Monday, December 5, 2022

StreamSpace: New Industrial Revolution to Overhaul Filmmaking

StreamSpace: New Industrial Revolution to Overhaul Filmmaking

As the filmmaking industry grows and develops, several innovations are emerging that make way for a more inclusive ecosystem, enabling an effective and profitable participation by stakeholders of all levels.

This is a press release

Prior to this time, mainstream film industry has been the exclusive business environment for the big money spenders. With mega studios and globally renowned publishers and marketers responsible for what film contents make it to the global stage, several independent filmmakers have ended up unnoticed and unheard of no matter how qualitative their products have been.

An expanding industry

The significant growth of the film industry in recent years makes it impossible for the existing monopoly within the industry to continue. There is a high number of independent films that go unrecognized by IMDb or other film databases because of limited distribution/awareness or unwillingness to provide the meta-content that the database requires.

Festival Genius, software for independent film festivals, has tracked over 6.4M people watching almost 70,000 films. The total number of films created each year could be as high as 50,000, according to Chris Hyams, founder of B-Side Entertainment and the creator of Festival Genius.

Much of this growth may be explained by the internationalization of the film industry, with Bollywood (India) and Nollywood (Nigeria) becoming significant film production centers in the past decade, but the most important underlying factor in this growth is the pace of technological development of lower cost cameras and production and editing equipment, enabling thousands of artists to create films for a fraction of the cost in the 20th century.

Blockchain disruption in filmmaking

Managing this level of expansion demands a drastic and fundamental disruption of the industry. The StreamSpace goal is to become the world’s leading destination for innovative film content, with a deep catalog that will enable personalized viewing experiences and that will be rewarding for core customers, being independent filmmakers and indie film aficionados. This is only possible by the implementation of blockchain technology.

This technology decentralizes the entire process of filmmaking and distribution by neutralizing the effect of the hitherto monopolistic bigwigs that have dominated the industry for so long. Being able to afford their own equipment as mentioned above, independent filmmakers can create exclusive content. The StreamSpace platform enables them to connect effectively and directly with viewers around the globe, hence eliminating the need for any form of centralization.

It’s all about decentralization

Netflix has come close to this system by the flexibility which it affords viewers plus a high level of convenience. However, its centralized nature and dependence on feeds from the big studios leaves it short of the emerging trend. Further still, the revenue opportunities, security and transparency offered by blockchain powered systems puts them on another level entirely in terms of service delivery.

Blockchain technology is popular for its decentralized nature which enables peer-to-peer interactions. This direct contact between filmmakers and viewers that is enabled by blockchain technology is giving rise to a ripple effect of positivities. Filmmakers can now directly push their products unto an unlimited global audience without having to pay huge fees to any advertisers or publishing companies. This in turn implies reduced cost for film products, making it cheaper for viewers to afford.

Security, transparency and consistency

By adopting blockchain technology, the StreamSpace platform rides on the properties therein to implement solutions such as copyright protection, crowdfunding solutions, transparency of transaction, revenue opportunities both for filmmakers and viewers, while providing other benefits.

These innovative processes are made possible by the introduction of Ethereum smart contracts that enable automated enforcements. For instance, potential viewers and investors can invest in upcoming film projects in order to earn a percentage of the revenue generated after release.

The immutable and transparent nature of transactions on the blockchain ensures proper accountability. Also the introduction of smart contracts guarantees automated implementation of these processes.

Image via StreamSpace

This is a paid press release, provided by StreamSpace. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.

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