The movie industry is one of the major key revenue generator in the entertainment industry. The blockchain industry have been faced with lots of criticisms and that has slowed down the massive adoption. The fact remains the blockchain technology will go a long way in decentralization of many industries, the purpose is to provide a highly safe and free system under the control of its users. Data are under the control of the users and not the platform. Lots of blockchain projects have ventured into the entertainment industry especially the music industry, sports, etc. The sole purpose is to create a solution and most end up minting tokens for exchange of services on their platform. Moviecoin is way more beyond just token for exchange, buying and holding. Moviecoin is backed with a working project and proffers accounting solution to the movie industry. The Hollywood accounting has been grossed with irregularities on the part of the studio corporations who are responsible for the production of the movies.
Reasons Why The Hollywood Accounting System Is Flawed
The main purpose of every movie is to entertain its viewer while the movie corporation keeps their eyes on the profit. In the production of movies, financiers, cinematographers, actors, actresses, graphics designer, script writers, sound tracks, etc. the list depends on the movie plan and its budget size. Creativity, story line and high tech motion graphics are handful in the production of a movie but a proper accounting of the expenses on the budget is key for profit. Many movies have recorded huge revenue after they hit the box office and cinemas but the key players like the actors, actresses, sound track producers, etc. are most times left with nothing from the proceeds of the movie. A lot of movies as reported by rotten tomatoes have been worst hit, the likes of return of Jedi and Harry Potter recorded huge revenue worth millions of dollars, revenues over hundred percent of its budget. The problem lies in the Hollywood accounting, most studio corporations that handle movie projects. When a movie project is set up, the movie production studio is in charge of most of the resources required for execution of the project. It is responsible of the sourcing, collection, organizing and disbursement of funds efficiently for the actualization of the movie project.
It is sad to note that most movie studios indulge in shady operations which involves hiring or setting up a separate corporation that is responsible for carrying out a particular movie production. This corporation is like a management corporation that oversees of outgoing payments and incoming credits and capitals. Many Studios set up corporation which are still registered under their name, maybe a subsidiary of their studio. In most cases in order not to arouse suspicion, the corporation may be an external corporation which the studio has over eighty percent shares. These are well coordinated to avoid lawsuits as this is illegal in the sight of the law. This is just the foundation to the financial manipulation by studios through the use of management corporation to amass wealth to themselves while leaving the other key players with little or no earning. Usually the management corporation prepares the accounting books and profit is usually calculated by subtracting all expenses from the revenue generation from a particular movie project and the remaining funds are now shared as profits between the studio, the management corporations, actors/actresses, etc. It is a win for the studio which pays itself via the management corporation and still shares the left over with the movie key actors/ actresses and contributors. This is unfair and has been frowned upon by many movie stars and industry key players. Everyone in the industry have taken measures to protect themselves from loss. one key measure taken is to enter into contract agreement that gives most contributors such as actors/actresses, sound engineers, cinematographers, etc. a percentage earning calculated from the gross revenue generated before deductions of expenses.
The question is, how long will this trend continue? Even if the management corporation is an independent firm with impeccable auditing records, most top movie financiers will not accept such an agreement but rather let things play by their own rules. This explains why Return of the Jedi, Harry Potter and the Order of the Phoenix, were marred by huge losses even when the movie project made revenues worth over two hundred percent of their budget. There is a panacea to this movie industry challenge and it is an accounting system built on blockchain technology which Moviecoin is glad to present to the Hollywood movie industry.
The value and Solution offered by Moviecoin
As the name suggests, Moviecoin is here to provide value for the Hollywood movie industry and all of its stakeholders. It is a platform that will be handle the financial accounting in the film making life cycle. It is proposing a secure, transparent, movie financial management on a blockchain technology. Instead of movie studio owners setting up another movie management corporation to pay themselves and cheat other stakeholders. Moviecoin platform will be there to manage all financial transactions from beginning of the movie project to the cinema ticket sales for proper accounting and transparent process. It might not be an easy one for adoption especially by Movie studios with intention to profit through their corporation but over sixty percent of the movie stakeholders involved in the production of a particular movie project will opt in for Moviecoin as it will protect their interest by offering a safe, transparent and secure blockchain platform for each movie project. This requires a high tech financial blockchain technology, and instead of building from scratch, Moviecoin is in partnership with Bankex, a financial blockchain company with very high reputation in the finance, blockchain, and Technology industry. Their expertise wil be employed to design a custom accounting blockchain platform to replace the infamous Hollywood accounting that has been around for decades. Every dollar will be accounted for on Moviecoin and stakeholders can view the progress and expenses on a transparent Moviecoin blockchain platform. Stakeholders like the actors, directors, sound engineer, music coordinators, screen play controller, animations coordinator, stunt coordinator, etc. can register on the Moviecoin platform and opt in for a movie project of their interest. The movie studios come on the Moviecoin platform and register on the platform. Movie studio can exchange create a movie project and specify the movie budget on the platform. The Movie studio then transfers the equivalent value or Moviecoin to the project smart contract on the blockchain platform. Moviecoin tokens can be bought with fiat currency on any exchange platform. Other interested movie contributors/players like the script writers, actors/actresses, etc. can now choose to apply to join the movie and if accepted they will now enter a smart contract with the Movie studio on the Moviecoin platform specifying their percentage earning from the profit. This gives room for transparency and secure filmmaking process. Once every key player or stakeholder completes their role in the movie project they stand o earn their reward via Moviecoin. This will be done according to the conditions if the smart contract. Payment is automated and they receive their Moviecoin tokens which can then be exchanged for fiat currency in the exchange market where Moviecoin will be listed after the product launch. This is just a part of the solution Moviecoin is providing. The cinemas, TV shows, etc. are not left out in the process. The movie tickets for any movie can be paid for using Moviecoin to encourage the adoption of Moviecoin as a brand in the Hollywood industry. This is just a tipof the possibilities Moviecoin will offer to the Hollywood Movie industry. Let's talk about this Moviecoin Token
The Value MovieCoin Token will offer and its sales
Moviecoin is the token that will offer value on the blockchain platform. All transactions on the Moviecoin platform shall be carried out using the MovieCoin Token (MOV). The Moviecoin Token will be used in all Moviecoin holdings like the MovieCoin Entertainment, MovieCoin Capital, MovieCoin Services, MovieCoin technologies. The Moviecoin Token will be used for financial services in the Hollywood movie industry, it will support movie content consumers in providing ease of accessing contents on the Hollywood movie industry. Users will be given variety of service options whether it is movie business related, motion picture productions, movie watching, etc. Moviecoin token is there to provide their valued need. This is a big project of the Hollywood industry and a total of 600million MOV token have been generated for this blockchain project. The dream of a movie token is now a reality with MovieCoin and hence an opportunity for those who believes that the Hollywood movie industry is ready for the blockchain revolution as well as transparency for all its activities. The Moviecoin can be liquidated via cryptocurrency exchanges that will enlist Moviecoin for trading on the platform, this is expected to happen after the ICO sales that is currently in progress. It is pertinent to make it clear that Moviecoin has two tokens, one is a utility token which is the Moviecoin Tone and the Moviecoin Smart Fund token which will serve a s security token for the project. The Moviecoin Token is for public sale while Moviecoin Smart Fund Token is for private security offering to investors.
To learn more about Moviecoin blockchain project and their token sales, please visit the links below.
Content Author Details
Username: Finixfly
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