Cinezen describes the worldwide BVOD agreements as similar to licensing for transactional video-on-demand (TVOD), except that consumers pay for the content with Ethereum, the world’s second largest crypto-currency after Bitcoin.
The system does not require invoicing and royalty reporting, because every content provider is part of a blockchain network and has direct access to transparent transaction data. In the second phase, consumers will be able to use credit cards to make payments, but transactions will be converted into crypto-currency so the transparency will remain.
Cinezen Blockchained Entertainment AB was founded in September 2017 in Gothenburg, Sweden by film industry veteran Sam Klebanov and experienced software engineer Pavel Rabetski. The company secured a seed financing from a renowned Austrian-Israeli venture capital fund AltaIR VC.
Cinezen's goal is to revolutionize the existing model of film distribution and to offer the film industry and the audience a cutting-edge solution for selling and buying films online.
The existing model of film distribution was created decades ago and hasn’t adapted well for the Internet age. It suffers from several serious problems:
- Luck of trust and transparency
- Administrative burden
- Limited content availability
- Excessive monopolization and centralization
Blockchain offers effective solutions for these problems – both for the content providers at the backend and the audience at the frontend.
The Full interview will be made available in the coming weeks