Network users can now be active participants in the making of Hollywood films. The producer expects transparency in the distribution of profits.
The Hollywood film production company, Mogul Productions, announced on February 18 the launch of a platform, which will allow filmmakers and movie fans to choose which films will obtain financing with the new Stars token.
The experts and members of the production company clarified that it is a decentralized film financing platform that “will give everyone a voice in the creative process.”
In that sense, Mogul will activate a platform where filmmakers and film fans can register to create an account that will let them enter the white list and, in the future, access the native token of the platform called Stars. Users will then watch movies at a showcase and use the Stars to vote for the film projects to be funded.
Fans stake Stars tokens to vote on which movies they want to see funding. Mogul teases a quadratic voting system to make each vote cast by the same user exponentially more expensive to prevent rich STARS users from having undue influence over the whole process.
Gagan Grewal, CEO of Mogul Productions
The Mogul platform will also have a non-custodial wallet and on which users can manage the Stars tokens once the leading network starts operational.
According to Grewal’s statements to the press, there is no transparency about the origin of the film industry’s financings. It is always unclear how the distribution of the profits occurs. For this reason, they went along with quadratic voting, which is a voting method that will let people rate their consistent opinion about the company projects.
In case a project receives approval, the filmmakers will work under the supervision of the Mogul team and the regular feedback with a fan base that guarantees, according to the production company, the success of the film after its distribution.
Grewal Explained How Complex it Could Be for Independent Artists to Finance Film Projects
Grewal and the production company he runs consider an almost insatiable demand for content. It is hard for independent creators to receive the proper financing for their stories and turn them into movies.
According to Grand View Research, the mainstreaming platforms experienced global audience peaks in 2020, reaching a generation of USD 50 billion. It is a sector that is forecasting a compound annual growth rate of 21% from 2021 to 2028.
Mogul Joins Forces With Chainlink
On February 11, Mogul Productions announced that it would join forces with the Chainlink blockchain network. The alliance’s goal is “to serve as providers of more transparency and accessibility when it comes to film production and financing.
Mogul intends to bring off-chain film budget and primary profitability data to the blockchain, enabling a fair market profit share’s disbursement in a more efficient, transparent, and trusted way.
By: Jenson Nuñez