The film industry is looking cryptocurrency to fight piracy by rewarding users to watch free content.
Amid the increasing issue on piracy, the film industry is trying to use cryptocurrency on combatting piracy.
One of the driving forces behind pirating video content is the consumers’ desire to watch new content as soon as it’s released, without having to pay to see movies in theatres or through subscription-based platforms, like Netflix and Amazon.
According to Statista, in the United States, 48 percent of respondents have watched a movie after it left theatres, but before it was available to watch legally at home. An additional 24 percent have admitted to watching a pirated movie while it was still in theatres.
In 2016, some of the most pirated movies worldwide included Deadpool, Batman v Superman, and Zootopia, while Game of Thrones was the most pirated TV series.
Yet as the 71st annual Cannes Film Festival kicks off, one of the highlights will be the NEXT programme, which focuses on innovation in the cinema industry through blockchain technology. Blockchain technology has the ability to solve prevailing concerns facing the film industry, such as piracy, digital rights issues and protecting user’s data.
One well-known Hollywood producer in particular is demonstrating how blockchain technology and cryptocurrency will help the film industry overcome piracy, along with a number of other problems.
Ambi Media Group co-founder and CEO, Andrea Lervolino, has just announced the upcoming launch of TaTaTu, a blockchain-based platform that intertwines social media activity with entertainment viewing.
According to Lervolino, “most content platform business models are based on making the final user pay for content, which generates a market for illegal content monetization, and therefore less revenues for content owners.”
By providing free access to mainstream content across a blockchain-based network, the TaTaTu platform lets content right holders monetize every piece of content stored within the TaTaTu library.
TaTaTu is listening to the marketplace and adapting – giving free access to content and going a step further to reward users with an automatic monetization system.