The cryptocurrency craze is spreading to Hollywood this week, as award-winning producer Christopher Woodrow announces plans to create 'MovieCoin', which will be used to fund big budget films and will appreciate in value if and when the films are successful. Woodrow, who produced Hollywood hits Birdman and Black Mass, hopes to raise $100 million in the Initial Coin Offering in the first quarter of 2018.
The idea behind MovieCoin, Woodrow claims, is to democratise the business of film financing. Other ICOs in the past have been used in similar ways to open up investment opportunities to common people who would otherwise be priced out of big-budget projects, which have up until recently been the sole domain of wealthy venture capitalists.
Certainly, MovieCoin may have every chance of succeeding when it's backed by somebody with credentials like Christopher Woodrow's; in fact, it sounds like he's already on his way to securing many of the ingredients that will make the coin's first round a success. He told US tech company Bloomberg:
“We’re in the process of putting together a slate of projects that will include A-list movie stars, top-tier directors, seasoned and established producers, and that will form the initial slate for MovieCoin.”
Woodrow has also got his eye on the security of MovieCoin, which will be issued on top of Bankex. “We can’t ignore that some cryptocurrencies are being issued in a speculative manner, which could create a bubble,” the producer told Bloomberg. “The alliance of Bankex with MovieCoin will mitigate that risk by underpinning our cryptocurrency with tangible assets."
This isn't the first time that blockchain has been used in the entertainment business. Icelandic pop star Bjork has said that she'll accept Bitcoin and other cryptocurrencies in payment for her most recent album, and video-sharing website Flixxo offers users payment in the form of its own currency, Flixx, which they can earn and spend by making and watching content.