By CCN: Proxicoin is a way for the ordinary blockchain investor to get a piece of Hollywood’s action. It announced that it’s gotten a $100 million injection from a Hong Kong fund. Central Wealth Fund’s David Lee said his people are “impressed” with the blockchain…
By CCN: Proxicoin is a way for the ordinary blockchain investor to get a piece of Hollywood’s action. It announced that it’s gotten a $100 million injection from a Hong Kong fund. Central Wealth Fund’s David Lee said his people are “impressed” with the blockchain platform, which decentralizes funding for Hollywood movies. Other investors including Coinbase are already on board.
The English-centric film market will be worth more than a trillion dollars within our lifetime. Most investors would be happy to invest in a quality film project, but access is hard.
Proxicoin’s purpose is to connect investors and filmmakers looking for funding. Gaining access to real studios and executives looking for funding is a difficult prospect unless you have the right connections.
Ryan Kavanaugh, who is behind Proxicoin and Proxima Media, has a history of working on major deals in Hollywood. For example, according to a press release, he’s partially to thank for the Marvel Cinematic Universe – one of the highest grossing film enterprises in history. Marvel is owned by Disney today, whose films earn more than $1.2 billion on average.
(As this reporter recently reported, qualified analysts predict that the launch of Disney’s streaming platform might disrupt Netflix out of business.)
Blockchain-startup Proxicoin has already signed on a litany of investors, including Coinbase and the Maltese Government.
The prospect is simple enough: you’ll be able to own shares of a film. This was previously tried with the 21 Million project, which may or may not yield a viable and profitable product:
“Individual film or television projects will undertake an IPO to be given liquidity and be easily traded with transparency, providing an efficient avenue for filmmakers seeking financing for the growing demand for new content. ESX currently has deals for listings on over 30 major feature film projects and is expected to have a significant share of the 600 major films and television shows shot annually.”
The entertainment industry never stops growing. It’s one of the few industries to benefit from technology on a continual basis: it’s hard to automate the talent that goes into its creation, so the human cost of advancement is limited. Meanwhile, democratizing forces such as the internet with its YouTube and social media promotion mechanisms have opened the doors to untold aspiring entertainers, including Justin Bieber.
People occasionally argue that the blockchain will never have a purpose beyond the transfer and storage of value. Numerous use cases have arisen since the various altcoin booms. Projects like Votem and Medici Venture’s land registry project are both instances where the government can be held accountable through more efficient and transparent software.
These projects are important, but Proxicoin – and its inevitable competitors – have a much greater value proposition. Look out for platforms emerging which will enable the user to have some influence over production. For parents raising children in an increasingly complicated cultural landscape, the ability to earn a return while promoting quality children’s programming is sure to be appealing.
This article was edited by Gerelyn Terzo.
Last modified: May 26, 2019 10:12 AM UTC