Why the Film Industry Would Benefit from Democratization
In 2019, 786 new movies were released, but nearly half of American consumers paid to see something on the big screen only once. Some people didn’t go to the movies at all because there was “nothing good out.” What’s frustrating about these statistics is that there are creators with original, entertaining and thought-provoking ideas who don’t have access to the resources needed to get their projects off the ground. Due to technology like blockchain, however, the entertainment industry has the potential to go a new direction that can change the way content is created.
Imagine if fans had a stake in what they get to watch instead of being idle consumers waiting for the next bone to be thrown. If this were the case, content creators could tweak their multimedia projects to ensure their fans are satisfied and want more. In addition, investors would feel secure about their investment decisions due to the fan-feedback that indicates the potential success of a new show. But why hasn’t the entertainment industry realized this and addressed these problems?
The Entertainment Industry is Exclusive
The entertainment industry has been in a constant battle with itself since its inception. The Motion Pictures Patents Company formed a trust in 1908 that essentially barred anyone who did not belong to the exclusive club from creating films. If you weren’t part of the trust, you couldn’t get access to equipment, crew or actors.
Filmmakers who were fed up with the system traveled out to Hollywood, where the courts allowed them virtually free reign, but the same sort of system quickly formed there too.
Back and forth, the cycle has continued for over a century now. Artists want to make films they feel good about and that their fans will enjoy. Production companies and distributors, though, continually gain control of resources and hold tight to their ideas about what should be in front of viewers.
Artists wrangle free and manage to get control of their content again, but conglomerates merge, ousting the innovative and clinging to the safe. The majority of investors are into maximizing the security of their bottom line and originality without early audience validation data does not provide a guaranteed profit.
The result of prohibitively high costs coupled with reluctant investors has been decades of rehashed content, known fondly as The Sequel Machine. Do we really need four American Pie movies? How about three High School Musical movies and a television series? No. But they were once viewed as safe bets that make use of a successful formula. Investors have a limited data set to go by when evaluating where to put their money, and something that has never been seen before is often too enormous a risk with no stable point of reference for the kind of money that goes into making a film.
Movie attendance fell four percent in 2019. Some blame streaming services and piracy, but the redundancy of the current film industry may be just as much to blame. When there is a system in which originality goes unrewarded, we end up with discouraged artists who are unmotivated to create.
Moviegoers are bored and would rather watch reruns of Breaking Bad than go out and spend money on another movie that looks the same as the last one.
The Benefits of Better Data, Equal Opportunity and Fan Involvement
The entertainment industry would do well to listen to its fans, create a more level playing field for its creators and mitigate risk with burgeoning social metric technology. Consumers are tired of watching the same old things, but if they feel engaged in a project, they are more likely to spend money to see it become a reality.
Artists with a fresh perspective should have access to prestigious film studios that can help make their ideas the next blockbuster hit, especially when they garner support from a reliable fanbase. Some of the best movies and television shows have come from unknowns who got a break, but advanced developments in information technology can now bring a larger group of commercially promising creators to the forefront.
How Filmio Democratizes Filmmaking
Filmio takes advantage of blockchain technology to revolutionize the way the entertainment industry vets its products. It allows creators to flourish, while granting fans access to projects and the opportunity to support creativity in a culturally-diverse way.
Our team has worked closely with the entertainment industry, identifying needs and cooperating with major production companies to guide the industry into the future.
Democratizing film and TV is opening the doors of opportunity to fresh artists allowing them to connect with audiences, which will contribute to better, more interesting content for fans. Filmio is leading the way by giving creators access to fans and funds.
To join the new wave of democratized filmmaking, sign up for early access here. Filmio’s team is happy to answer any questions you have, and the best way to keep in touch is through our Telegram Group. Join the group to stay up to date, ask questions and share in the enthusiasm for the latest breakthrough in the entertainment industry.