Australian Movie Distributor Launches Cryptocurrency for Movie Fans
August 19, 2018 12:05 pm
Demand Film, a movie company based out of Australia has launched a new cryptocurrency named Screencreds. This currency is aimed to reward tokens to users for watching movie trailers. This announcement was done before the company’s launch in Germany next week.
This cryptocurrency concept acts as an example of how virtual currencies can be employed in the digital landscape which also includes the movie industry.
The basic idea about this concept is that people are paid incentives to consume and promote offerings from Demand Film. The company organizes movie screenings for films and documentaries in line with consumer demand and interest.
David Doepel, Managing Director, and CEO, Demand Film interviewed with the Hollywood Reporter saying that people who watch and share movie promos will be rewarded with cryptocurrencies. The earnings will be determined by the number of people who see the movie and then buy tickets after watching the promo.
Demand Film is also considering using this cryptocurrency to pay royalties. The company is in the process of creating a sustainable business model which would allow autonomous payments to filmmakers from the earnings gained through ticket says. This will allow smaller companies to sidestep the banking transaction and currency exchange fees.
The movie and entertainment business has shown keep interest in cryptocurrencies and blockchain technologies. During the previous Cannes festival, there were numerous outlets which were promoting blockchain-backed solutions for the existing problems in the movie industry.
Some outlets have even started using blockchain to ensure that film scripts and intellectual property are protected from copyright infringements and potential theft.
Having one’s movie script and ideas on the blockchain will help protect unique ideas from being stolen and it would also act as a proof of originality of the idea through the incorruptible blockchain.