Blockchain technology is set to revolutionize not just Hollywood, but the way movies are funded according to experts at a Blockchain and Cryptocurrency summit chaired by Baroness Uddin at the House of Lords.
A panel which consisted of Peter Meli, Malta’s economic attaché and head of the country’s international blockchain development, Kyo Izuchi from PriceWaterhouseCoopers in Japan and Max Garza III, CMO of Dionysus Studio in the United States, all spoke about the impact of blockchain not just in entertainment but across government and financial services.
Max Garza III began by discussing his current role as CMO of Dionysus Studio:
“We are about to launch blockchain for Hollywood. In Hollywood, only a few high profile producers hold a monopoly. If you don’t know these people you simply can’t get your movie produced. Plain and simple. We want to break that monopoly by finding liquidity for not just movies but mini-series’ as well.
At Dionysus, we have been educating producers and directors not just in Hollywood but on a global scale. Pinewood in the UK. Bollywood in India. Lollywood in Pakistan. Next, we are going to Dubai. China has asked us to build a platform for them.
“The problem is there is not enough liquidity in the industry. The Hollywood actor and producer Henry Penzi is a partner of ours. He tells us that he and his associates receive amazing scripts and concepts all the time, but out of every 10 they want to produce, they can only get one through. Which is frustrating because the only thing stopping this creative juice from being shared and shown to audiences of millions of people is…liquidity.
“Now with blockchain, people all over the globe can put money into projects through our digital token. These creative projects will democratize not just Hollywood but the entertainment industry across the world.”
Dionysus Studio, which has also partnered with IMAX, was created by a group of seasoned Hollywood businessmen, producers, and actors including Hollywood star Henry Penzi (Transformers; The Fighter). The studio’s overriding aim is to use Blockchain to open the inner workings of the Hollywood boardroom, enabling people from all walks of life to participate in the exciting world of entertainment production by purchasing the native token of the Dionysus platform.
In a truly democratic and decentralized process, this token will allow anyone who holds that currency to fund films. Traditional Hollywood studios will no longer serve as gatekeepers. Instead, the holders of the token are empowered to act as decision-makers and the more tokens one holds, the more control a person has in the final decision. With enough native tokens, these investors will even be able to pitch their own film ideas and screenplays to be produced by their community.
CEO of Dionysus, Dean Anastos, who also leads the Blockchain Developers underpinned Garza’s sentiments:
“We are currently developing a number of global projects but one of the most exciting is our plans to shake up Hollywood with Dionysus, the first entertainment studio built on the blockchain. This platform is what the industry needs and everyone from scriptwriters, actors, producers and ultimately the world’s film-loving audiences, will benefit from blockchain.”
Peter Meli highlighted Malta’s innovative approach to incorporating blockchain into the fabric of their society and Mr. Kyo Izuchi, from PriceWaterhouseCoopers in Tokyo, Japan also conveyed his excitement for developments across the world:
“It is well known that Japan is a very advanced technological country, but the thrill of blockchain is taking it a step higher. The feeling in the industry is electric. PWC is delighted to be alongside Peter Meli and Max Garza III and the Blockchain Developers to lead the way in blockchain development.”
Baroness Uddin concluded:
“I was delighted to host the incredible experts and contributors at the House of Lords and learn about the huge opportunities that blockchain is offering across so many industries. I look forward to chairing the next one in 2019.”