Demand Film has launched a new cryptocurrency in Australia that is meant to reward film fans who not only watch movie trailers but also promote them. The company is releasing its official digital coin called as ‘Screencreds.’ It also has plans to launch the virtual asset in Germany next week. Significantly, blockchain or cryptos are now used as a link with fans and celebrities. For instance, Korea pop stars were given gifts through blockchain by fans in the last week’s show.
Waves In Film Industry
The latest announcement by Demand Film is nothing but how the blockchain technology and virtual assets are developing in Australia and among the film industry, according to ccn.com report. The company disclosed that its objective of launching Screencreds is to provide an incentive to those who are engaged in marketing, as well as, promoting offerings. Based on consumer demand, the company will organize a theatrical screening of documentaries and films. The development suggested that irrespective of ambiguity, companies continue to engage themselves with cryptos.
David Doepel, CEO, and MD of Demand Film told the media that rewards in the form of digital currency would be offered to the people who watch and share movie trailers. He clarified that the payouts would depend on the number of people seeing the shared trailer and then buy tickers to watch the movie. The rewards could be cashed in events conducted by Demand Film. This included meet-and-greet opportunities, VIP events, and film screenings.
The CEO indicated that Screencred digital coin could be traded on Australia’s NCX exchange in the near-term. The company is also testing an option to use the virtual asset for paying royalties, and it is working on a revenue model with filmmakers. The idea is to offer them a part of theatre ticket sales through an automatic route. The company thinks that it could be an advantageous one for smaller film releases. That is because of avoiding the exchange rate, as well as, banking fees.
The film industry is turning towards the cryptocurrency, as well as, blockchain technology due to existing issues plaguing the industry. During the last Canes Film Festival, several entities have encouraged solutions driven by blockchain. The film industry believes that product costs will come down due to cheap and advanced technology thus driving it to keep growing at a rapid pace.
Within the film industry, some of them have used blockchain to safeguard their creative and unique ideas while others are defending their intellectual property and film manuscripts. Their objective is to protect their work from copyright infringement and theft. One of the biggest issues is that films are posted on video sites such as YouTube are stolen, and they are only posted on some other platform.
This would mean that original creators, i.e., film crews and producers, would miss potential ad revenue. Verdictum, a startup, has created a platform to protect film products and their work from theft. Verdictum’s servers could store manuscripts and information and could be monitored or tracked. Anyone affected by the infringement could use the registration record of blockchain to prove their original work.