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INDIVIDU investors could soon finance Hollywood TV series and films using blockchain technology, thanks to a new venture supported by Transformers star Henry Penzi.
Donysus Studio, the first entertainment studio built with blockchain technology, was created by a group of Hollywood businessmen, producers and actors, including Penzi.
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People can invest in new movies and TV projects using Donysus-specific project tokens. If investors buy enough tokens, they will be able to offer their own film ideas and screenplays. Once the writers have presented their screenplays, the producers can then submit offers for the rights to produce them.
Once an agreement is signed between a writer and a producer, tokens can be purchased. These will then be converted into US dollars and used to finance the production of the project.
When the film or TV program is produced, profits are shared between the platform, participants and project token holders.
The overall goal is to break the inner workings of the Hollywood boardroom, which at the moment is only reserved for selected directors with funding behind them.
Max Garza III, CMO of Dionysus Studio, said that the initiative could help increase liquidity in the sector.
"We are about to launch blockchain for Hollywood, but in Hollywood, only a few high-profile producers hold a monopoly," he said in a recent blockchain and cryptocurrency at the House of Lords.
"If you do not know these people, you can not just make your own film … Clear and simple, we want to break this monopoly by finding liquidity not only for films but also for mini-series.
"Now with blockchain, people around the world can invest money in projects through our digital token, and these creative projects will democratize not only Hollywood but the entertainment industry around the world."
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A jury composed of Peter Meli, Malta's economic manager and head of the country's international blockchain development, Kyoto Izuchi of PriceWaterhouseCoopers in Japan and Dioniso Garza, attended the summit of blockcat and cryptocurrency chaired by Baroness Uddin in the House of Lords.
"I was delighted to host the incredible experts and collaborators of the House of Lords and to know the enormous opportunities offered by the blockchain in so many sectors," said Uddin. "I can not wait to preside over the next one in 2019."
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