Filmio’s decentralized platform leverages third-generation blockchain technology to empower creators and fans throughout the film production process, from project proposal to greenlighting for launch.
Blockchain technology has been dubbed the most significant invention since the internet and electricity. From finance to smart appliances, to payment processing, and more, blockchain is revolutionizing the very framework of society. Blockchain technology is the digital, distributed, and decentralized ledger powering most virtual currencies. It allows for the logging of transactions without the need for a financial intermediary. This new way of recording and transferring data allows for transparency, safety, and reliability.
Filmio is a company that’s using blockchain technology in a new and exciting way – The film Industry. Filmio is an innovative decentralized ecosystem that facilitates the funding, creation and distribution of film, TV, and VR projects. Launching a few weeks ago, they announced their block-chain-based solution that will democratize the entertainment industry.
The Problem of the Entertainment Industry
The entertainment industry (mainly film and television) is largely autocratic and nepotistic in its operations. Big studios have the ultimate say on what movies get produced, usually based on which scripts or movies have the highest potential of maximizing profits for investors. However, this model comes with lots of drawbacks including:
- Failing to meet expectations
It’s quite difficult to predict how successful a movie will be – especially when the fans for whom these content are produced are disconnected from the decision making process. Fans are merely spectators while studios release their movies hoping it will do well in the box office. As many productions fail to meet expectations, it hurts both the entertainment industry and the fans – a lose-lose situation.
- Stifling Creativity
Because fans are eliminated from the process, big media houses have to guess what storylines will be successful. A good strategy they then employ is to produce scripts that are similar to former successful movies or doing sequels, prequels and reboots – all to chase what fans have liked in the past.
However, to resell the same product, they have to make it fancier with better visual effects and production. What this does is drive up the cost of film production to the extent that only a few of highly bankable films are produced.
When it comes to novel storylines, there’s usually a strong hesitation because it’s unproven. They are unwilling to try out something that will not, to some extent, guarantee success. As a result, the creativity of creators is stifled as they are forced to stick to more conventional scripts.
But Hollywood doesn’t have to work that way – a way that stifles creativity and fails to meet the demands of fans. That’s where Filmio steps in!!
How Filmio Works
Using Filmio’s blockchain decentralized ecosystem, creators can connect with their fans to build a supportive audience and acquire meaningful statistics around emerging projects. Projects with a high likelihood of success are then connected with investors that can take the projects from ideas to reality.
The platform is based on the idea that fans need to be included in the process of deciding what content gets produced and what doesn’t. The entire process works in three phases:
Filmio’s platform provides creators with the platform to post, market, and promote their film projects. The aim is to generate a fanbase around their projects.
The fan-fueled projects developed by creators are then evaluated on many key ratings and metrics. ‘Go Score’ is Filmio’s patent technology for project evaluation. It’s a novel validation metric based upon evolving AI algorithms that aggregate all fan ratings, evaluations, social interactions, and many other key platform metrics to give insight into the viability of the project.
Filmio Studio will then select top-rated projects to receive key resources, recognition, and promotion.
Then, investors, networks, and other studios can choose from their pre-validated content. They can view and analyze the fan base and interactions surrounding the chosen projects.
Benefits of Filmio
Here are some of the ways using Filmio can help all parties involved.
- Fostering Creativity
Since projects will be chiefly evaluated by how fans interact with it, creators have more freedom to pursue creative ideas that they truly believe in. They know that once they get the support from fans, then it’s easier for investors and studios to believe it also.
- Increasing the Likelihood of Success
Because investors and studios can analyze pre-validated projects and their fan bases, it drastically reduces the risk of investing in projects with little chance of success. These powerful success metrics are available only on Filmio’s decentralized platform.
- Fans Have a Say
The entertainment industry exists for the sole purpose of entertaining the public. It only makes sense that the public is involved in this process. Ultimately, a win-win for all the parties involved.
Why It Works
Since this model hinges on fan involvement, it’s important to ensure that fans have an incentive to participate fully. That’s why Filmio’s platform incentivizes the participation of fans through the “FAN Token”. They are similar to bitcoin, only that they hold no monetary value and are only available on Filmio’s platform. There are 10 billion supplies of FAN Token and they cannot be purchased.
Accredited investors, on the other hand, have the option of investing in the platform via security tokens called, “FILM Token”. The investors then receive a passive income as dividends from the platform’s revenue. There are 10 billion FILM Tokens available for purchase as securities to only U.S Accredited Investors or qualified foreign investors.
The president of Filmio, Ian Lewinter succinctly summarizes the goal of Filmio during their launch: “We are delighted to announce the launch of the Filmio platform, which will break down the longstanding barriers of the entertainment industry. Through the power of a decentralized ledger, we believe in the democratization of film and the cultivation of an empowering, symbiotic relationship between creators, fans, and investors.”