Hollywood films to be funded by blockchain technology
INDIVIDUAL investors could soon fund Hollywood TV series and films using blockchain technology, thanks to a new venture backed by Transformers star Henry Penzi.
Dionysus Studio, the first entertainment studio built with blockchain technology, was created by a group of Hollywood businessmen, producers and actors including Penzi.
People can invest in new film and TV projects using Dionysus’ project-specific tokens. If investors buy enough tokens, they will be able to pitch their own film ideas and screenplays. Once writers have submitted their screenplays, producers can then put forward offers for the rights to produce them.
Once an agreement is made between a writer and a producer, the tokens can be bought. These will then be converted into US dollars and used to fund the production of the project.
When the film or TV show is produced, profits are shared between the platform, participants and project token holders.
The overall aim is to break open the inner workings of the Hollywood boardroom, which is currently only reserved for a select few directors with the funding behind them.
Max Garza III, CMO of Dionysus Studio, said that the venture could help boost liquidity in the industry.
“We are about to launch blockchain for Hollywood. In Hollywood, only a few high profile producers hold a monopoly,” he said at a recent blockchain and cryptocurrency event at the House of Lords.
“If you don’t know these people you simply can’t get your movie produced. Plain and simple. We want to break that monopoly by finding liquidity for not just movies but mini-series as well.
“Now with blockchain, people all over the globe can put money in to projects through our digital token. These creative projects will democratise not just Hollywood but the entertainment industry across the world.”
A panel which consisted of Peter Meli, Malta’s economic attaché and head of the country’s international blockchain development, Kyo Izuchi from PriceWaterhouseCoopers in Japan and Dionysus’ Garza, attended the blockchain and cryptocurrency summit chaired by Baroness Uddin at the House of Lords.
“I was delighted to host the incredible experts and contributors at the House of Lords and learn about the huge opportunities that blockchain is offering across so many industries,” said Uddin. “I look forward to chairing the next one in 2019.”