Blockchain. Web3. Cryptocurrency. NFT. Cryptofilms?
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That said, crypto cannot be ignored. It’s hottest buzzword right now. Whether you believe in it or not, it’s a topic circulating the globe at a rate that even the most uninterested cannot avoid. But how is this new technology making an impact in the world of film and video production? The majority of this article is an extension of the article “Blockchain: A Comprehensive Solution for Film Production and Distribution” by SMTPE.org. First, let’s begin with definitions.
Definitions
BLOCKCHAIN - a blockchain is a secure, encrypted, digitally distributed ledger that is chronologically time-stamped with data that cannot be changed.
WEB3 - it is the latest evolution of the internet. Web3 is the internet owner by builders and users, orchestrated with tokens. A new internet as a result of shared resources across the globe.
CRYPTOCURRENCY - a medium of exchange that uses encryption to make the transactions secure
NFT - non-fungible tokens are pieces of digital content (image, video, document, etc) linked to the blockchain
CRYPTOFILM - we made this word up but apparently it’s also circulating. Soon it will be attached to a new way of producing and distributing film
Blockchain and Film
Without getting too deep into an explanation of how blockchain works or what utility it has in service to today’s society, let’s focus on the BLOCKCHAIN as a solution for film production and distribution. In blockchain tech, content is DECENTRALIZED (no middleman or intermediary) and share with every party involved within a given network instead of a single entity or central authority (like a brokerage or bank).
In media and entertainment, blockchain is being explored as a new way to fight piracy, increase transparency, improve distribution and associated royalties, democratize oversight of digital assets and support the global connection of content creators, producers, distributors, and audiences.
Blockchain and the Production Process
Media + entertainment content used to be produced by large TV and movie conglomerates. That trend has changed drastically with the internet and the subsequent streaming services. The proof is on your phone or tablet and your recurring subscription fees. Features, documentaries, series, and other engaging video content could never be easier to access.
“HardFork” is a crypto-funded crypto-noir thriller set in a futuristic world where decentralized and centralized factions come clashing together in a climatic crossroad.
Through blockchain tech, independent production companies have the ability to produce high-quality content without large capital investments in infrastructure. They can also record and authenticate their content in a blockchain to prevent piracy and intellectual property theft. If a large production company wants to purchase the rights to the independent film, the details and resulting profits and sales info can be shared on the blockchain promoting full transparency. On the post-production side, editing and visual effects could also be distributed across a blockchain network. Just like how Google uses grid computing, or distributing computing, to provide speed and resources to alter data, post-production teams could have their own network of editors, VFX artists, sound designers, etc. across a shared platform to enhance delivery.
A More Streamlined Distribution
The use of blockchain tech is a way to enhance the distribution process. Companies are competing with Netflix to create more filmmaker-friendly blockchain versions on Netflix. In addition to piracy and spending transparency, the channels through which films are being distributed are also rapidly changing. What used to be a highly anticipated theatrical release is now watched from the comfort of home via one of your streaming devices. See Disney+, HBOMax, Hulu.
As streaming persists as the main distribution channel, there needs to be a more effective way of capturing the stream trail. In other words, how are content creators compensated for all of the streams of their content? Blockchain can add to this transparency. Netflix, for example, is notorious for keeping their streaming data close to their chest.
Conclusion
Cryptofilms. It will arrive in due time, but will it be enough to overthrow the existing giants of streaming entertainment? Disruption of film production and distribution is inevitable, but that does not necessarily mean a bad thing. Perhaps these “new Netflixes” will coexist and offer creatives more options and opportunities. The fact is that the blockchain tech has no signs of slowing down and is slowly making its way through every facet of our life, one disruption at at a time.
