Many industries in the social sector are taking advantage of technological advancement. This has led to more transparency and growth in the social sector, especially for start-up businesses. However, the movie industry is yet to catch a full glimpse of technology. As much as movies portray a fast-growing technology world, this is barely implemented in the industry.
Although the film industry not only entertains and educates, it has been plagued with issues on productions and centralization. The success of a film is frequently determined by studios and the availability of streaming platforms and cinemas.
The success of a film is frequently determined by studios and the availability of streaming platforms and cinemas. The success of a film is frequently determined by studios and access provided by streaming platforms and cinemas.
The success of a movie is often determined by studios and access provided by streaming platforms and cinemas.
As a result, it is becoming more challenging for the movie industry to protect its copyright. Hence, script or storyline integrity should be preserved on the blockchain network, an agreement between the owner and a third party. Blockchain technology solves several other challenges in the movie industry.
Blockchain Implements its Decentralization into the Movie Industry
Working on a movie set and ensuring it is perfect before the target audience or viewers is pretty challenging. A producer ought to understand that it most times is more than his creativity. The studio needs assurance from producers concerning movie potential. How long it can remain popular and the strenghts of its competitors.
This is why most studios support an established movie production that can finance its advertisements. With the introduction of blockchains technology, this issue will become resolvable. Movie producers can launch their movies using financial support from enthusiasts or movie lovers. How does this work?
Filmmakers are at a disadvantage because online streaming platforms make more money than direct investors. More investors will participate in movie production since many people are interested in blockchain technology today. This is because digital investments are more guaranteed, and investors can monitor how their money is spent.
Considerable investment will provide more opportunities for the movie industry to go virtual. This is a value exchange for the investors and other top decision-makers. Nevertheless, the movie industry will be decentralized because all parties will make critical decisions.
Blockchain Ensures the Transparency of Every Film Transactions
clap board and three film strips on abstract dark background
Blockchain technology validates transactions and ensures that every record is transparent enough. Since the system is decentralized, the blockchain network ensures legit transactions before verification. In this case, there is a reduced rate of cybercrime. This provides an opportunity for the film industry to undertake transparent accounts, especially in the financial aspect.
Blockchain technology monitors the transactions of ideas, assets, or any other creative work. Movie studios sometimes take advantage of movie creators by removing them from significant stakeholders. However, these content creators can work independently without approval from a movie studio. Producers can also monitor content distributions and any illegal usage limiting financial income.
Every movie participant can ensure that no individual spends the investment funds for personal gain. It makes it easier to track the money flow and its distribution. Investors, actors, producers, makeup artists, and every other party in movie production can receive their reward accordingly. Blockchain technology also enhances decision making in the film industry. It is no longer the sole responsibility of a studio to analyze the next production and allocate the resources. All involved parties can cast a vote, ensuring every voice is given a chance during the process.
Since most movie productions are digital, monitoring the growth process becomes complex and challenging. Smart contracts can automatically distribute the collections while recording on the blockchain ledger. This is also an advantage to independent filmmakers because their audience can book a ticket and share collections before a show starts. With this, producers can establish a beneficial relationship with cinemas without being at a loose end.
Blockchain technology transparency also allows movie lovers to be a part of movie growth. They can monitor what is going on and contribute to movie popularity. Creativity will begin to earn a better reward as fans and content creators work together to achieve a great result. This also encourages more people to be a part of Hollywood productions. When people realize they can authenticate their ideas, movie production becomes a worthy career.
Every filmmaker and content creator will have a better view of sharing content with viewers. A modern approach should be implemented to cause a positive shift in the movie industry. The film community will have a reduced budget, proper allocation of resources, and record quality films.
Limiting the Risks Associated with Investing in Movie Industry
The expenses in releasing a movie are pretty much, especially when figuring out audience preferences. When studios make their findings, it is usually exclusive to them. As explained earlier, this has been a tough spot for filmmakers. Producers can make film projects independently, but this requires support from investors. Hence, the dream project can be completed when supported by investors. Eventually, stakeholders pay for copyright infringement, which is more secured with a blockchain ledger.
Blockchain places no commitment on stakeholders who invest in independent films with little infrastructure. They can also set up virtual entities to fund projects. Hence, each investor can accurately analyze the expected outcome or returns. Investors can trade their equalities, depending on the perceived return on investment. Investment is never a surety, but it is a relief that investors can trade their cryptocurrencies on exchanges like Redot.com under no pressure.
Blockchain is as well democratic regarding individual involvement in certain activities. Stakeholders of a movie are sometimes stuck in film production, especially when the budget is insufficient. Stakeholders participate at will, as they do not commit to a movie production when it is not going well. They can also convert their digital asset into monetary income without any loss.
Conclusion
Filmmakers with little infrastructure can eventually collaborate with international brands. These exchanges improve network scalability and decentralization. For instance, Hollywood is collaborating with many nations, especially in Africa.
This bond is more feasible with the availability of a shared virtual platform such as blockchains. In the same way, film productions can allow funds from several cryptocurrency exchanges. This will likely improve product quality and increase its resources.
[…] Read More: Why Movie Industries Should Adopt Blockchain as a Solution to Major Challenges […]