The Value of Transparency
Have you ever watched a movie and thought, “How did that script ever get approved?” Really, though, how does any script get approved? The fact is that most of what happens in Hollywood occurs in a black box. Partnerships and deals are made. Budgets get created. Money moves to and fro. But only a select few are privy to any details.
We all hear about massive movie budgets, like that of Pirates of the Caribbean: On Stranger Tides that cost nearly $400 million, but we never hear truly how that money was spent or where it came from in the first place.
Into the Black Box
Getting anything done in Hollywood is all about relationships, timing and fate. For independent creators, this means a lot of hustle to get their scripts in front of people who can fund a project, but even working to find investors doesn’t guarantee that a project will be made. According to Orlando Pedregosa, co-founder of the film production studio Babieka films and Chief Production Officer for Filmio, “To meet the right person is often difficult, especially for newcomers. There are gatekeepers everywhere and then there is massive competition.”
In addition to the challenge of finding someone willing to give aspirational creatives the time of day, distributors and networks are always changing their content requirements based on the stream of new performance data they collect from existing productions. It’s nearly impossible to find the goalposts in the first place, then they move.
Once a creator figures out the magic incantation to get through the gatekeeper, they’d better have a perfect pitch deck that makes clear all the relevant metrics which, per the incessant changes, are anyone’s guess. Investors need to know their money is being spent on something worthwhile, and it helps to have as much data to bolster the project as possible. According to Pedregosa, it also “helps if you have a name or somebody with [a] track record supporting you creatively, a director, an actor, a writer, a producer.”
With this system in place, one that might feel a bit like searching for the Holy Grail for creators and investors alike, it’s no wonder that we keep seeing repetitive stories and content again and again. Studios know that this content will probably work and therefore represents the path of least resistance for the people with the purse strings.
With the social changes that are happening around us, people are starving for fresh entertainment. This could be one of the most important times in Hollywood history to create content that speaks to people, but we need more transparency in the filmmaking industry to support that. Creators need to be able to reach people with access to funding, and investors need to have access to early metrics based on what people want to see.
The Value of Transparency
The Filmio Decentralized Platform (FDP) is a solution that will help transform the legacy production system and bring the filmmaking industry into the 21st century with transparency and accessibility for everyone involved. From pitching an idea to achieving distribution, a system built on blockchain facilitates every step of the process.
When creators load their project onto the Filmio FDP, they immediately have access to promotional materials and other tools they need to start building an incentivized fan base. Fans are encouraged to engage with creators and give feedback that the creator can use to sculpt their content. The creation process becomes a product of the symbiotic relationship between creators and fans, which, in turn, strengthens fan loyalty and enthusiasm. Creators, then, have reliable metrics as evidence that their project is sure to be successful.
Investors have access to all the deep performance data because it is stored on-chain via Filmio. They can use that data to determine the potential success of a project, and they can see the track record that the creator has been building since day one on the platform.
The blockchain makes all spending transparent so fans can see where investor money is going. This may influence which projects they want to check out as well as contribute to. For example, a fan may not be interested in a movie until they see that a certain amount of money is being spent on specific kinds of special effects or costumes. A visible and transparent budget contributes to the overall promotion of a project.
The Foundation For Success
The entertainment industry has been experiencing a disconnect from what fans want to see for quite some time. The black box that Hollywood operates in makes it impossible for independent creators to get their projects off the ground. Investors, who rightfully want to minimize risk, are tied to funding projects that they know will work, and there are few avenues for experimentation. Fans are kept in the dark about the entire filmmaking process. Though they crave information and involvement, they are held back as idle spectators instead.
Making a shift to an open system of production and distribution based on blockchain solves the transparency issue, bringing the entertainment industry and fans together for more success all around. Creators who have outstanding ideas will not lose out to scripts like The Emoji Movie. Investors will have the meaningful information they need to make confident decisions on funding gratifying projects, and fans will finally get the entertainment experiences they are looking for.
Filmio provides the foundation for a new, transparent way of doing things that connects all of us, bringing filmmaking into the 21st century.
To be part of the new wave of entertainment, check out the Filmio website, where you can sign up for early access to the platform. Start participating in the conversation now by connecting with us on Facebook, Telegram and Twitter.