 2018 - 11:01AM
ADVFN Crypto NewsWire
Blockchain Offers Revenue
Opportunity for Everyone in the Filmmaking Industry
Original content creators in
the film industry have decried the inadequacies that exist in the
compensation systems within the industry. This is especially
because they depend on the conditions of mega
studios,
film publishing and advertising companies in order to reap the benefits of their
efforts.
Independent filmmakers are
worse off with the existing systems because they are usually seen
as competition and threats by the big
intermediaries. Therefore, they are fought
off with every force available, especially capital. Eventually, so
many film productions do not make it to their target audience due
to these reasons and a few more.
Blockchain eliminates
intermediaries
Blockchain is a
technology
that does well in empowering everyone on an individual level. As a
matter of fact, one of the celebrated properties of blockchain
technology is its ability to eliminate the need for intermediaries.
These intermediaries usually represent avenues of
increased
cost and most often, unhealthy internal politics in industries
where they are prominent. Systems built on the blockchain allow for
balanced participation and equal opportunities for all
participants.
The StreamSpace project which decentralizes the
processes involved in film production practically revolves around
the elimination of these intermediaries, plus other inherent
benefits of blockchain technology upon which it is built. The
project makes it easier for both content creators
and viewers to achieve maximum satisfaction at reduced cost. This
proprietary and patented method of parsing large files and storing
them in highly distributed servers guarantees an easy and
decentralized reach to global audiences.
Traditional systems are
limited
Traditional film
distribution systems function within the limits of
the capacity of existing producers, publishers and
distributors. This system does not only cut
out a huge chunk of the global audience from accessing film
content, it also has a direct negative effect on revenue generation
on the side of filmmakers.
Recent innovations reveal
improvements from the old methods. Platforms like Netflix and Hulu that offer viewers the
opportunity to stream video content rather than traditional cable
subscription services are finding extended adoption, especially by
the younger generation. These system offer increased flexibility and
control to viewers. However, their centralized nature still leaves
room for improvement.
Blockchain's essential
properties
Blockchain technology is
celebrated for its fundamental properties that seem to be very
adaptable to
any industry where data and transactions are essential. Security,
transparency, accountability, control and other properties of the
blockchain present it as an emerging darling of the film industry. For both
content creators and viewers, the benefits promised by this technology
suggests imminent disruption as already introduced by
StreamSpace.
Being able to stream content
based on choice and unique timing is a convenient practice that is
welcome by the viewers community. By using the platform's
underlying
tokens, users can pay for content directly to the owner to gain
viewership access at their convenience. This process also assures
the originality of content due to the security features of
blockchain technology, hence a substantive solution to the
piracy
problem which has plagued the industry for a very long
time.
Crowdfunding and revenue
sharing
Working capital has presented
itself as a major problem in the filmmaking industry, especially
when it comes to independent filmmakers. This is one of the
areas where
intermediaries who serve majorly as service providers has found
relevance, thereby calling the shots in the industry. These
platforms offers the community effective
blockchain powered crowdfunding opportunities. With an
Ethereum-based smart contract, potential viewers and
investors can contribute to film projects in anticipation of a
percentage of the revenue generated in the long run. The
transparency and immutability of the distributed
blockchain ledger ensures proper project accountability.
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