Have you ever worked in the movie industry? It can be a tough world, with plenty of legal and financial barriers and unfair dealings. Cryptocurrency and blockchain can offer several solutions to these problems, but only if the industry wants to accept its integration. Below, we discuss the advantages of them to the cinema industry.
Theatres That Take Cryptocurrency
While the cinema industry has not been the fastest in adopting cryptocurrencies, it has also not shied away from experimentation and implementation. Major providers such as Regal in the US have provided the ability to pay for seats in digital currencies. This has led to many following suit, and the AMC app now allows you to pay for tickets in crypto. However, streaming giants such as Netflix have yet to catch up, with no facility for payment of this type on their sites.
The streaming sector could use the model from the world of online gambling if it wants a case study on how crypto can be integrated. These currencies have a lot of advantages for gamblers, providing security and anonymity. Casinos have operated in two ways: By allowing crypto payments on their standard websites and by having separate operations that use them and have specific crypto-related games. They accept the main currencies, creating whole Bitcoin and Ethereum casino environments with unique offerings.
This could be an option for independent film-makers who have productions that have not been financed by the main studios. These independent films could be housed on specialist crypto platforms, with movies fully financed by digital coins.
Film Financing
Film financing is another area that could be overhauled. Traditionally, for movies to be made, high-profile investors have to be sought out, or crucially, a major film company needs to be onboard. However, digital currencies and the ability to buy tokens is a unique premise for film funding. This would allow people to buy a digital asset that shows a fan has contributed to the film’s production and budget.
This gives them ownership in its success, a more advanced form of crowdfunding. Smart contracts can be used to control incoming and outgoing payments. These could then distribute any funds made from the movie, akin to buying a share.
Other Advantages
It can also be used in the fight against the theft of intellectual property. Original ideas can be exploited, and rights can be assigned to the wrong areas. This often sees the creators getting less than they should. Blockchain will allow people to register their ideas using a smart contract, cementing the time and date they came up with the idea.
Copyright will also be more manageable, particularly when it comes to the problem of films that are often leaked early. Distributed ledger technology can be used to build an immutable record of transactions. This can show where movies are being leaked from.
The cryptocurrency and blockchain sector has many advantages to the movie-making industry. Although, a fairer system may not be what the major studios want, as it may cost them revenue. However, if it is something the industry desires then independent film-makers have it at their disposal, and with the right productions, it will be the future of cinema entertainment.