Dreams of making it big in the entertainment industry are as old as the industry itself. What many people don’t know is that it’s not just the stars that end up making big money from their stardom. In fact, the industry itself makes a lot of people rich at the expense of fans. So while an artist can’t be famous without fans, the industry can’t be rich without that famousness. It’s a cycle that doesn’t really seem fair, especially in the modern world that likes to see more direct links between people and what they want. And it leaves very little room for artists who don’t happen to be superstars.
Aside from artists having to hand over their earnings to intermediaries, nowadays there are new issues like digital piracy and ticket scalpers to deal with. This is why artists themselves are looking for alternatives to continue what they do but in a way that offers more freedom.
Blockchain, a technology initially designed for cryptocurrency transactions, is now making its way to countless other areas and the entertainment industry is no exception. Blockchain offers artists and fans to be directly connected and for transactions that have traditionally involved intermediaries to be made directly, saving both rights holders and fans a lot of money.
Crowdfunding, digital advertising, distribution, and royalties can all be enhanced by blockchain and participants will be able to benefit from transparency and security when it comes to payments, funding, contract enforcement, and monetization.
MoviesChain by TVzavr is a blockchain platform designed for the independent film industry. The company wants to take the indie niche and make it stronger by giving fans access to quality films and filmmakers opportunities to make these films and distribute them. To find out more about this project, visit www.movieschain.io.
Sources: Hacker Noon, Forbes