Here are 4 Different Ways That Blockchain will Benefit the Film Industry
With good knowledge of the basics of technology in the context of the film industry and disruption, this article will take us deeper into the blockchain aspect and four key benefits of blockchain technology offered by Mogul and to the film industry at large.
Anything Could Be Democratized With Blockchains
Considering the scale involved in producing a big-budget movie and the whopping gross revenue numbers that the greatest movie franchises of all time produce, it may surprise you to know that Hollywood is controlled by five major studios and a handful of streaming services. We’ve already talked about that.
Blockchain technology is what Bitcoin is built on. Bitcoin allows people to exchange value without a central authority or government controlling everything.
What does this have to do with movies?
Although you may wish for a specific film to be made, the major studios are usually only interested in pre-existing franchises and fresh IPs from experienced directors. Even if there is an audience for a film, it will not get greenlit since it is more of a risk in their perspective than what they are already doing therefore ruining your dream of seeing that movie on the big screen is dashed.
It doesn’t have to be that way, though, thanks to blockchain technology. You don’t have to be wealthy to help fund the next big film and share in the profits. You don’t have to go out of your way to please the above insiders.
Finally, you get to put a film into production that you believe has potential. Whether you’re an actor, a producer, a financier, or a moviegoer, this is true.
The Mogul community and blockchain technology have teamed together to democratize the whole film value chain for everyone.
Transactions are Transparent With Blockchain
Transparency is required for blockchain-based films. Any type of opaque or hidden “Hollywood accounting” is not possible on the blockchain.
It’s difficult to keep track of who’s doing what in show business because money pours into many different pockets. The priorities of various stakeholders in film production differ.
Actors strive to make as much money as they can. Investors want to make as much money as they can, while producers want to be able to spend as much money as they need to make the best film possible.
Transactions are recorded on the blockchain, which keeps everyone honest and financial data transparent.
The best thing about adopting blockchain for movies is that it isn’t simply for keeping track of financial records. It’s also helpful for keeping track of voting and decision-making.
Only insiders and studios have traditionally been allowed to vote on which films will be released next on the big screen.
The Mogul platform uses blockchain technology to allow YOU to vote on what should be produced. The people, not the elite, are in charge of voting.
STARS token holders can use Mogul and the blockchain to get liquidity in a variety of ways. This means you can support or abandon a project whenever you want.
Traditional movies are governed by a slew of contracts and clauses that bind stakeholders to long-term obligations. As films approach or frequently exceed their budgets, financial responsibilities can escalate over time.
You won’t have to worry about it if you use the blockchain to fund movies. You can contribute as much or as little as you wish to a project, or you can choose to support it entirely. You’ve got the power!
Automating Agreements and Payments through Smart Contracts
A smart contract is a contract that may be executed without the involvement of a lawyer or a third party. Parties to a joint agreement might specify payment terms and who gets what under certain conditions.
If all of these conditions are met, the smart contract is activated, and everyone is compensated. The smart contract reacts appropriately if the conditions are not met.
Smart contracts can collect funds from various lenders in a more efficient and cost-effective manner than traditional contracts and negotiations. They can also allocate film-related cash and earnings to eligible Mogul community stakeholders.