The Australian company Demand Film broadcasts a new virtual currency, which rewards users for promoting and watching movie trailers.
Demand Film officially introduces the Screencreds cryptocurrency. This event is related to an attempt to enter the German market.
Paying people for watching movies
The idea behind Screencreds is to encourage people to promote production from Demand Film. The company organizes theater shows and screenings of documentary films. From now on, people who view and share movie trailers advertising these ventures will be able to obtain a cryptocurrency as a kind of reward.
The company explains that withdrawals will be based on the number of people who will see and then buy tickets after seeing the shared trailer. In this way, people will be able to earn, for example, tickets to film events. In addition, the digital currency will be traded on the NCX stock market in Australia.
In addition to the above, Demand Film is testing the option of using Screencreds to pay royalties. In general, the company believes that their model will be financially advantageous for smaller productions, because Screencred payments help avoid the consequences of changes in exchange rates and bank charges associated with traditional transactions.
More and more filmmakers and other people in the industry pay attention to cryptocurrencies and Blockchain technology. At the last Cannes Film Festival, many entities promoted Blockchain-based solutions as a panacea for the problems that currently affect the industry.
It is expected that the film industry will grow at a rapid pace, and production costs will fall, thanks to cheaper and more advanced technologies. Some have started using dedicated blockchains to secure film scenarios and other intellectual property, thanks to which creative and unique ideas can be protected against theft and copyright infringement. Currently, the big problem is that many of the videos published, for example, on popular sites such as YouTube, are stolen and then re-uploaded to another platform.
Piracy means that producers and film crews often lose a lot of potential advertising revenue. Start-up Verdictum from Australia has built a platform based on Blockchain, which is to help protect producers and their work against this type of theft. Information, such as a scenario, can be stored so that it can be tracked and monitored. If there is a problem with potential copyright infringement, the manufacturer may use the registration record from a special blockchain to prove that the work was originally owned by them.
Hollywood is also interested in the topic of cryptocurrencies. In the US, a sensational film “Crypto” with Kurt Russell in one of the main roles is created. From information that leaked to the media, it is known, however, that digital currencies will be shown there as a tool for criminals and are meant to be used to launder money.