Is The Future of Film Cryptocurreny?
Alibaba Pictures, the film production arm of Alibaba Group, is working to tokenize distribution rights for some of its new film projects, including ‘Striding Into The Wind’. The company has signed an agreement with decentralized entertainment company Breaker to distribute the film overseas via its blockchain platform, Ethereum.
Alibaba has had mixed results producing films, and in an effort to maximize profits, Alibaba Pictures is distributing ‘Striding Into The Wind’’’ beyond China’s borders. To facilitate this, Alibaba Pictures is utilizing blockchain to tokenize the distribution rights of the film.
How Will Blockchain Change the Global Film Industry?
The film industry is just one of many, which stands to be turned on its head through the infusion of blockchain technology. Primarily, the effects will be in the way films are financed. Typically, a relatively low number of conglomerates can finance the big blockbuster films, as it is an expensive endeavour that typically costs in the millions. With special effects and movie star’s salaries, it not unreasonable for a film to cost over a hundred million dollars just to produce. This results in a restrictive environment for smaller projects. Understandably, film financers are looking for a return on their investment in an industry that may seem like gambling to many.
Although it’s an astonishing accomplishment, we really shouldn’t be surprised that Disney+, the new streaming service hit 10 million subscribers only a day after the streaming service launched, sending shares soaring in spite of technical glitches at roll-out.
By comparison, Netflix has 60 million U.S. subscribers and 158 million globally. So does that mean Netflix is looking over its shoulder? They are probably nervous since Disney is home to Marvel, Star Wars and classic animated films like Cinderella, Lion King, and Toy Story. But Disney is not going to rest on its laurels. They have dozens of new series out of the gate.
In April the company said it plans to reach 60 million to 90 million Disney+ subscribers globally by 2024. Despite reports of technical glitches, many customers signed up with no problem, and viewers were buzzing about 'The Mandalorian,' making it a top trending topic on Twitter as Viewers were trying to decipher the meaning of a surprise twist at the end of the first episode. ‘The Mandalorian’ is set in the Star Wars universe and is about a bounty hunter’s adventures in the outer galaxies, far from the New Republic’s authority.
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