Australian Cinema-on-Demand Distributor Launching Cryptocurrency To Reward Film Enthusiasts
-based Demand Film has released a new virtual #currency
to reward users who promote and watch movie trailers.
Demand Film is officially releasing the #cryptocurrency
, known as ‘Screencreds,’ before the #company
launches in Germany next Tuesday.
The new #digital #coin
is the latest example of how digital #currencies
technology are making waves in the film industry.
People To Watch #Movies
The idea behind Screencreds is to give people an incentive to market and promote offerings from Demand Film.
The company organizes theatrical screenings for films and documentaries based on consumer demand.
Demand Film #CEO
and managing director David Doepel told the Hollywood Reporter that people who watch and share movie trailers will be able to earn the cryptocurrency as a reward.
Doepel said payouts will be based on the number of people who see and then buy tickets after watching a shared trailer.
People will be able to cash in their Screencreds for tickets to Demand Film events, which could include film screenings, meet-and-greet opportunities, and other VIP events.
Doepel also said the virtual currency will be tradable on Australia’s NCX exchange in the upcoming months.
Alongside rewarding film connoisseurs, Demand Film is testing out the option to use Screencreds to pay royalties. The company is currently working on a revenue model where filmmakers could receive a portion of theatre ticket sales that would be paid automatically.
Overall, Demand Film thinks their model will be financially advantageous for smaller film releases since payouts with Screencred avoid the exchange rates and banking fees associated with traditional fiat transactions.
Re-Writing The Filmmaking Industry
A growing number of filmmakers and others in the movie industry have turned a keen eye towards virtual currency and blockchain technology.
At the last Cannes Film Festival, a number of entities were promoting #blockchain
-based solutions for a number of issues currently plaguing the industry.