• Sun. Oct 1st, 2023

Hollywood Industry Marching to Explore Cryptocurrency as the Means to Fund their Films

Christian Klausen

ByChristian Klausen

Feb 19, 2021

Hollywood is not your go-to place that transpires into an easy living, it is tough out there, and opportunities only cash themselves in the hands of people who are simply worth it. The production studios and an increasing number of streaming services are taking their reigns of producing content in their own hands, calling shots as to what will be made and who will work on it.

Mogul productions, a Hollywood studio, announced that they have worked on and are now launching a decentralized film-financing platform. If you are a creator, then you can register yourself with the platform, and when this thing goes live, you will be able to buy/trade-in STARS, which is the blockchain token given out by the platform.

New Opinion-based system for People in the Works

Moreover, the information that has made its way over the fence includes the initiation of a new and sophisticated Quadratic system for voting purposes. This system has a set of films/projects that are in pre-production stages, and fans will be able to stake their STARS on the films/projects they want to procure financing. The votes will be secured as the open opinions of the fans using the same secure interface that Blockchain technology has to offer; this is done to save the process from the influence of investors and producers who don’t value the opinions of the fans.

Mogul’s CEO takes on the Initiative in his Own Style

Gagan Grewal, the CEO of Mogul productions, has further stated that there is a fundamental lack of people and producers exhibiting transparency about how and which films will be funded. According to him, there is no check and balance there to make sure that the creators and fans’ voice is heard, and that is why many projects are exterminated before they could even begin. This also creates confusion about how the funds will be divided among creators and financiers after the release of a movie but not anymore.

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The idea behind this new venture that Mogul production is rolling out is to take into account the Blockchain system and then making reforms about these processes that are simply influenced by the financiers alone. STARS holders will be able to get rewarded by staking their votes and opinions about certain topics, and they will also have influence over the use of funds regarding development, marketing and distribution of different projects at Mogul Productions.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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