Use Blockchain to Fund Your Business’s Next Creative Product, Here’s Why
There isn’t a lot of data available on how many script writers actually sustain a career, but some estimates peg the number at less than one percent of total writers. Due to stiff competition, increasing demands, and the nature of Hollywood success — it’s not what you know, it’s who you know — some argue that selling a seven figure script is like winning the lottery.
The advent of blockchain technology has led some companies to create decentralized video on-demand platforms that can help small filmmakers and business owners get the start they need.
Using Blockchain for Funding
Revamping existing industries is one of blockchain technology’s specialties. Hundreds of blockchain platforms are in development stages across a wide variety of industries, each of which is attempting make its respective industry more efficient and user-friendly.
FundRequest, for example, is creating a decentralized marketplace for open source collaboration. The platform is specifically geared towards open source projects looking for help with software developments and implementation. It monetizes programmers and developers to work together to find solutions to coding, programming and development related issues.
Or, take the Waves platform, which allows companies to issue their own blockchain tokens in order to get their own platform running. The blockchain can be used for crowdfunding, paying for goods and services or even as an investment vehicle.
In the content creation and film industry, StreamSpace allows content creators access to tokenization and distribution models that can enhance an artist’s ability to access a broader market.
Platforms like these are particularly well-suited for small to mid-size projects that would otherwise have a difficult time getting funded.
One of the most challenging aspects of creating a movie or short film is getting the necessary funding. However, with blockchain based platforms, filmmakers can easily get the capital they need. It provides a networking opportunity without having to play the political games required in Hollywood.
Another crowdsourcing option available to businesses, startups, and new projects is a platform sponsorship of custom crowdfunding websites. Potential viewers and investors would offer funds for the project in return for a percentage of the revenue from the streaming blockchain platform, creating a type of royalty structure that provides the necessary capital up front.
For example, the Starbase blockchain startup has developed a platform where idea creators are able to tokenize their projects, and, in a simple way, connect consumers with companies that need feedback and exposure. Such a platform produces a ready-made system for crowdfunding, but without the hassle of the tech-heavy ICO backend work.
How Blockchain Platforms Can Help Improve Business Development
Once a new project has been funded, created and published via one of these platforms, users have a wide variety of tools at their disposal to assist in the business development efforts. Content creators can benefit from the platform’s community-focused interface, which allows them to upload their work to the decentralized marketplace, set prices and review statistics about their content. These tools will help content creators develop and improve their projects without having to spend tremendous amounts of money on external consultants.
StreamSpace is a blockchain startup currently working on a decentralized video streaming platform. StreamSpace allows companies to host initial coin offerings (ICOs) and token crowdsourcing campaigns on behalf of filmmakers, giving them access to initial funding to expand their businesses.
StreamSpace is also equipped with content recommendation engines that help consumers discover new films and projects most suited to their viewing history and tastes. For consumers, this engine provides an automated way to view up and coming material. For filmmakers and project creators, it lifts traditional barriers to discoverability that plague the traditional filmmaking industry — at no additional cost.
Filmmakers and businesses can bypass the typical studio-driven promotion system and take charge of their own marketing and advertising campaigns. The use of social media as marketing strategy enables content creators to reach global audiences, rather than run expensive local ads that have a far narrower reach.
Finally, the inclusivity of blockchain technology allows content creators to think outside of the box for their projects. The platforms can handle an array of formats, including video content classes, anime projects, music videos and even interactive content and virtual reality. By removing the “one size fits all” model in the traditional filmmaking industry, blockchain funding platforms can help content creators promote unique materials through a unique medium.
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This article, “Use Blockchain to Fund Your Business’s Next Creative Product, Here’s Why” was first published on Small Business Trends