The greatest empires in history have come and gone – Romans, Greeks, Babylonians, Mughals, Persians, Egyptians, Ottomans, and finally the British. Just as history has reworked the world’s powers, so have the cultural and economic institutions around us.
Of the kind of empires that ruled the corners of the world, Hollywood dominated its empire, the film industry. The crowd enjoyed the fruits of this cultural empire as well as other exclusive clubs. However, the time has come to open Hollywood to this audience as well as attempts to open industries such as the traditional economy to the common people. And the same tools used by the liberation fighters apply to films: decentralization and blockchain.
As an art form, film is designed to touch, inspire and excite people, whether it stimulates deep reflection on the social and economic climate or provides comic relief. However, unlike other forms of art, making high-quality films worthy of mass distribution requires deep pocket digging, driven in large part by investors and philanthropists. In a typical Hollywood environment, manufacturing investors and their peers often work together in a limited and exclusive club, thereby limiting the flow of diversity (not by race or gender, but by art genre).
Thus, exclusivity leaves many creative people in the dark, unable to efficiently produce, distribute and market their designs. It’s not that every film ever made really deserves a movie screen, but more creative ideas are in the sea of cinema drive. However, allowing a select few to dictate the texts worth creating is not the answer, as it limits the flow of creative ideas.
Consider whether paintings were treated the same as films, and a club closed to investors had to choose which paintings to order. This is a scenario that will not be easy for us to understand, but it is exactly what the current model pretty much suggests. Films can be more expensive, but they don’t require exclusivity to decide how much they cost.
Changes in Hollywood: Was It Enough?
These movements have attempted to tear down the high walls of Hollywood since the 1960s, but with limited success. Indie films are hailed for victories outside the Hollywood Hemisphere, inspired by movements such as the independent film movement and related festivals. But even these events were not enough for a breakthrough.
Even from an accounting standpoint, most films are not profitable – up to 80%, according to entertainment lawyer Schuyler Moore. While film is technically an art form and is created for more than just profit, studios still have specific financial goals for each creation. So if films fail so badly, why do we let Hollywood CEOs be the bottleneck? Let the audience participate in the same way that the audience opened the doors to massive participation in other halls. Decentralization is at the heart of this path.
Over the past 20 years, we have witnessed decentralization in several sectors, most notably the press and the economy. As media conglomerates grew larger and stronger, discussions between John Dewey and Walter Lippmann in the 1920s focused on bottom-up journalism. Technological advances and the emergence of social media have provided people with the ability to independently report news, thereby bypassing conventional media conglomerates as the only true source of news.
Now, thanks to these major technological advances, coal miners in Pennsylvania, clay cutters in New York, and teachers in Maryland can discuss current issues in digital public forums. They can exchange information and report on the news just like certified journalists do.
Until recently, the financial world was undergoing a revolution of decentralization. Similar to the media landscape, thanks to the invention of blockchain technology just a decade ago, citizens can now invest in a platform that has taken root outside the power that caused the economic downturn. This alternative ecosystem of legacy institutions, also known as decentralized finance, generated more than $ 24 billion in investment between June 2020 and January 2021, according to DeFi Pulse.
Decentralization of the film industry
In a decentralized world of filmmaking, creators can upload their project concepts to the blockchain platform and sell them through interaction with fans and investors. The new decentralized social media sharing app is an example of how a decentralized movie viewing platform encourages fans to get involved.
Just like decentralized social media platforms offer influencer tokens when they receive them.