A few years ago, it would have been hard to imagine that an individual could simply login into his wallet on a particular platform, and with a few clicks execute a transparent transaction to an original film owner and automatically access a specific secure digital content. This is a benefit that is now made possible by the decentralized blockchain technology.
StreamSpace, using smart contracts on blockchain technology is creating a system that will eliminate the various bottlenecks that have been responsible for the hitches experienced in the filmmaking industry.
The present situation
In its current state, the filmmaking industry is plagued with a number of problems that are affecting effective service delivery to the viewers.
This system requires that filmmakers who create the content pass through major distributors before getting their works out to the general public. This development permits a scenario where a few major studios have monopolized the ecosystem and call the shots in ways that may not be suitable to most independent filmmakers.
The film industry has grown so large with several opportunities. From just a little above 80 films released in 1910, to over 50,000 movies are released every year in present times. This does not include the many independent film products that fail to make it into the mainstream due to the stringent conditions put in place by intermediaries. Therefore, despite the huge amount opportunities that are present within the filmmaking industry, a lot of viable stakeholders are unfairly left out.
Technological developments and low-cost cameras are enabling the production of quality film products at significantly lower budgets. This and some other reasons have encouraged the influx of smaller independent filmmakers into the industry. However, limited distribution due to the actions and control of the few major studios that are currently in existence means that a lot of independent films go unrecognized.
Where we are headed
StreamSpace’s implementation of the blockchain is set to disrupt the industry and give every stakeholder within the opportunity to become anything from anywhere in the world.
Blockchain is a technology that decentralizes a community and eliminates industrial monopoly. The distributed nature of the blockchain permits peer-to-peer transactions between parties and makes the need for intermediaries unnecessary. Transactions on the blockchain are also secure and transparent, therefore it enables the elimination of fraud and content alteration.
Therefore, the novel creation by StreamSpace is designed to enable even highly motivated independent film-viewers who before now, had no way of discovering film productions except through the promotion activities of the major studios that control multi-channel distribution, to have direct access to authentic film products. Also, the filmmakers who have always depended on these distribution channels can now directly access the open market and maximize their opportunities in terms of distribution and reward.
Everyone can be a winner
Another major problem that StreamSpace is solving is the increasing level of piracy within the industry. Piracy is especially rampant in China, where over 90% of content viewing results in no income paid to the copyright owners. The result is that the major distributors pursue business policies that reward “safe” investments in blockbusters and projects that feature well-known lead actors or directors; in 2011, the top 16% of films released in China were responsible for over 70% of box-office revenue, because only blockbusters justify significant promotion.
With StreamSpace, film contents are stored and transported on the blockchain in a secure and immutable manner which leaves no opportunity for alteration and discourages the existence of preferential treatment in an industry where everyone should have a neutral playing ground.
This imminent shake-up within the industry will effect a significant cut in price of film production by eliminating the need for intermediaries, filmmakers will be protected from being robbed by product pirates while they also gain access the enormous global market. Viewers, on the other hand, will be exposed to numerous options without being restricted to offers from a few distributors, while being confident of receiving original and authentic contents on their orders.