Blockchain, the technology that underlies digital currencies, is finding fresh application in Hollywood.
Veteran entertainment industry marketer Amorette Jones joined with technologist Matej Boda to build a blockchain-based platform for the film industry. Their new venture, Treeti, would seek to harness the disruptive power of blockchain to create a new way for filmmakers to distribute and monetize their creative projects.
Blockchains are inherently open and secure. The blockchain itself is a list of records, or blocks, that are cryptographically linked. Each block contains a timestamp and transaction data, creating a public ledger that’s open to inspection. These records are distributed across multiple computers, making it resistant to tampering.
“When I researched the capabilities of blockchain, I instantly knew it had the power to completely upend traditional distribution and marketing,” said Jones, Treeti’s CEO.
Indeed, Jones said the last time she was this excited about a budding technology was back in 2000, and the internet presented new promotional opportunities. She took full advantage of the web in marketing Artisan Entertainment’s low-budget indie film, “The Blair Witch Project,” in a campaign that served as a case study in viral marketing.
Treeti plans to launch both business and consumer-facing operations.
Filmmakers (or studios) can upload movies, set pricing, release trailers and launch promotions to attract an audience. They’ll also collect verified data that accurately reflects viewing, which would be a boon for an industry that spends millions on promotion without knowing, with precision, what works.
Movie-makers also will be able to take advantage of features including crowd-funding, to finance a project, instantaneous transactions once a movie is released and global distribution across a peer-to-peer network.
Moviebuffs, meanwhile, will gain a new way to discover films and even collect rewards for promoting projects. The consumer-facing network is set to launch in late 2018.
“Blockchain is already revolutionizing the finance industry,” Boda said. “And its technology is easily adaptable to the needs of entertainment.”