It has been impossible to turn on the news and not see a story regarding the latest finance trend, bitcoin. Though it has been around for almost a decade, the cryptocurrency is just now making waves in the public eye. Once sold for less than $50 per coin, the value has now skyrocketed above $16,000. Every industry that deals with money and raising funds will likely be impacted by bitcoin in a matter of time. One of the first businesses to unearth the possibilities of the bitcoin is film finance.
One of the pioneers of collaborating bitcoin and film finance is Christopher Woodrow. His work as an acclaimed producer and film finance professional for some of the best films of all time is his trademark. From Hacksaw Ridge to Oscar-winning Birdman, Woodrow has been on the backend of various blockbusters for the past decade. As bitcoin broke onto the scene, it got him thinking about the industry and how such a digital currency could benefit film fundraising. Woodrow’s plan is to launch his own currency called “MovieCoin” in early 2018.
The funds raised in such sales will go towards the funding of a portfolio of films. Investors will virtually benefit as the coins and they will be up for trading, based on the success of the movie. This new system has the hopes to “revolutionize the way films are financed,” according to Woodrow. The financial endeavor will tie relationships together between high-paid actors/actresses, award-winning directors, and seasoned producers. Lionsgate was actually ahead of the curve and began accepting bitcoin on their platform earlier in the year. The production company formed a relationship with LA-based GoCoin (one of Bitcoin’s largest trading sites) and from there, bitcoin integrated into Hollywood.
Plenty of influential artists and performers have welcomed bitcoin with open arms. Many have even agreed to receive payment and royalties in the form of the digital currency. The popularity of the form of payment will even start making appearances in pop culture, music, and movie references. As any new trend does, bitcoin is expected to impact every aspect of the world that we live in. If we remember technology trends through the years, they start to appear in TV and movies, right before the mainstream and blow up in the “real world”.
Some films have already incorporated bitcoin into their storyline and it is only beginning. The cryptocurrency seems to be here for the long haul. If it becomes more mainstream, and it seems to be for the wealthy 1%, more studios will need to open up to the idea of using bitcoin to help their films thrive.