For the quite some time now, the movie industry has avoided using Blockchain and Cryptocurrency, more than any other major global industry and it is very interesting to find out why that is so.
The movie industry most reliant on so many different companies who provide products and services to make a movie and yet it is one of the least transparent in the entire entertainment sector. Most probably it is one of the least transparent if you compare it to other sectors as well.
Lets take banking sector for example. It is very transparent when it comes to fees, costs, and amounts of money lent and borrowed on it's public statement. But with movie industry you just see millions of dollars spent, but you don't really know why and where they went. Will anyone have the power to change that?
According to Forbes, MovieCoin, a new generation financial technology company, is creating a new digital utility token called Moviecoin and a detailed Blockchain technology solution made up of of its Moviecoin Platform that can be used by customers for a range of things that relates to movie consumption and other related contents. Image below shows all the players who will be able to benefit the transparency of the platform.
Christopher Woodrow, The CEO of MovieCoin, is definitely not a novice in the movie industry. He has successfully produced such blockbuster films like the 2015 Best Picture winner, Birdman, Hacksaw Ridge and Black Mass. A person with this amount of experience I believe will bring great value to the crypto community and Movie industry in general because as we can see he knows all the ins and outs of the industry. Also with MovieCoin's recent collaboration with TV-TWO, a film content discovery and television platform that has adopted the Ethereum Blockchain for tokenized video usage, the organisation has already carved a niche for itself in the entertainment industry.
Moviecoin and Woodrow see a huge gulf that needs to be filled in the movie industry regarding new investments. At the moment, the financial model does not give enough transparency for investors to see that they are not being ripped off. With that changed, we can potentially see a flood of investment from people holding crypto and willing to diversify their assets. Imaging being able to invest into the new "Avengers" Marvel movie or to invest in some promising but not that mainstream movie, which eventually hits the charts.
When it comes to overhead costs, Hollywood is well known for its inventive accounting techniques reports Jim Amos from Forbes. He states that some films like Harry Potter and the Order of the Phoenix did in 2007, in spite of amassing a whooping sum of $939 million worldwide they have somehow finished in the red. I am hoping to see that change when everyone in the industry adopts Moviecoin for a new transparent investment thrill into the entertainment business. Feels like a movie will be just like a new coin having its ICO.
Don't you think? Please let me know in the comments below.
Brought to you by @yuriks2000, your loyal Steemit Witness and a CEO of BoomApps developing SteemApp, a completely free app for Steemians
Please support us by voting for us as Witness