The Australian movie industry has found a new way to integrate blockchain technology into its daily operations. Recently, movie distributor Demand Film announced that it will be rewarding its customers with its soon-to-be-launched digital currency: Screencreds.
Screencreds: The Cryptocurrency Rewards Program for Movie Fans
Australian-based cinema-on-demand distributor Demand Film has decided to reward its users by launching a new cryptocurrency called Screencreds. The company is unveiling the currency ahead of its launch in Germany on August 21.
Demand Film CEO and Managing Director David Doepel said that the new virtual currency will be used to motivate users to market and promote the company’s films. Users get to earn Screencreds tokens when they watch or share certain movie trailers online.
“Users will be getting paid for what they are doing already — watching trailers, sharing them, promoting our movies to their friends, and payment will be based on influence,” said Doepel. “The more people see the shared trailer, and the more people that then buy tickets to our screenings, the more Screencreds users earn.”
Doepel also said that the Screencred tokens could be exchanged for movie tickets to Demand Films screenings and VIP events. In the months to come, the currency is expected to be fully tradable on Australia’s cryptocurrency exchange, the NCX.
Apart from rewarding users with the cryptocurrency, the movie distributor is also planning to use Screencreds to pay royalties to filmmakers. The company is working towards making payments to filmmakers fast and automatic using digital currency. The use of the Screencred model will be also financially advantageous for small films and releases, as it will avoid the hurdles of exchange rates and bank fees.
The use of virtual currency as an incentive for movie lovers as well as a tool for back-end royalties shows how film companies are becoming more innovative in their application of blockchain technology.
Suggested Reading: Learn more about our favorite cryptocurrency exchanges here.
Cryptocurrency and the Movie Industry
The movie industry is beginning to become more receptive towards cryptocurrency adoption and blockchain technology. Apart from Demand Films, there have been other movie companies known to embrace the digital currency.
In August, Thai movie theater giant Major Cineplex Group collaborated with RapidzPay, a digital payments company, to integrate cryptocurrency payments. Also, at the recent Cannes Films Festival, several new firms were promoting blockchain-based solutions to solve some of the issues currently affecting the industry.
The movie industry is no doubt tapping into the potentials inherent in cryptocurrency and blockchain technology. Some have even started using the power of the immutable blockchain to protect film manuscripts and intellectual property against theft and plagiarism.
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