Watching trailers and movies is always fun, and it can be even more exciting if you’re paid for doing so. An Australian distributor has released a new cryptocurrency which will be used to pay users for watching, sharing, and promoting their latest movies and trailers.
A new cryptocurrency called “Screencreds” has been launched by an Australian-based movie distributor, Demand Film. Screencreds will be used for rewarding the users and fans who will watch and promote the company’s latest releases.
Revolutionizing the Film Industry
Demand Film was founded in 2016. The company has released 40 titles across 6 English-speaking territories, focusing on documentaries and special one-day events. It is rolling out the new cryptocurrency right before it launches its service in Germany.
David Doepel, CEO and Managing Director of Demand Film, revealed to The Hollywood Reporter that Screencreds is a new cryptocurrency which will offer users incentives when they promote the company’s productions. Doepel adds:
Users will be getting paid for what they are doing already — watching trailers, sharing them, promoting our movies to their friends, and payment will be based on influence. The more people see the shared trailer, and the more people that then buy tickets to our screenings, the more Screencreds users earn.
These Screencreds can then be used to purchase movie tickets or attend VIP events of Demand Film. The users can even be utilized for meet-and-greet sessions with crew and cast members of the company’s productions. It is also expected that the cryptocurrency will be available to trade in NCX, the Australian cryptocurrency exchange, in a few months.
Screencreds will not only serve as an asset to the users but also to the filmmakers in regards to royalties. The use of blockchain technology and smart contracts for royalty payments is a no-brainer. As David Doepel notes:
At the moment, we report royalties every quarter and pay the filmmakers. With a cryptocurrency the payment would be automatic. The filmmaker would get their money right away.
In the recent past, another Australian start-up, Veredictum, has developed a blockchain-based platform to protect producers and their work from online piracy. Data like film scripts, music, lyrics, and many more can be stored in the Verdictum database.
Overall, blockchain technology and cryptocurrency carry a plethora of opportunities for the film industry. As the number of movie tickets sold declines every year, the industry has to evolve and innovate to stay alive. Harnessing the power of tokens and the blockchain can help keep the movie industry moving forward, rewarding both filmmakers and viewers alike.
What do you think about the adoption of blockchain technology in the film industry? Let us know in the comments below.
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