How Blockchain Can Boost Film Industry As Content Demand Soars

Actress Jessica Chastain is quoted as saying,

“What happens to these beautiful, small, dramatic stories? Are other studios going to make them so that we don’t lose part of our art form?”

Perhaps a silver lining is that the trend toward smaller screens does not mean that the quality of content needs to suffer. To the contrary, there could be many more opportunities for creators of unique and diverse films to find an audience and flourish.

Fans want more diverse content, so why is the film industry still failing creators?

Despite the stars aligning with increasing demand for interesting content and an abundance of streaming platforms in search of great stories, somehow not enough creators are getting the chances they deserve to bring their talent and ideas to the screen. Paul Bettany, the actor who plays Vision in Marvel’s billions-grossing Avengers movies, once thought his acting career was over. A producer told him he would never work in the industry again, but in an almost mystical turn of events, Bettany got a call from Joss Whedon that same day offering him the role of Vision, making him the celebrity he is today. Of course, there are hundreds of thousands of brilliant actors, directors, writers, producers and other creators who aren’t as lucky as Bettany and perhaps never even get a chance.

Isn’t there anything that can make the film industry better for creators?

Fortunately, the answer is yes. By leveraging new technologies, we can create environments that are more supportive of creatives and fill in many of the gaps left by the traditional entertainment industry. Blockchain technology allows for the elimination of the traditional gatekeepers and instead gives decision-making power to the community of creators, fans and other contributors.

Rather than waiting for access to a big-time producer, financier or studio executive to pitch their ideas, creators can share their ideas directly with the community and receive real-time feedback on their stories. In a decentralized film financing ecosystem, it’s the community – not executives – who determine which films should be made. What’s more – everyone benefits when a film does well, including the creators and the community that supported the project from its inception.

Blockchain can be leveraged to ensure more value goes back to the creators and can be shared with contributing fans. In a decentralized ecosystem, the distribution of residuals and profits can be executed automatically via smart contracts, leaving out the possibility of human negligence and error. Additionally, all transactions are transparently recorded on the blockchain ledger, so if there ever was any question as to how profits had been distributed, the accounts can be viewed and audited by anyone – no need to file a request with a withholding distributor.

If we lean into the possibilities enabled by blockchain technology, we could be on the cusp of a creative renaissance. Despite the obstacles brought about by the Covid-19 pandemic, imagination and innovation are very much alive in 2021, and decentralized systems can create the space and opportunities filmmakers need to thrive.