MovieCoin a film and television media investment platform utilizing blockchain technology is set to launch Movie.io to provide movie fans with access to interactive features via the MovieCoin platform. This next generation fintech company is blending crypto and motion pictures to give audiences the show of a lifetime. Movie.io will enable users from across the globe to invest and purchase entertainment-based media in a seamless fashion with their specially designed tokens. The Scope Weekly spoke with Christopher Woodrow, Chairman, and CEO of MovieCoin, and film producer (“Black Mass,” “Hacksaw Ridge,” Birdman”) about the future of blockchain and the movie industry.
“The power of cinema to transform and connect people eclipses all other art forms,” said Woodrow.”Through our Movie.io portal, we are connecting those who share a love of movies with like-minded movie-watchers and the professionals behind the films they love. Our new platform will revolutionize how film fans experience and engage with their favorite movies. It’s a major win for the industry overall and will no doubt create the ultimate interactive experience.” In a press statement, the company said that the Movie.io portal would allow users to purchase premium services including movie tickets, cinema gifts cards and on-demand video, and exclusive shopping and memorabilia auction, behind-the-scenes access, and other features.
Woodrow told the Scope Weekly in an email interview that: “Decentralization will have a profound impact on the entertainment industry. It’s not a matter of do we want to adopt these technologies; it’s a question of when will most industry leaders feel compelled to adopt them.”
Woodrow also claimed that the blockchain would alter the way in which business is conducted such as improved reliability, transparency, and more simple payment procedures. He told us, “The traditionally ‘recession-resistant’ $2 trillion annual entertainment industry has enjoyed desirable returns that, until now, have been unavailable to all but a handful of companies and privileged insiders. “MovieCoin looks forward to democratizing access to studio-level, ‘film slate’ assets with improved returns for accredited investors.
Purchases made through these cryptocurrencies will be added and monitored on the blockchain where it will be emitted directly into the hands of corresponding parties. This bypasses conventional outsourcing of big media accounting procedures offering participants a clear understanding of how their funds are being circulated. With this approach, everyday consumers and seasoned investors now have a much more convenient way of staking their claims in the multi-trillion entertainment industry on a global scale.
MovieCoin is powering its platform with the help of BANKEXs PoA Protocol. These proposed smart contracts provide users with a fixed transparent record of their spending activities. Accredited investors are eligible to buy fund tokens under Regulation D along with non-US citizens under Regulation S of the United States Securities Exchange Act.
Is there any industry that blockchain cannot disrupt? According to Statista, the global motion picture industry is expected to generate nearly $50 billion by 2020. By allowing consumers to have easier access to a generally untapped sector, this will theoretically help the economy as a whole. Also, blockchain technology will assist in the growing demand for transparency of trillion-dollar paper trails.
MovieCoin is established as a Canadian corporation (Vancouver, British Columbia) and conducts business activities through its four primary operating subsidiaries: MovieCoin Entertainment (Delaware, United States), MovieCoin Capital (British Columbia, Canada), MovieCoin Services (George Town, Cayman Islands), and MovieCoin Technologies, with an office in Los Angeles.
Woodrow said “The Company is commencing a security offering to raise capital to fund a slate of films that will be produced on the MovieCoin platform, which will become MovieCoin Smart Assets. The Company is establishing the MovieCoin Smart Fund and intends to sell $250 million worth of Fund tokens. These tokens will finance 8 to 10 widely-released theatrical films on an annual basis during the term of the Fund.”
Woodrow told the Scope Weekly that they have auspicious plans for the future of MovieCoin with bigger and better opportunities for viewers. He said “I financed and produced box office successes “Black Mass,” “Hacksaw Ridge” and the critically acclaimed Academy Award winner for Best Picture, “Birdman.” Our goal at MovieCoin is to finance eight to 10 major feature films a year with each project comprising A-list cast, a top-tier director, and a seasoned producer. We’ll be unveiling our initial slate of pictures once our token sale is complete this fall.”