Blockchain is Disrupting the Filmmaking Industry, Balancing Efforts and Rewards
Blockchain technology is out to change how digital content in the entertainment industry are distributed. This will enable effective management of resources that are invested and also ensure that the right product owners receive adequate rewards in an all inclusive ecosystem.
Filmmaking is a profession that has spanned across several decades and the rate of film production has been on the rise ever since. From only 84 films released in 1910, the number of films released per year in present times is about 50,000.
The Challenges of an Expanding Industry
Much of this growth may be explained by the internationalization of the film industry, with Bollywood (India) and Nollywood (Nigeria) becoming significant film production centres in the past decade, but the most important underlying factor in this growth is the pace of technological development of lower cost cameras and production and editing equipment, enabling thousands of artists to create films for a fraction of the cost in the 20th century.
Despite this huge industrial growth, a lot of independent film-viewers still have no way of discovering most of these film productions, except through the promotion activities of the major studios that control multi channel distribution, from theaters to broadcast/cable television to DVD and digital distribution.
Without distribution support from a major studio, filmmakers are left with nontraditional channels such as film festivals, in which filmmakers compete to win one of 100 or so film slots and where a small number might catch the eye of a second-tier distributor. This leads to the shutting out of a lot of independent filmmakers as well with no one being able to determine the quality of their products.
With so many products trying to find their way into the market, intermediaries in the form of major studios and film distributors have become lords within the industry. These studios, having strategically placed themselves as an inevitable channel to reach the market(viewers) now exert so much control that filmmakers who do not meet their requirements may eventually never have their works out in the public.
Cleaning up the Space
To eliminate this obstacle and return power to the original content creators, StreamSpace aims to introduce a novel distribution platform and an ecosystem community that will give consumers an opportunity to enjoy quality film content unavailable from conventional distribution channels, with a secure monetization engine that places more than 90% of payments directly into the hands of the filmmakers.
“Our goal is to become the world’s leading destination for innovative film content, with a deep catalog that will enable personalized viewing experiences and that will be rewarding for our two core customers, independent filmmakers and indie film aficionados,” says the StreamSpace‘s website.
Effective Components and Design
This blockchain distribution platform is designed to link creative, independent filmmakers with audiences that seek out quality, edgier film experiences. This is made possible by the introduction of a community-based system that explores blockchain properties for effective decentralization. In this case, every player’s stake is properly protected and compensations go to those who truly deserve them.
On this decentralized platform, viewers can order for content directly from the filmmakers. This establishes a high level of confidence in the market in terms of price and product originality. The secure and immutable nature of the blockchain guarantees that content is not pirated, and payment transactions are protected. Also, the search for suitable content becomes unrestricted as the blockchain is a totally distributed and transparent platform.
This development is surely going to disrupt the entire film industry and open up more opportunities for expansion as erstwhile sidelined participants can now find unrestricted and secure access into an industry where rewards and compensation can be gauged appropriately.
