Yesterday, December 18, a group of entertainment companies announced it has formed an alliance to promote blockchain adoption in the industry and develop best practices and standards.
The Blockchain Global Entertainment Alliance (BGEA) includes Millennium Media, Capstone Group, FilmTrack, RightsTrade, and Havoc TV (US); Nu Boyana Studios (Bulgaria); Purely.Capital and Berkley Media Group (UK); Home Box Office Singapore; CineMundo (Portugal); Cinemarket (Germany); Cinezen (Sweden); Scanbox Entertainment and Take One (Scandinavia); and PlayArte Pictures (Latin America). The group will initially have no representation from the major American studios or distributors – though Millennium did produce "The Expendables" movies as well as "Olympus Has Fallen."
The BGEA wants other media companies to understand the potential uses for blockchain tech. "Despite virtually all content being distributed on digital devices, the recording, management, transfer, licensing and collection of revenues remains a primarily slow and analog process," said Wayne Marc Godfrey of Purely.Capital. "The opportunity to deliver a frictionless, secure and trusted backbone to the entertainment industry ... is incredibly exciting."
The alliance plans to complete a report by January introducing blockchain to the entertainment industry and how the technology relates to the industry. In the meantime, it's looking to add members.
Hollywood is not unfamiliar with blockchain. Blockchain technology has been pursued by media companies to simplify distribution, rights management, archiving, and copyright protection. Johnny Depp, for example, has partnered with blockchain platform TaTaTu to produce and promote movies and digital content.